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nCino, Inc. (NASDAQ: NCNO) is a leading financial technology company headquartered in Wilmington, North Carolina. Founded in 2011, nCino offers a cloud-based banking solutions platform built on Salesforce, designed to modernize and streamline the complex processes within financial institutions. The company's software suite digitizes, automates, and enhances workflows through the integration of data analytics and artificial intelligence.
The core services provided by nCino include client onboarding, loan origination, deposit account opening, and regulatory compliance management. These modules help financial institutions improve efficiency, reduce loan processing times, and enhance customer experiences. nCino caters to a wide range of clients including enterprise banks, regional banks, community banks, and credit unions, with the majority of its revenue derived from subscription services within the United States.
nCino has been steadily growing its market presence and recently announced significant partnerships and acquisitions. Notably, it partnered with Mechanics and Farmers Bank (M&F) to provide improved access to capital for diverse communities. The collaboration with M&F Bank helps streamline loan processing and enhances the banking experience for underserved markets. Additionally, nCino acquired DocFox, a solution provider that automates onboarding processes for commercial and business banking. This acquisition aims to unify and manage client lifecycles more effectively across financial institutions.
nCino continues to innovate and expand its product offerings. The recent implementation of their Automated Spreading Solution for Desjardins Group demonstrates their commitment to leveraging machine learning to improve underwriting processes and enhance operational efficiencies. These strategic developments highlight nCino's pivotal role in transforming the financial services industry through technology and innovation.
With a customer base of over 1,800 financial institutions worldwide, nCino is dedicated to driving change in the banking sector by providing reliable, efficient, and innovative solutions that meet the evolving needs of its clients.
nCino reported total revenues of $94.2 million for Q1 FY2023, a 51% increase year-over-year. Subscription revenues reached $79.2 million, up 55% year-over-year, boosted by the acquisition of SimpleNexus. However, the company posted a GAAP net loss of $30.7 million, compared to $15 million in the same quarter last year. The Remaining Performance Obligation (RPO) increased 48% to $905.6 million. For Q2, nCino forecasts total revenues between $97 million and $98 million and a net loss per share of ($0.08) to ($0.09).
BOK Financial has successfully implemented the nCino Bank Operating System, enhancing operational efficiency and client relationships for its commercial banking division. This initiative supports BOK Financial's $50 billion asset base by streamlining the loan origination and management process. The transition was completed on time and within budget, thanks to collaboration between nCino and Deloitte. The new system is expected to improve decision-making and reporting capabilities, solidifying BOK Financial’s digital transformation journey.
SimpleNexus, a company under nCino (NASDAQ: NCNO), has successfully implemented its Nexus Engagement and Nexus Origination platforms at AnnieMac Home Mortgage. This rollout enhances collaboration for over 250 loan originators, allowing them to manage workflows efficiently both remotely and at nearly 100 branch locations. The mobile-first tools aim to improve recruitment and productivity in a competitive market, aligning with AnnieMac's commitment to investing in value-added technologies.
nCino (NASDAQ: NCNO) announced its participation in two upcoming investor conferences. The Bernstein 38th Annual Strategic Decisions Conference will take place on June 3, starting at 10:00 a.m. ET. Additionally, nCino will present at the Morgan Stanley US Financials, Payments & CRE Conference on June 15, at 1:45 p.m. ET.
Live webcasts and replays will be available on their Investor Relations website.
nCino (NASDAQ: NCNO), a leader in cloud banking solutions, will announce its first quarter fiscal year 2023 financial results on June 1, 2022, after market closure. The company will hold a conference call at 4:30 p.m. ET to discuss these results. nCino's platform provides financial institutions with advanced technology to enhance efficiency, compliance, and client experience, serving over 1,750 customers globally. Investors can access a replay of the webcast on their website after the call.
nCino (NASDAQ: NCNO) announces its tenth annual nSight user conference to be held in Raleigh, N.C. from June 7-9, 2022, with over 1,200 attendees expected. The in-person event aims to address strategic trends in financial services, featuring 20 breakout sessions and various keynotes from industry leaders. Notably, the conference will include programming on modern mortgage lending due to the recent acquisition of SimpleNexus. CEO Pierre Naudé expresses excitement about returning to in-person interactions after two years of virtual conferences.
nCino expands global footprint with a new partnership with Capitec Bank, South Africa's largest digital bank. This collaboration aims to enhance Capitec's Business Banking loan management system, aligning with its goal of streamlining client experiences. With over 70,000 business clients, Capitec seeks to leverage nCino's technology for improved operational efficiency. nCino’s Bank Operating System will support Capitec in delivering better services to its substantial client base of 17 million retail customers. This partnership extends nCino's presence to five continents.
nCino (NASDAQ: NCNO) announced that connectFirst Credit Union will implement the nCino Bank Operating System® to enhance its digital banking capabilities across multiple sectors, including Commercial and Retail lines. With $4.6 billion in assets, connectFirst aims to improve member experience through increased transparency and streamlined processes, reducing account opening times via automation. The transformation will be led by Deloitte Canada, leveraging their expertise in financial sector solutions, as connectFirst invests in a comprehensive digital infrastructure for better service delivery.
Revolent Group has partnered with nCino to address the rising demand for skilled professionals in the cloud banking sector. This collaboration aims to develop a new generation of nCino-certified specialists through targeted training programs. By the end of 2022, they plan to place around 200 new professionals globally. The partnership focuses on closing the tech skills gap in financial institutions, ensuring they have the necessary talent to meet digital demands. This initiative includes investing in dedicated training and expanding certification offerings.
nCino has announced that Pinnacle Bank in Elberton, Georgia, is utilizing Nexus Vision™ for mortgage operations optimization. This partnership aims to enhance profitability in mortgage operations, which have historically underperformed in terms of financial contribution. With Nexus Vision, Pinnacle has already achieved over a 50% reduction in mortgage cycle times and improved net mortgage income. SimpleNexus emphasizes the importance of data-driven decisions for business health, showcasing its commitment to transforming the mortgage sector for better shareholder value.
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