“When it comes to innovation, it’s all about execution.”
Pierre Naudé, Chairman and Chief Executive Officer of nCino, opened nSight 2022 with this important message, and throughout nSight—nCino’s annual user conference, and a premier financial services event—it was reiterated by presenters, customers, attendees, and industry experts from around the globe.
While nSight attendees enjoyed a diverse group of presenters, topics, and points of view throughout the conference, a few key themes were consistently echoed. Below are the top 3 trends that rose to the top.
1. The Importance of Finding the Right Partners
True digital transformation isn’t just a front-end effort but must also include middle- and back-end technology advancements as well. Projects this big require more than a single champion—they require an ecosystem of partners who are all working toward a common goal. For nCino and the financial institutions we work with, that goal is transforming financial services to build better customer experiences by working with and learning from one another.
When it comes to the “buy versus build” debate, Grant Abbott, Commercial Product Lead at Kiwibank, said financial institutions need to ask themselves: “Are you a bank or a technology company? If you’re a bank, buy is a better option than build.”
Many of the institutions at nSight echoed this idea, sharing that the ability to buy technology from a trusted partner meant they could implement it quickly, cost effectively and more efficiently than they could on their own. The key is finding the right partner, a sentiment that Matt Berthold, Executive Vice President and Chief Operating Officer of Westfield Bank, shared from the stage during general sessions. “There have been ups and downs,” he said, “but nCino has been with us every step of the way.”
2. Taking Commercial Banking to the Next Level
For lenders to deliver the right information to the right user at the right time, commercial loan pricing needs to be connected and intuitive. With on-platform pricing, one of the latest enhancements to nCino’s Commercial Banking Solution, calculating loan pricing can become transparent, fast, and more consistent across the institution, giving lenders more time to focus on growing relationships.
During a panel featuring early adopters of nCino’s Commercial Pricing & Profitability solution, Kevin Neilsen, VP and Director of Product Management at nbkc, and Hugh Connelly, Executive Vice President and Chief Lending Officer of Huntingdon Valley Bank, shared lessons learned through the innovation process of bringing a new solution to life, and how those solutions can transform their institutions. When it came to Commercial Pricing & Profitability and Automated Spreading in particular, Kevin’s outlook was clear.
“We are going to be champions with these tools,” he said.
Meanwhile, Hugh shared that HVB is now live on Commercial Pricing & Profitability, enabling smarter pricing decisions throughout the entire commercial deal lifecycle and maximizing profitability based on polices and financial targets. Because the Commercial Pricing & Profitability Solution is automated, employees at HVB no longer have to log into multiple systems and manually pull data. Not only does this convenience increase efficiency, but it also improves the accuracy of information and lessens the likelihood of errors by repeating inputs. Meanwhile, data-driven insights help create a feedback loop to ensure numbers are accurate, fresh and timely.
3. Change Management through Transformation
By 2026, it’s predicted that financial institutions that successfully implement a digital strategy will see 25% of revenue coming from digital products. Today, however, many financial institutions are struggling to transform digitally.
Change isn’t easy, even when it’s necessary. As financial institutions undergo digital transformation—a process that never truly ends—how to best navigate those changes was a hot topic of conversation.
While there are some very important steps to consider in this journey, including defining targets and objectives, fostering a collaborative environment, establishing project delivery methods, maintaining an integrated program plan, managing risks and controls, and monitoring resource capacity, the biggest piece of the transformation puzzle is the people. During nSight, we heard over and over that when it comes to change management, people come first—and second, and often third. This means finding innovative and empathetic ways to make both employees and customers comfortable with new technology, so they can successfully adopt it, implement it, embrace it, and innovate with it.
This message was heard most clearly during a breakout session with nCino’s Greg Thompson, Senior Director of Adoption Services, and Dan Pack, Principal of Adoption Advisory Services. If you want change to last, Greg explained, your people must remain a constant, central focus of the transformation.
“Make sure change is something you do with your employees,” Greg said, “not to them.”
When faced with a change, your employees’ first thoughts will be, “How will this affect me?” When you look at the change through their eyes and make sure they—and you—can answer that question clearly and concisely, your rate of success will increase exponentially.
nSight 2022 was an incredible opportunity to hear directly from today’s industry leaders. If you missed the event or just want to relieve the magic, you can now watch the general sessions on-demand.