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Banking & Finance

NCino Announces Product Improvements, Plans To Expand Automation

By Audrey Elsberry, posted Apr 1, 2024
nCino, a Wilmington-based fintech, services commercial, small-business and consumer lending at regional and community banks. (File photo)
Wilmington-based financial technology company nCino announced a suite of enhancements to its consumer bank software services on Monday.

The company’s product is a cloud-based platform that streamlines back- and front-end processes for commercial, small-business and consumer lending at regional and community banks. 

Improved features in nCino’s consumer banking platform include a shopping cart experience to facilitate client purchases, more intuitive workflows for front-end users and bankers, more robust application programming interfaces, embedded insights and analytics and added technology for auto lending clients, according to a news release from nCino. 

“We’ve enhanced our Consumer Banking Solution to make key processes more efficient for our customers, but also more engaging and accessible for their customers and members,” nCino’s General Manager of Consumer Lending Law Helie stated in the company’s release. 

A demonstration of the improvements will take place at nSight, the company’s annual conference in Charlotte, according to nCino officials. 

In addition to the consumer banking developments, nCino officials detailed potential growth areas in its annual report 10K for the 2024 fiscal year, which ended Jan. 31. The company filed the report with the Securities and Exchange Commission on March 26. One of four improvement areas noted is existing product functionality, or improving existing products — improvements to the consumer banking product as one example.

The company reinvested 24.6% of its revenues back into research and development of its products in the 2024 fiscal year, according to the report. Officials plan on investing at similar levels in the 2025 fiscal year. Automation is a priority in the company’s development plans. Further automating portfolio analytics, credit modeling and Artificial Intelligence and Machine Learning (AI/ML) capabilities “will further reduce the human resources required for routine but time-consuming tasks,” according to the company’s annual report.

Other areas for growth include building on existing customers and expanding its customer base. Revenues from existing customers continually grow as users are added, the report states. There is a “significant opportunity” to expand vertically and horizontally across business lines. Customer base expansion remains fertile ground due to the large number of financial institutions that still need to replace legacy products that lack modern technology, according to the report. There is increased demand for digital services, according to nCino officials, which works in the fintech’s favor.

The last area slated for development is the company’s software integration relationships. nCino has relationships with software integration companies like Accenture, Deloitte, PwC and West Monroe Partners, according to company officials. These partnerships aid the onboarding process of clients implanting nCino Bank Operating Systems into their platform. 

In other company news, nCino’s President and Chief Revenue Officer Josh Glover is parting ways with the financial services industry, according to the annual report. His departure is effective as of April 12, but Glover will continue to work with nCino as a consultant until June 30. Paul Clarkson, nCino’s executive vice president of global banking, has been named executive vice president of global revenue, effective immediately. Clarkson will take on certain responsibilities of Glover’s, but company officials do not plan to name a new president, according to the report. Other executives are expected to assume the remaining responsibilities. 
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