The Future of Business Banking for SMEs
This white paper is designed for banks seeking to prioritise digital transformation and customer experience (CX) for SMEs
Onboard Smarter, to Grow Faster with Compliance Solved
nCino Onboarding eliminates disconnected, manual processes with integrated, automated workflows on a unified platform to achieve transparency and compliance. With access to 270 million + connections, including Equifax, CreditSafe, and Companies House, onboard smarter with enhanced intelligence and automation.
More than 450+ clients, with 90% from regulated industries trust FullCircl to onboard smarter. By integrating with nCino to create a unified onboarding solution, we're helping you solve the most complex challenges banks face when onboarding customers.
Today‘s Onboarding Challenges
Regulatory & Operational Complexity
100
Days
average onboarding time for commercial customers due to regulation and complexity
(McKinsey & Company).
Escalating Risks of Financial
Crime & Fraud
$85bn
Annualcost of financial crime compliance in across all Financial institution in EMEA in 2023. This expenditure was the highest globally (Forrester Consulting).
Rising Customer Expectations
58%
UK FIs
lost clients due to slow & complex onboarding (KYC Trends Report).
Benefits
nCino Onboarding addresses these challenges by:
-
Accelerating Revenue
Expedite revenue generation with faster client activation, deal closure and early cross-selling opportunities -
Proactively Monitoring Risk
Continuous risk monitoring throughout client lifecycle -
Unifying the Onboarding Experience
Complete process visibility from a single source of truth -
Providing Real-time Verification
KYC, AML, and business data validation, Minimize manual intervention -
Simplifying Compliance
Streamlined document collection, validation, and compliance reporting -
Integrating Data
270m+ connection unified in one platform for seamless data orchestration
Success That Speaks for Itself
Financial institutions who implemented nCino onboarding have experienced
94%
reduction in onboarding time
15
minute business account opening
60%
reduction in data entry and manual input time
14%
more critical risk issues identified for enhanced security and compliance
A Unified Onboarding Experience
For enhanced client lifecycle management
What customers have to say:
We are excited to take such a revolutionary tech-driven approach to bringing compliance and KYC into the forefront of our business and commercial banking activities."
Mark Stokes
Fmr. Managing Director, Commercial Banking at Metro Bank
Since partnering with us, Metro Bank have:
- Automated business account opening to achieve an average time of 15 minutes.
- Successfully onboarded over 11,200 new customers annually with 80% straight through saving 8,400 person-hours.
- Identified 14% more critical risk issues for enhanced security and compliance.
- Reduced onboarding time by 94%, making the process nearly seamless.
The chief advantage for the onboarding team of using third-party insights has been efficiency. Whereas before they relied on manual data gathering, either via Companies House, creating reports or having clients fill in forms, they can now pull the information they need instantly and verify it."
Katie Ives
Head of Digital Onboarding, Santander UK
Since partnering with us, Santander UK have:
- Reduced time to onboard 75% of complex customers from an average of 14 - 21 Days, to 5 Days
- Eliminated all 39 paper-based forms by transitioning to a fully digital journey
- 33% of in-scope data is pre-populated from public data sources
- Reduced the number of unique fields from 1,500 to just 650 across the entire journey
The project has delivered significant enhancements to our systems and processes that not only smooth the overall funding process, but also give greater transparency to borrowers and their advisers. Our partnerships with nCino and FullCircl have allowed us to exceed our initial requirements and improve day-to-day use of the platform, delivering large meaningful change more quickly than we had originally anticipated.”
Liam Murphy
Head of Change, Thincats
Since partnering with us, ThinCats have:
- Reduced data entry and manual input time by 60%
- Saved 166 minutes per lending journey with streamlined processes
- Accelerated loan processing and improved user experience
Discover more about nCino Onboarding
Design the Ideal System for Continuous Compliance with Customer Lifecycle Intelligence
Download this document to rethink, streamline, and improve onboarding in the face of new challenges.
Watch our FinTech Talk on powering a new era in Commercial Onboarding
Watch our latest FinTech Talk with Business Reporter, where Angela Norman, Managing Director, Yorkshire Building Society, Tom Byrne, Head of Product, nCino and Andrew Yates, Founder in Residence, nCino discuss redefining the customer on-boarding journey.
Powering a new era in commercial onboarding
Read this article to learn how Yorkshire Building Society are redefining the customer journey from day one by automating and streamlining onboarding processes
nCino Acquired FullCircl
Delivering enhanced client lifecycle management
The leading provider of 3rd party data services and orchestration for customer identity, validation, AML, KYC, KMB, Risk & Fraud Detection
Trusted by 450+ clients, with 90% from regulated industries
Access to 270M+ connections providing up-to-date insight on international companies