Summit Bank Selects the nCino Bank Operating System® to Enhance Commercial Offerings
June 08 2021 - 7:30AM
nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital
transformation solutions for the global financial services
industry, today announced that $761 million-asset, Oregon-based
Summit Bank selected nCino’s Bank Operating System to transform its
operations and digitize its commercial lending business. Summit
Bank will be utilizing nCino’s Commercial Banking and Automated
Spreading solutions to empower the bank to gain insights faster and
make proactive, impactful decisions that best serve its client
base. nCino’s Automated Spreading, powered by nCino IQ (nIQ), can
seamlessly spread financials to accurately and efficiently automate
tasks and provide a greater opportunity for Summit to grow its
financial portfolio.
“We decided it was time to enhance our offerings to better meet
the needs of our clients. It was important to us that we weren’t
simply implementing a point solution, but to ensure we found a key
long-term partner with a platform that could grow with us,” said
Gary O'Connell, Market President at Summit Bank. “When nCino
presented the opportunity to provide an improved customer
experience to the community we serve, we knew they were the right
choice. We’re excited for our new partnership and look forward to
working together collaboratively.”
The commercial banking industry continues to face changing
client expectations while supporting outdated technology where
clients and financial institutions are unable to efficiently
interact. nCino’s seamless end-to-end experience is able to replace
disparate systems within Summit Bank’s front, middle and back
office to empower their institution and create a personalized
experience that exceeds their client’s expectations. Summit Bank
will also be able to automate workflow and approval processes
across all commercial banking divisions, centralize document
management capabilities, and monitor and measure the loan
origination lifecycle at broad and micro levels of the
organization.
“We are excited to provide Summit not just a scalable solution
to help drive future growth, but also a personalized platform that
could create a single view for all of Summit’s commercial clients,”
said Mike Stoneff, Area VP, Community & Regional Financial
Institutions. “Summit Bank is a great example of a financial
institution that understands that digitizing its offerings and
continuously innovating will generate meaningful business value. We
look forward to working with Summit and continuing to help
institutions across the Pacific Northwest.”
About nCinonCino (NASDAQ: NCNO) is the
worldwide leader in cloud banking. The nCino Bank Operating
System® empowers financial institutions with scalable
technology to help them achieve revenue growth, greater efficiency,
cost savings and regulatory compliance. In a digital-first world,
nCino's single digital platform enhances the employee and client
experience to enable financial institutions to more effectively
onboard new clients, make loans and manage the entire loan life
cycle, and open deposit and other accounts across
lines of business and channels. Transforming how financial
institutions operate through innovation, reputation and speed,
nCino works with more than 1,200 financial institutions globally,
whose assets range in size from $30 million to more than $2
trillion. For more information, visit: www.ncino.com.
About Summit BankSummit Bank, with offices in
Eugene/Springfield, Central Oregon and the Portland Metropolitan
area, specializes in providing high-level service to professionals
and medium-sized businesses and their owners. Summit was recognized
in 2020 as the Top Small Business Administration (SBA) Community
Bank Lender in the State of Oregon. Summit Bank is quoted on the
NASDAQ Over-the-Counter Bulletin Board as SBKO.
MEDIA
CONTACTS |
|
Sutton Resler, nCino |
Ryan Kelly, nCino |
+1 571.236.4966 |
+1 732.770.5942 |
sresler@mww.com |
ryan.kelly@ncino.com |
This press release contains forward-looking statements within
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally include
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“anticipates,” “plans,” “seeks,” “estimates,” “projects,” “may,”
“will,” “could,” “might,” or “continues” or similar expressions.
Any forward-looking statements contained in this press release are
based upon nCino’s historical performance and its current plans,
estimates, and expectations, and are not a representation that such
plans, estimates, or expectations will be achieved. These
forward-looking statements represent nCino’s expectations as of the
date of this 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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