WILMINGTON, N.C. –nCino, a provider of cloud banking, has introduced Loan Auto Decision to its Bank Operating System, enabling financial institutions to automatically run loan requests against their existing, proven credit policies, rendering decisions and providing customers with funds more quickly and efficiently than ever before, the company said.
Because FIs are also competing with digital powerhouses and alternative lenders, the consumer experience must be automated and digitally optimized across the board. With nCino’s Loan Auto Decision, financial institutions can successfully respond to these evolving customer expectations with speed, efficiency and seamlessness, the company said.
“Recently we’ve seen an upward trend in banks’ investment in the customer experience as an influx of both bank and nonbank entities have intensified the competitive landscape,” said David O’ Connell, senior analyst with Aite Group’s Wholesale Banking team in a released statement. “nCino’s addition of automated decisioning technology answers the need for a low-touch customer experience, while supporting underwriting. By governing and documenting credit decisions, this capability also makes it less expensive to keep the regulators happy.”
nCino’s said its automated decisioning offering is highly configurable and compliant; financial institutions can define criteria and build logic pieces to align with their established credit policy, and then allow loan requests to automatically measure against that policy. Once a loan is requested, the automated decisioning engine provides a recommended verdict, as well as relevant auditing information such as the time, date and key scoring criteria, to boost regulatory compliance. This automation streamlines processing for the clear-cut cases, freeing loan officers to focus on more complex loan decisions. Because the software all resides within the Bank Operating System, employees with appropriate access can update the criteria, giving the banker full control and visibility.
nCino’s added its automated decisioning capabilities present valuable cross and upsell opportunities should a borrower not qualify for the full loan amount originally requested. The software is able to recognize eligibility for a lesser sum and notifies the borrower. The opposite also holds true; if a borrower qualifies for more than the initial request, the software can detect the discrepancy and alert to the higher amount available.