BankNewport Reports Deposit Account Opening Process Accelerated by as much as Ninety Percent, Streamlining a Key Consumer Banking Experience with nCino
nCino, Inc. (NASDAQ: NCNO) announced that BankNewport has successfully implemented multiple nCino solutions, including Commercial Lending, Marine Lending, Business and Consumer Deposit Account Opening (DAO), and Portfolio Analytics. The Rhode Island-based community bank has seen significant improvements in its account opening processes:
- Digital account opening for consumers streamlined by up to 90% in some cases
- In-branch experience time for consumer deposit account opening reduced significantly
- A business account opened and funded without customer assistance in approximately 15 minutes
BankNewport's Executive VP and CIO, John Sullivan, highlighted how nCino's platform allows bankers to focus on building customer relationships. Will Cameron, SVP of U.S. Financial Institutions at nCino, emphasized the technology's impact on enhancing the banking experience for local communities.
nCino, Inc. (NASDAQ: NCNO) ha annunciato che BankNewport ha implementato con successo molteplici soluzioni di nCino, tra cui Prestiti Commerciali, Prestiti Marittimi, Apertura di Conti Deposito per Aziende e Consumatori (DAO) e Analisi di Portafoglio. La banca comunitaria con sede nel Rhode Island ha registrato miglioramenti significativi nei suoi processi di apertura dei conti:
- L'apertura di conti digitali per i consumatori è stata semplificata fino al 90% in alcuni casi
- Il tempo dell'esperienza in filiale per l'apertura di conti deposito per i consumatori è stato notevolmente ridotto
- Un conto aziendale è stato aperto e finanziato senza assistenza del cliente in circa 15 minuti
John Sullivan, Executive VP e CIO di BankNewport, ha sottolineato come la piattaforma di nCino consenta ai bancari di concentrarsi sulla costruzione di relazioni con i clienti. Will Cameron, SVP delle Istituzioni Finanziarie statunitensi presso nCino, ha evidenziato l'impatto della tecnologia nel migliorare l'esperienza bancaria per le comunità locali.
nCino, Inc. (NASDAQ: NCNO) anunció que BankNewport ha implementado con éxito múltiples soluciones de nCino, incluyendo Préstamos Comerciales, Préstamos Marítimos, Apertura de Cuentas de Depósito para Empresas y Consumidores (DAO) y Análisis de Cartera. El banco comunitario con sede en Rhode Island ha visto mejoras significativas en sus procesos de apertura de cuentas:
- La apertura de cuentas digitales para los consumidores se ha simplificado hasta en un 90% en algunos casos
- Se ha reducido significativamente el tiempo de experiencia en sucursal para la apertura de cuentas de depósito de consumidores
- Se abrió y financió una cuenta empresarial sin asistencia del cliente en aproximadamente 15 minutos
John Sullivan, Vicepresidente Ejecutivo y CIO de BankNewport, destacó cómo la plataforma de nCino permite a los banqueros concentrarse en construir relaciones con los clientes. Will Cameron, SVP de Instituciones Financieras de EE.UU. en nCino, enfatizó el impacto de la tecnología en mejorar la experiencia bancaria para las comunidades locales.
nCino, Inc. (NASDAQ: NCNO)는 BankNewport가 상업 대출, 해양 대출, 기업 및 소비자 예금 계좌 개설 (DAO), 포트폴리오 분석을 포함한 여러 nCino 솔루션을 성공적으로 구현했다고 발표했습니다. 로드아일랜드에 본사를 둔 커뮤니티 은행은 계좌 개설 프로세스에서 상당한 개선을 보았습니다:
- 소비자를 위한 디지털 계좌 개설이 경우에 따라 최대 90% 간소화됨
- 소비자 예금 계좌 개설을 위한 지점 경험 시간이 크게 단축됨
- 고객 도움 없이 약 15분 만에 개설 및 자금이 조달된 기업 계좌
BankNewport의 Executive VP이자 CIO인 John Sullivan은 nCino의 플랫폼이 은행원들이 고객 관계 형성에 집중할 수 있게 해준다고 강조했습니다. nCino의 미국 금융 기관 SVP인 Will Cameron은 지역 사회를 위한 은행 경험 향상에서 기술의 영향력을 강조했습니다.
