Expanded agreement to enhance wholesale banking lending experience for clients
Collaboration with nCino will result in an easy-to-use platform with greater efficiencies for clients through entire lending process.
Minneapolis, MN – July 20, 2021 – As part of efforts to transform the wholesale banking lending experience, U.S. Bank today announced an expanded agreement with cloud banking software provider nCino, Inc. (NASDAQ: NCNO). This development advances our overall digital strategy and is central to our commercial lending strategy aimed at further digitizing processes, driving growth and speed to market.
Commercial banking clients will benefit from improved cycle time and even fewer paper-based interactions with the new platform, which is expected to be in place for some U.S. Bank wholesale business lines in 2022.
The expanded agreement with nCino is part of a comprehensive U.S. Bank initiative underway focused on improving the financing experience for clients through greater agility and simplicity. The multi-year transformation project will also improve the lending process for our employees, increasing process efficiency and providing all the tools they need to serve clients in one system.
“Across our organization, our bankers and technology teams are working collaboratively to reshape the way we serve our wholesale banking clients. Everyone involved is guided by our commitment to increasing simplicity and agility at every step of the lending process,” said U.S. Bank Executive Vice President Sal Maglietta, who leads this transformation initiative. “The expanded agreement announced today will provide us with a proven platform that will improve outcomes for both clients and employees.”
The nCino platform allows for continuous improvements so we can tailor our commercial lending processes to meet client needs today and in the future. Since 2019, we have utilized nCino in our Business Banking business line. The platform has not only allowed the bank to reduce time to market significantly, but it also proved adept and agile when we had to create or modify processes to support clients.
“nCino is committed to developing a digital-first ecosystem within U.S. Bank that can bring a highly scalable and configurable solution for the specific needs of their commercial clients and employees,” said nCino’s Chief Revenue Officer, Josh Glover. “Leading financial institutions separate themselves from the pack by focusing on a digital strategy that can provide their clients and employees with a best-in-class experience, delivered at speed and scale. I’m proud of our journey with U.S. Bank and all we have achieved together thus far, and am very excited to further expand our relationship.”
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $553 billion in assets as of March 31, 2021, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; and Wealth Management and Investment Services. The company has been recognized for its approach to digital innovation, social responsibility, and customer service, including being named one of the 2021 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.
nCino (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 1,200 financial institutions globally, whose assets range in size from $30 million to more than $2 trillion. For more information, visit: www.ncino.com.
SOURCE: U.S. Bank