WaFd Bank Leverages nCino to Efficiently and Digitally Provide Commercial and Small Business Financing
11 August 2020 - 9:30PM
nCino, Inc. (NASDAQ: NCNO) today announced that $18.2 billion-asset
Seattle-based WaFd Bank has deployed the nCino Bank Operating
System to increase and digitize its commercial lending efficiency
and improve the client experience. WaFd was also able to utilize
nCino for SBA loan processing to assist small businesses through
the coronavirus pandemic as a result of the platform’s agility. The
bank worked with management and technology consulting firm West
Monroe to implement nCino’s cloud-based digital platform.
To better meet ever-evolving client expectations, WaFd
recognized it needed to upgrade its technology, replacing manual
processes and disparate systems with a single digital end-to-end
platform, which it found in the nCino Bank Operating System. WaFd
first selected nCino’s Commercial Banking Solution to overhaul its
commercial lending division and nCino’s Customer Engagement
Solution to create a client-centric portal that allows WaFd’s
bankers to deliver an even better client experience. Once the CARES
Act was announced on March 27, the bank added nCino’s SBA Solution,
which it used to quickly and efficiently process over 6,500
Paycheck Protection Program (PPP) loan requests from small
businesses in its surrounding communities. Because the nCino Bank
Operating System seamlessly spans lines of business, the bank was
able to adjust quickly to meet various business demands, all while
remaining within one connected system and ensuring compliance.
“nCino was the first platform I saw that provided the tools our
bankers needed to work interactively with our clients,” said Brent
Beardall, president and CEO of WaFd Bank. “That digital
collaboration became even more important when the COVID-19 pandemic
hit. With nCino’s nimble platform, we had the fundamentals we
needed to get our clients into the portal and process their
application regardless of their location, which was essential in
the midst of the coronavirus crisis. The flexibility of nCino’s SBA
Solution has allowed us to process over half a billion dollars in
PPP loans for new and existing clients, and the fact that we were
able to get up and running on it in literally a matter of days is
both a phenomenal accomplishment and tribute to the partnership
that we have with nCino and West Monroe.”
WaFd chose West Monroe as its consulting partner for its nCino
implementations due to the firm’s deep expertise in financial
services and experience in process optimization, customer
experience, and organizational change management. West Monroe’s
vast knowledge of the nCino Bank Operating System enabled a swift
and effective deployment.
“West Monroe welcomed the opportunity to make such a large
impact in our local community by working with WaFd Bank,” said John
Stockamp, director in West Monroe’s Financial Services practice.
“With offices literally across the street from each other in
Seattle, we’ve been great partners from the start. And as nCino
experts, we were able to get to work immediately, allowing WaFd to
respond to the community’s commercial lending needs — fast. We’re
proud to work with organizations like WaFd Bank in the communities
where we live and work.”
“I’m incredibly proud of what WaFd has been able to accomplish
for its clients with the nCino platform,” said Paul Clarkson, EVP
of community and regional banking at nCino. “Not only have they
made lending faster and easier for their commercial clients, they
also quickly pivoted amid an unprecedented global pandemic to help
small businesses. We very much appreciate our strong relationship
with WaFd and West Monroe, and we continue to be impressed by the
powerful impact WaFd has on its community.”
About nCinonCino (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 WaFd BankWashington Federal Bank (Nasdaq:
WAFD), a national bank with headquarters in Seattle, Washington,
has 234 branches in eight western states and does business as WaFd
Bank. To find out more about WaFd Bank, please visit our website
www.wafdbank.com. WaFd Bank uses its website to distribute
financial and other material information about the Company.
About West Monroe West Monroe is a national
consulting firm that was born in technology but built for
business—partnering with companies in transformative industries to
deliver real, measurable results. Technology is who we are, it is
not something we bolted on overnight, and we believe it is one of
the greatest enablers of business value. That’s why we work in
diverse, multidisciplinary teams that blend industry expertise with
deep operational and technology capabilities to create
quantifiable, financial value for our clients. Our 1,300 employees
based in seven offices across the United States also own 100% of
our business, so when you partner with us you know we are
committed—because your success is our success. Our undeniably
different approach breeds undeniable results. Visit WMP.com to
learn more.
MEDIA
CONTACTS |
|
Claire Sandstrom, nCino |
Natalia Moose, nCino |
+1 646.520.0710 |
+1 910.833.0970 |
csandstrom@mww.com |
natalia.moose@ncino.com |
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