nCino, Inc. (NASDAQ: NCNO) a annoncé que BankNewport a mis en œuvre avec succès plusieurs solutions nCino, y compris Prêts Commerciaux, Prêts Maritimes, Ouverture de Comptes de Dépôt pour Entreprises et Consommateurs (DAO) et Analyses de Portefeuille. La banque communautaire basée à Rhode Island a constaté des améliorations significatives dans ses processus d'ouverture de comptes :
- Ouverture de comptes numériques pour les consommateurs simplifiée jusqu'à 90 % dans certains cas
- Temps d'expérience en agence pour l'ouverture de comptes de dépôt pour consommateurs considérablement réduit
- Un compte professionnel ouvert et financé sans assistance du client en environ 15 minutes
John Sullivan, Vice-Président Exécutif et CIO de BankNewport, a souligné comment la plateforme d'nCino permet aux banquiers de se concentrer sur la construction de relations avec les clients. Will Cameron, SVP des Institutions Financières U.S. chez nCino, a mis en avant l'impact de la technologie sur l'amélioration de l'expérience bancaire pour les communautés locales.
nCino, Inc. (NASDAQ: NCNO) gab bekannt, dass BankNewport erfolgreich mehrere nCino-Lösungen implementiert hat, darunter Kommerzielle Kredite, Marine Kredite, Eröffnung von Geschäfts- und Verbrauchereinlagen (DAO) und Portfolio-Analysen. Die in Rhode Island ansässige Community-Bank hat erhebliche Verbesserungen in ihren Kontowährungsprozessen festgestellt:
- Die digitale Kontoeröffnung für Verbraucher wurde in einigen Fällen um bis zu 90 % optimiert
- Die Erfahrungszeit in der Filiale für die Eröffnung von Verbraucherkonten wurde erheblich reduziert
- Ein Geschäftskonto wurde ohne Kundenhilfe in etwa 15 Minuten eröffnet und finanziert
John Sullivan, Executive VP und CIO von BankNewport, hob hervor, wie nCinos Plattform es Bankern ermöglicht, sich auf den Aufbau von Kundenbeziehungen zu konzentrieren. Will Cameron, SVP für US-Finanzinstitute bei nCino, betonte den Einfluss der Technologie auf die Verbesserung des Bankerlebnisses für die lokalen Gemeinschaften.
- Digital account opening process for consumers streamlined by up to 90%
- In-branch experience time for consumer deposit account opening significantly reduced
- Business deposit account opening process completed in approximately 15 minutes without customer assistance
- Implementation of multiple nCino solutions across various lines of business
- Improved efficiency allowing bankers to focus on building customer relationships
- None.
Insights
BankNewport's implementation of nCino's platform demonstrates significant operational efficiency gains in consumer banking. The 90% reduction in digital account opening time and substantial decrease in in-branch account opening duration are impressive metrics that directly impact customer experience and operational costs.
The successful integration across multiple banking functions, including commercial lending, marine lending and deposit account opening, showcases nCino's versatility and potential for comprehensive banking process optimization. This holistic approach can lead to improved cross-selling opportunities and a more unified customer experience.
For nCino, this case study serves as a powerful marketing tool, potentially driving increased adoption among community banks seeking to modernize their operations. The rapid implementation timeframe (three weeks) and immediate results are particularly compelling selling points that could accelerate nCino's market penetration and revenue growth.
Investors should note the potential for increased recurring revenue as banks expand their use of nCino's platform across different business lines, as exemplified by BankNewport. This case study may also positively impact nCino's valuation multiples, as it demonstrates the platform's ability to deliver tangible efficiency gains and improve customer experiences in the competitive banking sector.
The implementation of nCino's platform at BankNewport represents a significant leap in operational efficiency for community banks. The 90% reduction in digital account opening time is a game-changer, potentially leading to increased customer acquisition and satisfaction. This efficiency gain could translate to cost savings and improved scalability for the bank.
The success in both consumer and business deposit account opening processes is particularly noteworthy. The ability to open and fund a business account without customer assistance in just 15 minutes is exceptional in the banking industry. This level of automation and efficiency can give BankNewport a competitive edge in attracting and retaining business clients.
