One of the consequences of processing more than 1.6 million government backed loan scheme applications is that banks and alternative lenders have been limited in how much “business as usual funding” they could support. This is especially so for those type of deals such as MBOs or some private equity backed deals that were ineligible for CBILS or CLBILS funding.
Improving our SME Lending Experience for Clients with nCino’s Digital Banking Platform
nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that leading alternative mid-sized business lender, ThinCats, is expanding its use of the nCino Bank Operating System® across its wider SME lending processes. The extension follows the successful deployment of nCino’s Coronavirus Business Interruption Loan Scheme (CBILS) workflow this summer.
The CBILS programme highlighted the ever-increasing importance for fast loan processing as small and medium-sized businesses endeavor to restart trade. In response to the pandemic, ThinCats quickly embraced a digital-first mindset and a new technology solution. By adopting nCino’s cloud-based platform, ThinCats has been able to manage CBILS loans from the initial application through drawdown and beyond, including ongoing monitoring and customer servicing.
By implementing additional features and functionalities of nCino’s cloud-based technology, all of ThinCats’ SME clients will now have an enhanced digital lending experience, not just those applying for CBILS loans. Through the next phase of implementation, ThinCats will utilise nCino to manage and improve the time-consuming process of collating documents through nCino’s Document Management, Collateral Management and Covenant features.
“After carefully considering other solutions available in the Salesforce ecosystem, we are delighted to be working with nCino for a wider rollout of the nCino Bank Operating System across our operations,” said Steve O’Neill, Chief Technology Officer at ThinCats. “We pride ourselves on delivering a personal, local and flexible service to businesses and their advisers through our regional network. Our partnership with nCino means that we can spend more time shaping the right funding solution for our clients and less time on manual administration. nCino’s technology is tried and tested in the business lending sector and we look forward to maintaining a long-term partnership.”
Edward Lane, VP Sales at nCino – EMEA said, “The power of technology and cloud operations has been put under a spotlight during the pandemic. Through our CBILS partnership, nCino enabled ThinCats to provide its clients with loan decisions and funding quickly and across any digital channel. We’re pleased that this evolution of our relationship will provide ThinCats the opportunity to realise even more benefits for its staff and clients and are excited to be working with them in this additional capacity.”