nCino’s Single Platform Selected by Desjardins to Automate Loan Origination Process Through Machine Learning
- Desjardins Group partners with nCino, Inc. to implement nCino’s Automated Spreading Solution, powered by nCino IQ (nIQ).
- Desjardins aims to leverage machine learning to streamline the underwriting process and improve the speed and quality of credit decisions.
- nCino’s solution covers multilingual documents and multi-currency financial statements, enhancing the user experience for Desjardins’ clients and members.
- Desjardins has already accelerated the funding process to small businesses by implementing nCino’s Small Business and Commercial Banking Solutions in 2022.
- Desjardins’ selection of nCino’s Automated Spreading Solution demonstrates their commitment to innovation and enhancing client experiences.
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Insights
The adoption of nCino's Automated Spreading Solution by Desjardins Group is indicative of the broader trend in the financial services industry towards digital transformation. The implementation of such technology is designed to streamline operations, specifically by enhancing the loan origination process. By leveraging machine learning, Desjardins aims to minimize manual input errors and reduce processing times, which can lead to a more efficient allocation of capital and potentially improve the group's competitive edge in the market.
For investors, the key metrics to watch would be the impact on Desjardins' operational costs and its loan origination volume post-implementation. A reduction in the time and resources required to process loans could translate into cost savings and higher profit margins. Additionally, an improved customer experience could lead to increased customer retention and attraction, further driving revenue growth. These factors could contribute to positive movements in nCino's stock price, given the expanded partnership and the potential for cross-selling additional services.
The partnership between Desjardins and nCino is reflective of a strategic move to enhance user experience and operational efficiency. From a market perspective, the ability to process multilingual documents and multi-currency financial statements is particularly valuable in the diverse North American market. This could set a new benchmark for customer service in the financial sector, potentially influencing peer institutions to follow suit.
It's also important to consider the broader implications for the financial technology sector. As Desjardins, a major player, adopts advanced solutions like nCino's, it could stimulate demand for similar technologies, benefiting companies that provide these digital solutions. The ripple effect could lead to increased investments in fintech innovation, with an emphasis on automation and machine learning.
The integration of nCino's Automated Spreading Solution within Desjardins Group's operations is a significant development in the context of technology adoption in the banking sector. The use of machine learning to improve underwriting processes represents a shift towards more data-driven decision-making. This not only enhances the accuracy of credit assessments but also positions Desjardins at the forefront of innovation in financial services.
By adopting this technology, Desjardins may also be setting a precedent for how financial institutions can leverage artificial intelligence to gain a competitive advantage. It's a clear signal to the market that Desjardins is committed to investing in technology that improves efficiency and customer satisfaction. Other financial groups may take note and accelerate their own digital transformation initiatives to keep pace.
North America’s largest cooperative financial group to leverage nCino’s automated spreading solution, powered by nIQ, to drive increased efficiency
QUEBEC CITY, March 21, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced that the largest cooperative financial group in North America, Desjardins Group, will implement nCino’s Automated Spreading Solution, powered by nCino IQ (nIQ), expanding their partnership with nCino to further realize the benefits of a single platform.
After implementing nCino’s Small Business and Commercial Banking Solutions in 2022, Desjardins has been able to increase the speed of its loan origination process by eliminating unnecessary wait times for its members and clients. To improve the efficiency already gained by using the platform, Desjardins is expanding its use of nCino to include Automated Spreading functionality, which leverages machine learning to streamline the underwriting process, enhance financial statement data capture and improve the speed and quality of credit decisions. This solution covers multilingual documents and multi-currency financial statements, making the process smoother for Desjardins’ clients and members.
“Desjardins is continuously working to minimize delays and wait times for our members and clients and increase value added interactions by offering innovative digital solutions that meet their needs. Our partnership with nCino has already helped us accelerate the funding process to small businesses. With nCino’s spreading solution, we will be able to remain a leader and continue to offer members and clients a seamless user experience,” said Jean-Yves Bourgeois, Executive Vice-President of Business Services.
“Desjardins’ selection of nCino’s Automated Spreading Solution demonstrates their forward-thinking approach to leveraging and deriving meaningful value from technology.” said Greg Wipke, Vice President of Sales, Canada, at nCino. “We are proud to be strengthening our partnership and look forward to building upon the way Desjardins has embraced the nCino platform to create greater operational efficiencies across the credit decisioning processes and to enhance client experiences.”
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 Desjardins Group
Desjardins Group is the largest cooperative financial group in North America and the fifth largest cooperative financial group in the world, with assets of
Media Contacts
Natalia Moose
press@ncino.com
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FAQ
What is the partnership between Desjardins Group and nCino, Inc. about?
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What does Desjardins Group’s selection of nCino’s Automated Spreading Solution demonstrate?
