nCino Enhances Navy Federal Credit Union's Business Member Onboarding and Lending
The nCino Bank Operating System, deployed by West Monroe Partners, helping to support and enhance the member experience at the world's largest credit union
18 Apr, 2019, 08:30 ET
WILMINGTON, N.C., April 18, 2019 /PRNewswire/ -- nCino, a worldwide leader in cloud banking, today announced that Navy Federal Credit Union is live on the nCino Bank Operating System within its business services division, which represents 137,000 business members. Working with nCino's project team and West Monroe Partners, Navy Federal deployed the Bank Operating System to employees across its contact centers and branches to efficiently onboard nearly 2,500 members a month, while reducing the onboarding time by approximately 75 percent.
"With the additional insights and capabilities gained from nCino's platform, our employees and members are better positioned for success from the very beginning of their relationship," said David Ledwell, senior vice president of consumer & business lending at Navy Federal. "We want to provide our business members with an experience that is fast, intuitive and consistent across all channels, which the nCino platform enables us to do."
Video: Navy Federal executives discuss how nCino is improving the member experience
The nCino Bank Operating System improves and automates workflows in several areas of the credit union's business services including: member onboarding, online credit applications, pricing, risk rating and decision making. nCino's Document Manager eliminates the need for paper loan files and enables real-time collaboration between employees and members for a swift, seamless experience. Additionally, Navy Federal borrowers can apply for business membership and business loans at their convenience, as well as track the status of their business loan or application in real time.
Applying a distinctive blend of financial services operations experience and deep technology expertise, West Monroe Partners helped Navy Federal revamp its approach to onboarding new business members and originating new business loans.
"Almost every decision that was made – from discovery to design to build – came back to what impact it would have on the member experience," said Neil Hartman, senior director in West Monroe's financial services practice. "Departments and functions at Navy Federal, including business services, lending systems, branch operations, the contact center and IT, all played critical roles in the implementation and go-live. We had ambitious goals with this project, and we're proud to have met those goals on time and on budget and with close collaboration and transparency across our teams."
"In an industry increasingly focused on speed and experience, Navy Federal recognizes the central role technology plays in driving efficiency and deepening member engagement," said Josh Glover, Chief Revenue Officer at nCino. "Our innovative Bank Operating System is helping Navy Federal stay competitive in today's digitally-driven environment and achieve their goal of organic growth through an enhanced member experience."
nCino is the worldwide leader in cloud-banking. Its Bank Operating System improves employee efficiency while enhancing the customer experience for onboarding, loans and deposits across all lines of business. Transforming how financial institutions operate through innovation, reputation and speed, nCino works with more than 250 financial institutions globally whose assets range in size from $200 million to $2 trillion. A proven leader, nCino is part of the Forbes Cloud 100 and was named the #1 "Best Fintech to Work For" by American Banker. Follow @nCino or visit www.ncino.com.
About West Monroe Partners
West Monroe is a national business and technology consulting firm that partners with dynamic organizations to reimagine, build, and operate their businesses at peak performance. Our team of more than 1,100 professionals is comprised of an uncommon blend of business consultants and deep technologists. This unique combination of expertise enables us to design, develop, implement, and run strategic business and technology solutions that yield a dramatic commercial impact on our clients' profitability and performance. For more information, visit www.wmp.com.
About Navy Federal
Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving over 8 million members globally and is the world's largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, veterans, civilian and contractor personnel, and their families. Dedicated to its mission of service, Navy Federal employs a workforce of over 18,000 and has a global network of 329 branches. For more information about Navy Federal Credit Union, visit navyfederal.org.
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