STOCK TITAN

Texas Farm Credit Adopts nCino Platform to Digitally Enhance Agricultural and Rural Real Estate Lending

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary

nCino (NASDAQ: NCNO) announced its partnership with Texas Farm Credit (TFC), which has implemented the nCino Bank Operating System to enhance its rural lending processes. This collaboration has led TFC to close a record $400 million in loans year-to-date. The cooperative, serving 100 Texas counties, aims to improve efficiency and digital capabilities. TFC's operations have been streamlined using nCino's platform, reducing reliance on multiple systems and enabling seamless onboarding and compliance.

Positive
  • TFC closed a record $400 million in loans year-to-date, the highest in its history.
  • Implementation of nCino's single cloud-based platform improved efficiency and transparency.
  • TFC processed over 2,000 servicing actions through the nCino system, enhancing operational capabilities.
Negative
  • None.

Credit cooperative implements the nCino Bank Operating System® to accelerate its digital transformation

nCinos single cloud-based platform helps enable Texas Farm Credit to close a record $400 million in loans year-to-date

WILMINGTON, N.C., Sept. 24, 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 Texas Farm Credit (TFC) has deployed the nCino Bank Operating System to improve and digitize its rural property lending processes.

TFC, a rural lending cooperative that finances agricultural production, agribusiness, rural real estate and homes, implemented nCino's cloud-based platform to enhance its digital capabilities, improve transparency, automate processes, and streamline member onboarding. Headquartered in Robstown, Texas, the cooperative serves 100 Texas counties and is part of the Farm Credit System, a nationwide network of rural lending cooperatives established in 1916. By partnering with nCino, TFC now has the power of a proven end-to-end digital solution to meet evolving borrower expectations.

"We partnered with nCino to meet the needs of a rapidly changing industry and diverse borrower base, while also repositioning ourselves in an aggressive lending environment," said Mark Miller, CEO of Texas Farm Credit. “nCino is truly a leader in innovation and has helped us to establish more efficient operations across our cooperative. We trust that this relationship will continue to evolve as we accelerate our transformation to meet the credit and financial needs of farmers and ranchers across the country."

TFC initially went live on nCino’s Commercial Banking Solution and Customer Portal and Online Applications features in February 2020, a critical point in the industry, as one month later much of TFC’s workforce went fully remote due to the COVID-19 pandemic. Even with these challenges and short period of adoption, the number and volume of transactions completed in this new environment has been unmatched as nCino helped the TFC team close a record $400 million in loans year-to-date, the most in the history of the cooperative. TFC also processed over 2,000 servicing actions through the nCino system.

TFC front line employees previously utilized nine separate systems to originate and close a single loan. With nCino, employees now utilize a single cloud-based platform to streamline everything from onboarding and document management, to credit analysis, portfolio management, and compliance.

“We are extremely proud to partner with Texas Farm Credit as they continue to position themselves as a leader in the agricultural lending space,” said Josh Glover, chief revenue officer at nCino. “In today’s landscape, the adoption of high-tech banking capabilities is more crucial than ever and we are excited to have Texas Farm Credit utilizing the nCino Bank Operating System to better serve and manage their agriculture relationships by removing friction from the lending process and creating new opportunities for digital engagement." 

Glover added, “At nCino, we continue to invest in innovation that will positively impact the financial institutions that support rural communities and agriculture businesses. We are committed to delivering our market-leading technology to the farm credit space, helping to ensure these institutions have the modern tools they need to scale while delivering high-quality experiences and financial services to their customers.” 

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 1,100 financial institutions globally, whose assets range in size from $30 million to more than $2 trillion. For more information, visit: www.ncino.com.

About Texas Farm Credit
Texas Farm Credit finances agricultural operations, agribusinesses, homes and rural real estate, and offers a variety of insurance services. Headquartered in Robstown, Texas, it serves 100 Texas counties and is part of the Farm Credit System, a nationwide network of rural lending cooperatives established in 1916. Visit https://www.texasfcs.com/.

MEDIA CONTACTS
Claire Sandstrom, nCinoNatalia 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 record did Texas Farm Credit achieve with nCino's platform in 2020?

Texas Farm Credit closed a record $400 million in loans year-to-date in 2020.

How has nCino's platform impacted Texas Farm Credit's operations?

nCino's platform streamlined TFC's lending processes, reducing the need for nine separate systems to a single cloud-based solution.

What does the nCino Bank Operating System offer to financial institutions?

The nCino Bank Operating System provides scalable technology to enhance efficiency, automate processes, and improve customer experiences.

What challenges did Texas Farm Credit face while implementing nCino's platform?

TFC faced challenges due to the COVID-19 pandemic, which led to a rapid transition to remote work after the platform went live.

nCino, Inc.

NASDAQ:NCNO

NCNO Rankings

NCNO Latest News

NCNO Stock Data

4.08B
111.70M
2.95%
100.97%
4.55%
Software - Application
Services-prepackaged Software
Link
United States of America
WILMINGTON