TD Bank is set to adopt nCino’s Bank Operating System across its corporate and commercial lending divisions.
The $312 billion-asset bank said it plans to incorporate new levels of automation and integration of processes through nCino, meaning it can fulfil commercial loans more ‘efficiently and intelligently than ever before’.
Its business lending customers will receive faster decisions to their loan requests and have enhanced visibility into the loan process. Additionally, TD Bank’s sales, underwriting and credit risk management teams will also be able to collaborate more easily on deals and gain deeper insights into the bank’s commercial lending portfolio.
“As the bank continues to deliver on its vision to transform commercial lending, it’s essential that we have the best tools and technology to help our customers achieve their financial objectives,” said Anthony Sasso, president of TD Equipment Finance. “nCino is bringing that vision and experience to life for TD employees. With the platform, we have easier collaboration between teams and better productivity to improve our service and turnaround times for our customers.”
The first wave of TD Bank users, within the TD Equipment Finance business, is already live on the nCino Bank Operating System. Additional employees across corporate, commercial and business banking will continue to adopt the platform in the next year.
nCino’s Bank Operating System, built on Salesforce.com, combines customer relationship management (CRM), loan origination, account opening, workflow, content management, business process management, customer engagement and instant reporting. The platform claims increase a bank’s profitability and productivity, while enhancing customer relationships and ensuring regulatory compliance.
The Bank Operating System helps financial institutions manage internal regulation, the examination process and overall compliance. nCino claims compliance with state, federal and internal policies is facilitated through each component of the system.
nCino also provides a Document Manager feature, which claims to eliminate the need for paper files and allows financial institutions to achieve a 100% electronic loan file process.
Its new customer onboarding feature enables financial institutions to gather the regulatory-mandated requirements to verify identities based on legal entity type. Customer Identification Program (CIP) and Know Your Customer (KYC) requirements can be embedded into the onboarding workflow so that institutions can easily configure the requirements to match their business processes.
“We are proud to partner with TD Bank on this initiative to bring digital transformation to new parts of the institution,” said Pierre Naudé, nCino’s CEO. “It’s great to see employees at TD Bank already experiencing many of the benefits of the nCino Bank Operating System – from greater efficiency to increased productivity to an elevated customer experience. We see this collaboration between our organizations as a natural fit and are very excited to continue strengthening and expanding our partnership with this innovative top 10 U.S. bank.”
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