Santander Bank in Boston is the latest big bank to sign up for nCino’s Bank Operating System digital lending platform.
Since 2014, nCino has been courting institutional customers after developing offerings that were able to handle the complexity of large bank loan structures, said Pierre Naude, nCino's CEO. The fintech says it now has 11 of the top 30 banks on the platform, including TD Bank and SunTrust.
Santander, a subsidiary of Banco Santander in Madrid, announced it will use the technology in its small-business banking division. The $74.5 billion-asset bank is deploying nCino in partnership with Accenture and claimed that the platform has cut down the time it takes for Santander to deliver loan decisions by roughly 40%.
“This platform provides transparency into what is happening at what stage in the loan underwriting process,” said Amir Madjlessi, executive vice president and managing director of business banking at Santander. “That allows for teams like mine in the back shop to identify where some of those holdups occur and work through workflow process and reduce the time that any particular file sits with the customer.”
NCino’s Bank Operating System is built on the Salesforce platform and integrated with Salesforce Financial Services Cloud.
It combines customer relationship management, loan origination, account opening, workflow, content management, business process management, customer engagement and instant reporting in a centralized location.
The company advertises itself as a platform for bankers built by banks. The platform was originally developed by a specialty lender, Live Oak Bancshares based in Wilmington, N.C.
“The real thing we’re addressing is business process automization,” Naude said. “The only way we could do this is by having bankers on staff who understand how banks work today and what’s possible in the future.”
The bank will continue introducing other features of nCino’s system into 2018, with the platform’s Online Application and Customer Portal capabilities.
“I'm incredibly excited about the customer portal capabilities,” Madjlessi said. “The reason we first started on this journey was to listen to our customers and understand what pain points they face. With any research you've seen on small-business owners, you know that they are time-starved, so we look for any way we can save them time.”