Wells Fargo Expands Adoption of nCino to Transform Small Business Banking Experience

Rhea-AI Summary

nCino has announced an expansion of its partnership with Wells Fargo to enhance digital transformation in Small Business Banking. The collaboration aims to streamline lending processes through the nCino Bank Operating System®, improving accessibility and efficiency for both customers and employees. The move reflects a growing trend towards digital banking solutions, especially post-pandemic, as small business owners seek faster access to capital. nCino’s platform serves over 1,750 financial institutions worldwide, emphasizing its role as a leader in cloud banking.

Positive

• Expansion of partnership with Wells Fargo to streamline lending processes.
• nCino's platform enhances digital banking options for small businesses.
• Collaboration expected to improve customer experience and operational efficiency.

Negative

• None.

Financial services leader selects nCino to streamline origination, underwriting and portfolio management within its Small Business Banking Business

WILMINGTON, N.C., March 31, 2022 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Wells Fargo & Company (NYSE: WFC) will expand its use of the nCino Bank Operating System® to accelerate digital transformation within its Consumer and Small Business Banking division to deliver a premier, cutting-edge technology experience. Previously, Wells Fargo selected nCino as the technological foundation to transform its commercial lending operations.

“The pandemic has certainly changed the way our customers want to work with us,” said Derek Ellington, Head of Small Business Banking at Wells Fargo. “Providing more access to digital banking options that are fast, safe and convenient is important and has spurred additional investments in technology. Collaborating with nCino is expected to provide our customers with a more streamlined lending experience, reducing the sometimes tedious back and forth that sometimes occurs when applying for and obtaining a loan, and it provides our employees a single view of each customer, making the end-to-end lending experience quicker and more efficient.”

For Wells Fargo, a leading financial services company that proudly serves one in three U.S. households and more than 10% of small businesses in the U.S. and is the leading middle market banking provider in the U.S., a key component to its digital transformation strategy was selecting an end-to-end, flexible, cloud-native platform that could scale as the business required. As small business owners increasingly seek quicker access to capital, as well as digital experiences without having to visit a branch, nCino's Small Business Banking Solution offers a single platform to streamline the entire lending process for origination, underwriting and portfolio management.

“We’re incredibly proud to expand our relationship with Wells Fargo two quarters after they first selected nCino to transform their commercial lending operations,” said Pierre Naudé, CEO of nCino. “Wells Fargo clearly sees the value of the cloud as an enabler in their continued evolution and transformation, and we are confident our best-in-class cloud platform will help drive additional efficiencies and unlock even more value for their employees and small business clients.”

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 cloud-based platform enhances the employee and client experience to enable financial institutions to more effectively onboard 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 is partnered with more than 1,750 financial institutions of all types and sizes on a global basis. For more information, visit www.ncino.com.

About Wells Fargo 
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories. 

Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo

MEDIA CONTACTS
Sutton Resler, nCino	Kathryn Cook, nCino
+1 571.236.4966	+1 919.691.4206
sresler@mww.com	kathryn.cook@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 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

What is nCino's new partnership with Wells Fargo about?

nCino is expanding its partnership with Wells Fargo to enhance digital transformation in Small Business Banking through the nCino Bank Operating System®.

How does nCino's platform benefit Wells Fargo's customers?

The nCino platform streamlines the lending process, providing customers with faster access to capital and a more efficient digital experience.

What is the significance of nCino's relationship with Wells Fargo?

This expansion illustrates nCino's role in the shift towards digital banking solutions and its commitment to enhancing financial services for small businesses.

How many financial institutions use nCino's platform?

nCino's platform is utilized by over 1,750 financial institutions globally.

When did Wells Fargo initially select nCino's services?

Wells Fargo selected nCino to transform its commercial lending operations two quarters prior to this announcement.