nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that Santander UK has garnered multiple industry awards in recognition of its digitisation efforts in partnership with nCino. With the nCino Bank Operating System, Santander UK has been able to provide its SME, corporate and commercial banking clients with a faster and more transparent onboarding experience, greater efficiencies and quicker lending decisions and fulfilment processes.
Most recently, Santander UK won The Banker’s Innovation in Digital Banking Award for Best FinTech Partnership. Earlier this year, Celent, a global financial services research and advisory firm, named Santander UK the winner of the Model Bank Award for Commercial Lending for delivering its customers a cutting-edge lending experience. The bank worked with nCino and other technology partners to replace 13 legacy systems and over 60 end-user computing systems with a cloud-based ecosystem, completely overhauling its SME, corporate and commercial banking units in a forward-looking transformation project that helps it meet rapidly changing customer expectations.
“The Celent Model Bank Awards recognise how banks are using technology to change the face of banking,” said Patricia Hines, CTP and head of corporate banking at Celent. “These banks should serve as an inspiration to others looking for strong examples of best practice implementations that will have a truly meaningful impact on business results and the industry overall. The entry from Santander UK clearly demonstrated this.”
“We are pleased to be the recipient of these awards for our commercial lending efforts in partnership with nCino,” said Jonathan Holman, head of digital transformation at Santander UK. “With nCino’s digital platform, we’ve been able to streamline processes and decrease some cycle times by more than half as a result of automation, increased transparency in onboarding and lending workflows. This is something that has been particularly important recently as we help our customers navigate the COVID-19 crisis. We’re very proud of the improvements we’ve been able to make to both the employee and customer experience as a result of this project and how it has allowed us to focus on being a great bank for our customers, colleagues and shareholders.”
With nCino, Santander UK has been able to consolidate massive amounts of data and auto-populate fields, leading to a dramatic increase in efficiency in its lending processes. Other benefits to Santander UK of the collaboration include:
- Workflow automation and the elimination of data rekeying, reducing processing and some cycle times by more than 50%;
- Up to 10% increase in front-office capacity to focus on value-add analysis and customer relationships;
- A holistic view of the customer across business units;
- Improved portfolio management;
- Powerful insight into forecasts and risk via the nCino Bank Operating System’s financial spreading functionality, freeing up approximately 14% of credit risk officers’ involvement over the average work week; and
- The extraction of data from financial statements using nCino’s artificial intelligence feature, nIQ, saving the bank both time and money.
“Our heartfelt congratulations go to the entire Santander UK team for receiving these esteemed awards,” said Pullen Daniel, EVP and managing director – international at nCino. “We’re excited to be part of the bank’s digital transformation journey and look forward to continuing to help them meet and exceed customer needs and expectations as the market continues to evolve.”