Michael Rennie, Chief Digital Officer at Cynergy Bank, knew it was time for the bank to undergo a digital transformation before the COVID-19 pandemic became an influence. He identified the need to replace outdated technology to accommodate changing customer expectations, increase efficiencies and accelerate growth within the competitive financial services industry. He also wanted a product that would allow the bank to pivot quickly when necessary and offer new products and services to its borrowers.
“As we continue to adapt at a rapid pace to meet the needs of our customers, we need a flexible and agile technology solution with the ability to scale as our business evolves. The nCino platform has become an invaluable element of our banking infrastructure to deliver on the digital-first expectations of our customers.” – Michael Rennie, Chief Digital Officer, Cynergy Bank.
In April 2020, the UK Government rolled out the Coronavirus Business Interruption Loan Scheme (CBILS) in response to the pandemic’s financial impacts on small or medium-sized enterprises (SMEs). At the time, Cynergy was still heavily reliant on manual processes and multiple systems to process and originate loans. The bank took this opportunity to partner with nCino on their CBILS solution to rapidly deliver loans to customers during this unprecedented time. The product was fully implemented within two weeks, giving Cynergy customers the ability to get the loans they needed when they needed them.
Prior to implementing nCino, it took two to three days for a customer to onboard and apply for a loan. Now the onboarding process takes 54 seconds, and the end-to-end customer application takes less than eight minutes. To date, Cynergy Bank has been able to process over £200 million in CBILS loans to assist UK businesses through the COVID-19 crisis.
Cynergy Bank’s digital transformation didn’t end there—the Bank now utilizes three nCino solutions: Commercial Banking, Small Business Lending and Customer Engagement. nCino’s Bank Operating System is powering Cynergy Bank’s mission to provide a digitally-enabled experience to their customers that serves all their interdependent banking needs. To learn more, download this customer snapshot: https://www2.ncino.com/success/user-spotlights/cynergybank