Print
Banking & Finance

NCino Continues Foray Into Large Bank Market

By Jenny Callison, posted Jan 2, 2017
The recent announcement that SunTrust’s Wholesale Banking segment is adopting nCino’s Bank Operating System is significant for Wilmington-based nCino, as it signals the company’s move into the large bank market.

SunTrust, a $205 billion-asset institution, will deploy the Bank Operating System to about 3,000 SunTrust employees in sales, risk and operations departments, according to a recent news release.

“SunTrust is an early adopter of nCino, and we’re starting to roll the program out to our teammates,” said Sandra Spiers, the bank’s Wilmington city president and senior vice president. “We were impressed by the opportunities for both our teammates and clients in terms of speed and consistency – it’s a game changer in the financial industry.”

Atlanta-based SunTrust expects the nCino product “to provide an additional competitive edge for its commercial lending capabilities by enabling the bank to make faster decisions and provide faster funding to its clients,” the release stated.
“nCino’s cloud-based architecture is an extension of the bank’s vast Salesforce. com platform enabling more meaningful customer interactions and engagement. As a result, SunTrust expects to improve efficiency, productivity and collaboration while emphasizing its client-first culture.”

“When clients apply for credit, they want two things,” Pam Kilday, senior vice president and head of operations at SunTrust, said in the release. “They want a fast decision and secondly, they want money in their hands as quickly as possible. We believe the nCino platform will provide SunTrust an added advantage in terms of speed to market.”

SunTrust officials believe that this major upgrade to its financial technology will give it a competitive edge in offering commercial loans.

In a Nov. 11 American Banker story on SunTrust’s adoption of nCino’s product, authors Bryan Yurcan and Robert Barba stated, “The company [SunTrust] was tired of the antiquated system it had and didn’t like losing out to marketplace lenders, which could beat it on closing and funding loans.”

Spiers said she is looking forwarding to having the Bank Operating System as a tool to both streamline the lending process and to attract new commercial customers.

“There is an industry disconnect between how a consumer completes a loan and how it closes with a business. This platform helps bridge that gap by delivering a differentiated experience to businesses through a faster and more informed loan process,” she said.

nCino’s Bank Operating System is built on the Salesforce.com platform, which SunTrust already uses for its customer relationship management system. With the purchase of nCino’s product, the bank will have its entire Wholesale Banking segment on a common platform, unifying functions such as commercial loan origination and document management, the release stated.

This is important to SunTrust’s business goals, Spiers said.

“One of our values at SunTrust is precision, and the nCino platform only enhances our detailed-oriented process,” she added. “This is not only important for us, but for the client, who expects a seamless experience when closing a loan.”

In their American Banker article, Yurcan and Barba note that nCino’s deal with SunTrust is “another example of [nCino’s] move upstream.”

Through its initial efforts to market to community banks and credit unions, it has built a base of more than 100 financial institutions, according to nCino’s website. Of those, 20 have more than $1 billion in assets, including SunTrust as well as Regions Bank ($125 billion), Bank of the West ($74 billion) and Eastern Bank ($9.9 billion), the website states.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Spreading Wings for Flight: 2nd Annual Trade Show Highlights the Ingenuity of UNCW Business Students

Robert Burrus - Cameron School of Business - UNC-Wilmington
Untitleddesign4

Paving the Way to Better City Streets

Tony Caudle - City of Wilmington
Pfinder john zachary

What You Need to Know About SECURE 2.0 and Its Effect on Individual Retirement Accounts

John B Zachary - Pathfinder Wealth Consulting

Trending News

Conservation Group Signs $8M Deal To Buy The Point On Topsail Island

Audrey Elsberry - Mar 26, 2024

Rezoning Could Bring 123 Townhomes To Growing Leland Corridor

Emma Dill - Mar 25, 2024

N.C. Ports Officials React To Baltimore Bridge Collapse

Audrey Elsberry - Mar 26, 2024

Engineering Firm Hires Four Employees

Staff Reports - Mar 26, 2024

National Organization Bestows Top Award On Cape Fear Professional Women In Building

Staff Reports - Mar 26, 2024

In The Current Issue

Park Progress

The planning for Pender Commerce Park began in the early 2000s when the county wanted to create an economic driver on its largely rural west...


Hacking Cyberdefense Shortage

A shortage of cybersecurity professionals influenced professor Ulku Clark and her team to slowly evolve UNCW’s offerings to now include eigh...


Topsail-area Realtors Share Updates

Pender County Realtors recently shared updates about the coastal market at an event hosted by the Wilmington-Cape Fear Home Builders Associa...

Book On Business

The 2024 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2023 Power Breakfast: Major Developments