US-based nCino, a fast growing company that provides banking management system, has struck a partnership with West Monroe Partners. As part of the deal, the consulting firm joins nCino's partner network and will play a key role in the implementation of solutions at clients.
Legacy systems and siloed ways of working continue to slow down the backend of many banks globally, creating the potential for more nimble competitors to gain an edge. Supporting the competition is a range of new off the shelf banking solutions, often providing a complete package of tools within a secure cloud environment. One such provider is US-based nCino, which seeks to help banks through its cloud-based nCino Bank Operating System.
nCino was formed in 2012 out of Live Oak Bank to solve a practical issue affecting a wide range of banking players and their clients: the logistics of shuffling loan paperwork between stakeholders. The solution the company developed in the intervening years, called nCino’s Bank Operating System, is a comprehensive, fully-integrated banking management system.
Banks that are still operating legacy or siloed systems tend to be less efficient in the on boarding process for commercial customers for due to reliance on manual, frequently paper-based processes, siloed activities, and lack of integration with other bank systems. nCino Bank Operating System integrates with the wider client banking system, sitting alongside a bank’s loan accounting system, where it provides a wide range of capabilities, including business process management, loan lifecycle, business intelligence, and document management solution within a secure SOC 2 Type II cloud architecture.
nCino's system has to date had a large impact on the market: after two and a half years, nCino's signed up 81 banks, raised millions in capital since inception and has been heralded as one of the country's most promising FinTech start-ups.
To support the expansion of its customer base and implementation of the nCino Bank Operating System, the North Carolina-based company has built a network of external software and consulting partners, including Salesforce and PrecisionLender. The latest to join its ranks is West Monroe Partners, a consulting firm with more than 500 consultants across North America.
The relationship, according to West Monroe, will allow the firm “to bring a new suite of treasury management sales and on boarding tools to market through nCino’s Bank Operating System.” This will mean that the treasury management components of the nCino Bank Operating System will be offered to clients seeking solutions that provide new levels of backend automation and advantage. “A number of our clients are looking to differentiate themselves in the commercial banking market and recognise treasury management as an essential source of revenue and a key opportunity to build long-term customer relationships,” explains Neil Hartman, Director of the Banking Practice for West Monroe Partners. “As we advised our clients through this process, we saw a significant need for more automation in the sales, on boarding and management process.”
“We are thrilled to work with West Monroe to take our new treasury management capabilities to the banking industry faster,” states Davis Brannan, EVP of strategic channels and alliances at nCino. “West Monroe’s deep industry knowledge and extensive practical business intelligence experience means they understand the pain points associated with treasury management and how automation can create a more efficient, transparent on boarding process for both banks and their customers.”
In another move to boost its cloud-based solution offerings, in October West Monroe bought CRM cloud-expert Etherios.