The integration of multiple banking functions onto a single platform addresses a common pain point in banking operations - siloed systems. This unified approach can lead to better data management, improved cross-departmental collaboration and more comprehensive customer insights.
For other community banks, BankNewport's success story with nCino could serve as a blueprint for digital transformation, potentially accelerating industry-wide adoption of similar technologies. This trend could reshape the competitive landscape in community banking, favoring institutions that embrace such comprehensive digital solutions.
Rhode Island-based community bank sees digital account opening process considerably reduced and cuts in-branch account opening time with nCino Consumer Deposit Account Opening
WILMINGTON, N.C., Sept. 24, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent, best-in-class banking solutions, today announced that BankNewport is live on the nCino Platform. Since selecting nCino as a foundational technology partner, the Rhode Island-based community bank has implemented multiple nCino solutions, including Commercial Lending, Marine Lending, Business and Consumer Deposit Account Opening (DAO), and Portfolio Analytics, bringing together multiple lines of business onto a single platform.
Based on the Bank's existing use of the nCino platform across its commercial and marine lending business, it expanded its use of the platform to include DAO and harness the same efficiencies across another key process. Within three weeks of implementing the product, the Bank recognized a streamlined digital account opening process for consumers by as much as ninety percent in some cases.
The bank also reported that the total in-branch experience time for consumer deposit account opening was reduced significantly by using nCino. Early results for the Business DAO integration yielded a business account that was opened and funded without any customer assistance, with the business deposit account opening process completed in approximately fifteen minutes.
“The nCino platform has really allowed our bankers to focus on what they’re best at: building relationships that empower a more convenient and valuable experience for our customers,” said John Sullivan, Executive Vice President and Chief Information Officer at BankNewport. “After the initial success we’ve seen with Consumer DAO, we’re excited to see similar efficiency gains with Business DAO and to provide the same superior experiences to businesses in our communities.”
As one of the longest-standing community banks in the United States, BankNewport prides itself in “keeping banking personal,” ensuring each customer has the support they need to achieve their goals. BankNewport combines longevity and their longstanding reputation with a constant aim to make banking more convenient through technology, adopting cutting-edge functionality like nCino to enhance the customer experience.
“It’s extremely rewarding to see how BankNewport is utilizing our DAO functionality to give so much of the time typically spent on manual account opening back to their customers and bankers,” added Will Cameron, Senior Vice President of U.S. Financial Institutions at nCino. “Our technology makes a difference for local banks and their customers, and we’re proud to see BankNewport leveraging nCino to enhance and transform the banking experience for the communities that they serve.”
About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,800 financial services providers globally. For more information, visit www.ncino.com.
About BankNewport
Founded in 1819 and headquartered in Newport, BankNewport offers a full suite of loan and deposit products and services for families and businesses throughout Rhode Island. BankNewport is one of the longest-standing community banks in the United States and, as a mutual organization, is committed to the financial success of its customers, employees, and communities. BankNewport has nineteen branch locations, a community lending center in Central Falls, and a commercial lending office in Providence. OceanPoint Marine Lending, a business line of BankNewport, specializes in consumer marine and recreational vehicle financing programs.
Media Contacts
Natalia Moose
press@ncino.com
Safe Harbor Statement
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally include actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,” “will,” “could,” “might,” or “continues” or similar expressions. Any forward-looking statements contained in this press release are based upon nCino’s historical performance and its current plans, estimates, and expectations, and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent nCino’s expectations as of the date of this press release. Subsequent events may cause these expectations to change and, except as may be required by law, nCino does not undertake any obligation to update or revise these forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially including, among others, risks and uncertainties relating to the market adoption of our solution and privacy and data security matters. Additional risks and uncertainties that could affect nCino’s business and financial results are included in reports filed by nCino with the U.S. Securities and Exchange Commission (available on our web site at www.ncino.com or the SEC's web site at www.sec.gov). Further information on potential risks that could affect actual results will be included in other filings nCino makes with the SEC from time to time.
FAQ
How much has BankNewport's digital account opening process improved with nCino?
What nCino solutions has BankNewport implemented?
How long does it take to open a business deposit account using nCino at BankNewport?
What impact has nCino (NCNO) had on BankNewport's in-branch account opening process?
