nCino's cloud-based tech is revolutionizing banking as we know it

When people talk about advancements in banking, they aren’t often talking about the monumental shifts that define industries. In this case, because of nCino, that’s exactly what we’re describing: A complete and total transformation.

“We often say that customers care about two things: “Am I approved?” and “When do I get my money?” says Jonathan Rowe, CMO of nCino. “There are so many times when people apply for a mortgage or a loan and don’t know what part of the process they’re in. It’s painful for the customer and it’s painful for the financial institution. But what they used to solve with a manual process, we’ve completely digitized.”

With a totally cloud-based system managing the interaction between employees and customers, nCino thrives at automating departments from retail services to treasury management and sales. With a streamlined technology aiding in loan processing, quick response appraisals, and more, nCino’s ammo is transforming data and making it work for you.

“The financial industry tends to be very conservative but it really changes the culture of the institution when they implement our technology,” says Rowe. “With nCino, they see right away how the technology is engineered to help banks and credit unions who are fundamentally about being leaders in their respective markets.

Here, we dove into the essential questions with Rowe to get the deets on where nCino is, where they’re heading, and how they’re helping MountainSeed’s clients make a difference with their appraisal systems.

FIRST THINGS FIRST: HOW ARE YOU PARTNERED WITH MOUNTAINSEED?

We focus on tech-savvy companies within the U.S. and count 11 of the top 20 financial institutions in the country as nCino customers. To that extent, many of MountainSeed’s larger clients are also nCino clients. Together we help ensure that the entire loan process, not just the appraisal process, is as smooth for the bank or credit union as it could possibly be. In turn, it makes it easier for the banks’ clients as well. It’s a win-win.

WHAT TECHNOLOGIES HAVE HAD A HUGE EFFECT ON YOUR WORKFLOW?

We’re 100% cloud-based which sounds very normal to many, but for a financial institution, it’s a HUGE change. When we started, it was hard to convince banks and credit unions to get away from their centrally located data hubs. We’re built on the Salesforce platform so we also leverage that technology.

HOW IS NCINO CHANGING THE DAY-TO-DAY OF BANKING?

Traditionally, when someone applies for a loan it can take anywhere from 20-45 days. Our technology took that entire interaction from needing months to complete, to being finished within hours. From an efficiency standpoint, those results speak for themselves.

From a cost perspective, financial institutions are getting to reduce their costs because they’re more compliant than they have ever been. With our automated data processing, the system provides alerts and thresholds that sound off before anything is amiss. Sometimes banking doesn’t change as fast as the rest of the world, but with nCino, financial professionals can take their iPad, manage their customer’s expectations in record time, and process more loans in a day than they could without it.

How are things transforming within our industry?

Things are changing in three pretty significant ways, and they all have to do with expectations:

Bank customers are expecting an entirely different experience. When we work with customers, they want a completely digitized experience that looks like the rest of their lives.

Bank employees expect to do things more efficiently, and we’re meeting that demand by eliminating many of the steps that typically slow down the process, such as having to re-key the same data multiple times.

The disrupting nature of companies like Amazon are really shaking up what people think they deserve as far as customer service. Because of Amazon, people want everything in their life to be as automatic as one-click buying. We’ve started that process by engineering nCino’s tech as an optimized assembly line from start to finish. Banks often begin needing help taking over one part of their process, and we show them how to ultimately improve the entire experience.

Looking forward, what will be the “next big thing” to shake up the financial industry?

First, expanding on an international basis, whether it’s Europe, Australia, etc. Here in the U.S., we take the cloud for granted, but throughout the rest of the world the technology is still growing and taking root.

Next, combining artificial intelligence with machine learning. Our system will be able to take your data and tell you how to price a loan and how long it should take to close. It would be like Alexa, with a completely transformative experience for both the user and the bank. At the end of the day, our technology will put banks and credit unions in a much better position to win.

Want to know more about how MountainSeed and nCino can expedite your appraisal process? Get in touch.