BankNewport Reports Deposit Account Opening Process Accelerated by as much as Ninety Percent, Streamlining a Key Consumer Banking Experience with nCino
24 Setembro 2024 - 8:30AM
nCino, Inc. (NASDAQ: NCNO), the leading provider of intelligent,
best-in-class banking solutions, today announced that BankNewport
is live on the nCino Platform. Since selecting nCino as a
foundational technology partner, the Rhode Island-based community
bank has implemented multiple nCino solutions, including Commercial
Lending, Marine Lending, Business and Consumer Deposit Account
Opening (DAO), and Portfolio Analytics, bringing together multiple
lines of business onto a single platform.
Based on the Bank's existing use of the nCino platform across
its commercial and marine lending business, it expanded its use of
the platform to include DAO and harness the same efficiencies
across another key process. Within three weeks of implementing the
product, the Bank recognized a streamlined digital account opening
process for consumers by as much as ninety percent in some
cases.
The bank also reported that the total in-branch experience time
for consumer deposit account opening was reduced significantly by
using nCino. Early results for the Business DAO integration yielded
a business account that was opened and funded without any customer
assistance, with the business deposit account opening process
completed in approximately fifteen minutes.
“The nCino platform has really allowed our bankers to focus on
what they’re best at: building relationships that empower a more
convenient and valuable experience for our customers,” said John
Sullivan, Executive Vice President and Chief Information Officer at
BankNewport. “After the initial success we’ve seen with Consumer
DAO, we’re excited to see similar efficiency gains with Business
DAO and to provide the same superior experiences to businesses in
our communities.”
As one of the longest-standing community banks in the United
States, BankNewport prides itself in “keeping banking personal,”
ensuring each customer has the support they need to achieve their
goals. BankNewport combines longevity and their longstanding
reputation with a constant aim to make banking more convenient
through technology, adopting cutting-edge functionality like nCino
to enhance the customer experience.
“It’s extremely rewarding to see how BankNewport is utilizing
our DAO functionality to give so much of the time typically spent
on manual account opening back to their customers and bankers,”
added Will Cameron, Senior Vice President of U.S. Financial
Institutions at nCino. “Our technology makes a difference for local
banks and their customers, and we’re proud to see BankNewport
leveraging nCino to enhance and transform the banking experience
for the communities that they serve.”
About nCinonCino (NASDAQ: NCNO) is the
worldwide leader in cloud banking. Through its single
software-as-a-service (SaaS) platform, nCino helps financial
institutions serving corporate and commercial, small business,
consumer, and mortgage customers modernize and more effectively
onboard clients, make loans, manage the loan lifecycle, and open
accounts. Transforming how financial institutions operate through
innovation, reputation and speed, nCino is partnered with more than
1,800 financial services providers globally. For more information,
visit www.ncino.com.
About BankNewportFounded in 1819 and
headquartered in Newport, BankNewport offers a full suite of loan
and deposit products and services for families and businesses
throughout Rhode Island. BankNewport is one of the longest-standing
community banks in the United States and, as a mutual organization,
is committed to the financial success of its customers, employees,
and communities. BankNewport has nineteen branch locations, a
community lending center in Central Falls, and a commercial lending
office in Providence. OceanPoint Marine Lending, a business line of
BankNewport, specializes in consumer marine and recreational
vehicle financing programs.
Media ContactsNatalia Moosepress@ncino.com
Safe Harbor StatementThis press release
contains forward-looking statements within the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
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expectations, and are not a representation that such plans,
estimates, or expectations will be achieved. These forward-looking
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press release. Subsequent events may cause these expectations to
change and, except as may be required by law, nCino does not
undertake any obligation to update or revise these forward-looking
statements. These forward-looking statements are subject to known
and unknown risks and uncertainties that may cause actual results
to differ materially including, among others, risks and
uncertainties relating to the market adoption of our solution and
privacy and data security matters. Additional risks and
uncertainties that could affect nCino’s business and financial
results are included in reports filed by nCino with the U.S.
Securities and Exchange Commission (available on our web site at
www.ncino.com or the SEC's web site at www.sec.gov). Further
information on potential risks that could affect actual results
will be included in other filings nCino makes with the SEC from
time to time.
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