UK-based challenger bank expands use of the cloud to commercial lending
nCino, the worldwide leader in cloud banking, today announced that OakNorth Bank has successfully deployed its Bank Operating System. This is the first financial institution outside of the United States to deploy nCino’s platform, expanding the company’s presence to new markets across Europe.
A young bank with a focus on serving rapidly growing businesses in the U.K., OakNorth recognized the need for a digital solution that would enable it to cost effectively configure loan processes and quickly scale. After comparing a number of potential options, the bank selected nCino’sBank Operating System. OakNorth valued nCino’s reputation and vast experience with U.S. banks of all sizes, and liked that nCino was built on Salesforce.com, allowing the bank to extend its use of this world-class customer relationship management (CRM) platform. Because the Bank Operating System combines traditionally disparate point solutions such as CRM, loan origination, business process management and reporting in a single, secure cloud-based environment, OakNorth is now able to facilitate a more transparent, productive loan experience.
“As a younger bank with a fresh perspective, we saw an opportunity to provide superior banking services to our customers by forgoing traditional antiquated, siloed systems in favor of a new way of banking,” explained Francesca Gandolfo, chief operating officer of OakNorth Bank. “nCino has helped us further that vision by working alongside our core to reduce laborious manual tasks and incorporate automation into our loan process, increasing loan quality, controls and speed via the cloud. With the nCino platform, we look forward to continuing our institution’s growth during this exciting time in the financial services industry.”
OakNorth is considered a fintech leader in Europe for how it has embraced the cloud. The bank has committed to cloud-based systems for its agility to keep pace with market changes and evolving consumer preferences, as well as its flexibility to simplify integration points and expand product offerings faster. Since implementing nCino’s Bank Operating System, OakNorth has gained a spectrum of new efficiencies across its commercial lending business, all while delivering new visibility into its portfolio of customer relationships. The bank also benefits from the unique security framework provided by nCino, which utilizes the Salesforce.com cloud architecture and data center structure.
“OakNorth Bank’s pioneering perspective on cloud banking, combined with its commitment to providing optimal customer service, makes it an ideal nCino partner,” said Pierre Naudé, CEO of nCino. “The bank has already added a valuable level of productivity, speed and digital engagement to the loan process for both its employees and customers. We are excited to see how OakNorth continues to drive transformation in banking, and look forward to partnering with other European-based financial institutions as cloud adoption continues to increase.”