Banks are spending up to $30,000 just to onboard a single commercial client, and losing another $25,000 when poor processes drive them away. FinTech platform nCino believes it can address this issue through its solution, promising to strip out the manual work, reuse data intelligently, and turn onboarding from a regulatory chore into a customer-winning moment.
The North Carolina-based firm, now strengthened by its acquisition of FullCircl, is trying to unravel a web of regulation and legacy software that has made onboarding a slow, costly ritual, vowing instead to deliver faster, lower-risk product.
“The result right now is a jarring first experience,” explained Thomas Byrne, nCino’s Director of Product, in an exclusive interview with FinTech Global. “Banks aren’t reusing data intelligently, they’re not leveraging publicly available information, and they’re placing too much burden on the customer.”
nCino’s model is to automate everything possible, then give customers clear visibility on what remains. Byrne cites cases where banks have cut data requests from 1,500 points to a few hundred by re-engineering policy.
Instead of asking clients to hand over everything, the platform pulls and verifies what it can from trusted sources first, a smoother start for the customer, and cleaner data for the bank.
Its recent acqusition of FullCircl has allowed nCino to unify onboarding with credit risk and AML checks, reusing data across the process and triggering human review only when necessary.
“Nobody comes to a bank to onboard,” Byrne says. “They come to grow their business, invest, or manage finances. Onboarding should be a seamless part of that journey, not a manual obstacle.”
In his conversation with FinTech Global, Byrne discussed:
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How automation and policy review can cut onboarding data requests by 80%.
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The importance of transparency during onboarding
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The real cost of poor onboarding, from inefficiency to lost revenue and fines.
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How nCino and FullCircl combine to deliver intelligent orchestration and continuous compliance.
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His prediction that commercial banking will soon match the digital ease of consumer banking.
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