May 21, 2021 | InBrief

7 microtransformations banks can apply to the nCino platform

7 microtransformations banks can apply to the nCino platform

If the events of 2020 highlighted anything for banks, it was that banks of all sizes need to become digitally enabled. For banks seeking to digitize their operations and customer experience, the scope of change required can be daunting. Many must balance the cost and scale of new technology implementation projects with the imperatives of serving the needs of their borrowers and employees working remotely. To achieve such a balance, we recommend an approach we call “microtransformations” a way to stage their digital transformation over time.

Microtransformations allow institutions to accelerate time to value by tackling the highest ROI, least disruptive changes first, then layering on additional features over time. They steadily move the enterprise toward full-fledged digital transformation in manageable, cost-effective stages. Microtransformations are comparable to the Agile method of software development in which the developer commits to releasing value-add enhancements on a regular, rapid cadence with continual, iterative improvements over time. 

These quick technology wins allow institutions to stay agile and customer-focused in a marketplace rapidly shifting to a mostly digital world. It’s all about getting some “quick wins” under the belt by implementing smaller, bite-size technology projects that can have a narrow but measurable impact on the organization. All this is possible at a lower cost than a full-fledged, top-to-bottom technology overhaul. When deployed via cloud-based solutions, many microtransformations can be done quickly, executed with speed, and supported remotely. 

7 Ways to Apply “microtransformation” to the nCino platform 

If you’re already leveraging the nCino platform, applying our microtransformation approach to enhancing and deepening key features ought to be considered.  We view nCino microtransformations as a short-term project that takes up to a few weeks to deliver and can be further developed over time but provides immediate value to the organization. Whether improving the customer experience or enhancing the internal process for business users, these transformations are focused on having a tangible value for your organization.

  1. Customer Portal. An expedited setup of the Customer Engagement Portal functionality, including portal branding, document exchange functionality, and email communications. Having this packaged feature enables speed-to-market and provides a standardized setup that can continue to be enhanced over time.  
  2. Online Application. A packaged universal online application workflow that is used as a base workflow for your first online application which also includes real-time loan status visibility and client email communications. This application allows the financial institution to use a baseline workflow that can be cloned as a starting point for other apps for delivery speed and feature scalability. 
  3. Borrowing Base. A packaged set of components that allows for automated tracking of borrowing base certificates to provide transparency and reportability on all borrowing base certificate information throughout the life of the loan. This feature enables faster data collection, the ability to initiate follow-up actions via the portal, and can reduce the number of systems and processes that take place outside of nCino.  
  4. Treasury Management Import Actual Volumes. A packaged feature that connects to the nCino Proforma for relationship-based pricing that allows a user to select a client and import all their products/services and associated volumes for a given month to automate relationship-based pricing process. This feature dramatically reduces the manual input done by the TM sales officers and improves customer experience with a holistic view of pricing.  
  5. Doc Prep. A jump-start toolkit for doc prep integration to seamlessly pre-populate all documents and enables speed to delivery. This toolkit dramatically reduces the time of manual data entry and reduces the number of keying errors which drives a faster end-to-end workflow and improved customer experience.  
  6. Referrals. An accelerated approach to referral management capabilities with pre-built workflow and conversion dashboards and statistics. This feature enables cross line-of-business visibility, incentives, and collaboration with detailed reporting and statistics of referral information for employees, centers of influence, and customers. 
  7. Leads & Opportunities. A strategic point of view on how to enable and scale your lead and opportunity management across the enterprise taking into account leading practices on record visibility and sharing. This feature ensures scalability and consistency across line of business for uniform and accurate pipeline and conversion data. 

The impacts of 2020 on customer expectations and interactions with their banks are here to stay. Given the urgency and scope of these new market demands, the old technology playbook needs to be replaced with a newer, more flexible approach that can actually transform an organization. For any bank, but particularly those operating on the nCino platform, we believe that taking a microtransformation approach can make it manageable to work through a growing backlog of needed features, while demonstrating value along the way.

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