Fifth Third Bank Selects nCino to Accelerate its Digital Transformation
nCino (NASDAQ: NCNO) announced that Fifth Third Bank will implement its Bank Operating System to enhance digital services for commercial clients. This partnership aims to streamline operations, improve efficiency, and provide better transparency for users. Fifth Third seeks to evolve its banking model by utilizing nCino's technology to facilitate loan origination and client onboarding while ensuring regulatory compliance. The collaboration is expected to enhance both employee and client experiences as banking shifts from physical to digital.
- Fifth Third Bank is adopting the nCino Bank Operating System for improved digital transformation.
- The partnership will enhance operational efficiency and transparency in commercial banking.
- nCino's platform supports key banking functions like client onboarding and loan origination.
- None.
Leading financial services company will implement the nCino Bank Operating System® to create a more streamlined and modernized digital experience for commercial clients and employees
WILMINGTON, N.C., Oct. 20, 2020 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Fifth Third Bank, National Association, has selected the nCino Bank Operating System as a foundational technology platform to help the Bank accelerate its digital transformation, streamline its commercial banking business and provide greater transparency, efficiency and convenience to its employees and clients.
Cincinnati-based Fifth Third is a recognized innovator that continues to evolve its service model to ensure a focus on continuous enhancements, personalization and digitization of client touch points. By adopting the nCino Bank Operating System, Fifth Third is gaining a flexible and agile digital solution that can span business lines and channels and connect employees, clients and third parties on a single platform, eliminating silos to bring new levels of collaboration and transparency to the institution. nCino offers a unified system that provides the functionality necessary to complete mission-critical workflow, enabling client onboarding, loan origination, deposit account opening, and real-time analytics, all while helping to manage regulatory compliance.
“It’s clear that the next two years in banking will look very different than the previous two,” said Jude Schramm, executive vice president and chief information officer at Fifth Third. “As more and more interactions are shifting from physical to digital, we want to ensure we are accelerating our digital transformation to provide our employees and clients with cutting-edge tools and technology. The nCino platform offers capabilities that allow us to innovate faster and serve commercial clients in a more efficient way.”
“The nCino Bank Operating System will offer our employees a more streamlined platform to serve our clients through unique, value-added, and digitally-driven products and services,” added Kevin Lavender, executive vice president and head of commercial banking at Fifth Third. “In today's world, speed, convenience and digital capabilities are paramount, and nCino was the clear provider for our commercial banking business. We believe this relationship will enable us to achieve a world-class infrastructure by combining personalized touchpoints and experiences with the most innovative technology.”
Pierre Naudé, CEO at nCino added, “We are extremely proud to be working with Fifth Third. The progress that has been made to reengineer the Bank’s processes and workflows for the benefit of their employees and clients is a testament to their team and the strength of our relationship. As business clients seek to engage with their financial institutions in new ways, it’s more important than ever to provide personalized service and to be able to do so from anywhere, at any time and on any device. By embracing the nCino platform, Fifth Third has the tools necessary to provide a seamless integration of touch and technology and achieve their mission of wholesale excellence. We are excited to be on this journey with them.”
About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. The nCino Bank Operating System® empowers financial institutions with scalable technology to help them achieve revenue growth, greater efficiency, cost savings and regulatory compliance. In a digital-first world, nCino's single digital platform enhances the employee and client experience to enable financial institutions to more effectively onboard new clients, make loans and manage the entire loan life cycle, and open deposit and other accounts across lines of business and channels. Transforming how financial institutions operate through innovation, reputation and speed, nCino works with more than 1,200 financial institutions globally, whose assets range in size from
About Fifth Third Bank
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2020, Fifth Third had
| MEDIA CONTACTS | ||
| Claire Sandstrom, nCino | Natalia Moose, nCino | |
| +1 646.520.0710 | +1 910.248.4602 | |
| csandstrom@mww.com | natalia.moose@ncino.com | |
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. 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
What is the nCino Bank Operating System?
Which bank is implementing the nCino platform?
What are the expected benefits of nCino for Fifth Third Bank?
How will the nCino platform impact Fifth Third Bank employees?
When was the partnership between nCino and Fifth Third Bank announced?
