The $1.9 trillion Wells Fargo has selected banking software provider nCino’s technology platform to streamline loan origination, account opening, business process management, customer engagement and instant reporting.
The San Francisco-based bank serves one in three U.S. households and more than 10% of all middle-market companies and small businesses in the United States.
“We’re really proud of the Wells Fargo announcement,” Josh Glover, nCino president and chief revenue officer, told Bank Automation News.
The nCino solution, which is built on customer relationship management (CRM) company Salesforce.com, combines the CRM capabilities with banking functions on a single platform. The software provider’s U.S.-based client list already includes the $3 trillion Bank of America, $1.9 trillion Barclays and the $89.5 billion Santander, as well as other community and regional banks and credit unions.
When the company first started in 2012, Glover had to be a cloud ‘evangelist’ because people worried about data security.
“People would say, ‘Well, is my data going to be secure and will other banks see my data and, you know, what if it goes to some other country?” Glover said. “I think people are more comfortable with the realities of multitenant cloud. COVID has really cemented, I think, the need to transform. But it’s also cemented for customers the idea that they can and should expect to interact with their bank digitally.”
While nCino grows stateside, the Wilmington, N.C.-based company sees even more opportunities further afield. With customers in Australia, Canada, Denmark, France, Germany, Ireland, Latvia, Sweden and the U.K., nCino last year opened an office in Tokyo.
And nCino is making headway north of the U.S. border as well. Earlier this year the $19.4 billion Coast Capital, one of Canada’s largest credit unions with 593,000 members, partnered with digital lending solution nCino to automate its lending processes on a national scale.
“We’re going very aggressively today at the international market as well because they do commercial loans, small business loans, consumer loans deposits, etc.,” Glover said. He sees Europe, the Middle East and Asia as strategic markets for the banking software provider.
“I see a bigger addressable market in EMEA, than I do in the U.S., for example, and so we’re going to treat it as such, build a great reputation. We have a big team in London and teams on the continent in these target countries for us. We’re excited about that,” Glover added.
Shares of nCino [NCNO] were trading up at market close today at $77.12, an increase of 2.21%.