Cloud banking company nCino announced in late June that its Bank Operating System has officially crossed the pond.
OakNorth Bank, based in London, has deployed the system, making it the first financial institution outside the U.S. to implement nCino’s platform. The development positions the Wilmington company for expansion into new markets across Europe, according to nCino officials.
“OakNorth is a very innovative bank and represents a key UK client as nCino expands its presence throughout Europe and other global banking markets,” said Pullen Daniel, nCino’s managing director for Europe. “We will be supporting the European market from our London- based office and have already seen intense interest from European financial institutions for nCino’s Bank Operating System and the value it can provide.”
The young bank recognized the need for a digital system that would enable it to configure loan processes cost effectively and to scale quickly, according to a news release. It liked the fact that the Bank Operating System is built on Salesforce.com, allowing OakNorth to extend its existing use of the platform.
“As a younger bank with a fresh perspective, we saw an opportunity to provide superior banking services to our customers by forgoing traditional antiquated, siloed systems in favor of a new way of banking,” said Francesca Gandolfo, OakNorth’s COO. “nCino has helped us further that vision by working alongside our core to reduce laborious manual tasks and incorporate automation into our loan process, increasing loan quality, controls and speed via the cloud.”