nCino Enhances Bank Operating System with Enterprise Onboarding Solution
Innovative solution creates frictionless onboarding experience across any business line and channel
Nov 14, 2018, 08:30 ET
WILMINGTON, N.C., Nov. 14, 2018 /PRNewswire/ -- nCino, the worldwide leader in cloud banking, today announced a significant enhancement to its Bank Operating System with the launch of its Enterprise Onboarding solution. The new solution centralizes and streamlines the entire new customer onboarding process through account opening, loan origination and beyond, to offer a consistent digital experience across all product lines and channels for financial institutions and their customers.
Automating, digitizing and streamlining onboarding into a single platform solution gives financial institutions of all sizes the flexibility and power they need to create easy, compliant and satisfying interactions for their customers. According to the 2017 Digital Banking Report, less than 50 percent of financial institutions today have a structured onboarding process. As a result, customers abandon up to 90 percent of new account applications before their completion due to how long it takes and the lack of a true end-to-end digital onboarding process.
nCino's new Enterprise Onboarding solution eliminates disconnected, manual processes in favor of a single solution that integrates and automates processes and provides complete transparency across business lines. This solution helps bankers better understand their customers, anticipate their needs and offer recommended products and services, leading to higher retention rates and greater profitability. For the customer, nCino enables them to interact with their financial institutions in the way they want – whether in-branch or on a mobile device – and at any time, leading to improved satisfaction rates.
"Given customers' rapidly rising expectations for digital banking experiences to match the integrated experiences they receive in other industries, financial institutions are under pressure to deliver a customer-centric, digital-first experience that is integrated and flexible enough to engage with customers when they want, how they want, and where they want," said Aite Group's Retail Banking senior analyst Tiffani Montez. "As the number of digital banking users grows, it will become increasingly important for financial institutions to build personalized experiences that allow them to deliver customized product recommendations, simplify the account-opening process, allow a customer to apply for multiple products at one time, assist a customer with account features, and help customers meet their financial goals in a digital environment."
Key functionality of nCino's Enterprise Onboarding solution includes:
- Multichannel consistency with the choice for customers to interact with their financial institutions in-branch or on any digital device at any time;
- A customizable framework to create and maintain a Q&A database used for the Customer Identification Program compliance and needs assessment;
- Personalized custom-tailored offerings based on customer needs, enabling enhanced relationships with financial institutions;
- An embedded patented Document Manager within standardized workflow for onboarding, and fully integrated document preparation and e-signature features, through third-party integration;
- Digital document exchange through Customer Portal;
- Integrated services that extract data from core accounting and other third party systems on a single platform, including verification, government watchlists, fraud lists, and credit checks;
- Point-and-click reporting tools for financial institutions to run custom reports and real-time analytics, as well as customized dashboards that provide key performance indicators to measure and monitor onboarding processes; and
- A brandable, seamless integration to a financial institution's existing digital assets.
"The benchmark for a great onboarding experience doesn't come from banking, but rather, how easy it is to do business in the digital world. The current onboarding process at many financial institutions is manual, paper-based, costly and time consuming," said Trisha Price, EVP product development & engineering at nCino. "Our Enterprise Onboarding solution gives financial institutions the opportunity to provide customers with a fast, painless and consistent onboarding experience, setting the tone to cultivate a positive relationship and future growth opportunities. For nCino, it's not just about speed and efficiency; we designed this solution to enhance the customer experience across any channel, while helping financial institutions meet increasing regulatory demands."
About nCino
nCino is the worldwide leader in cloud banking. With its Bank Operating System, built on the Salesforce platform, financial institutions can deliver the speed and digital experience that customers expect, backed by the quality and transparency that bankers need. Follow @nCino or visit www.ncino.com.
SOURCE nCino