Canadian credit union Coast Capital Savings is partnering with North Carolina firm nCino to “optimize” its lending operations using nCino’s cloud-based Bank Operating System platform.
The system will be applied as a, “solution for online Retail and Small Business loan applications.
The relevant press release states that the nCino platform,”will support automated and best-in-class workflow features for Coast Capital across the organization as part of an end-to-end loan origination process.”
As well:
“Utilizing the nCino Bank Operating System will help the credit union stay current with member and market expectations, differentiate itself in the Canadian market, improve efficiency, deepen member relationships, provide better platform flexibility and integration, and have a future-forward operating model.”
The move is reportedly being made as part of Coast Capital’s commitment the board “digitize” its services across the board.
Lisa Colangelo, senior vice president of retail banking at Coast Capital, says the platform is being incorporated to address “changing consumer demands”:
“Consumer needs are changing across the board and we are evolving our business to meet those changing demands…Our Digital Credit Union transformation is changing the way we deliver products and services to our members while maintaining the exceptional member experience that Coast Capital has become known for. Our partnership with nCino will enable us to offer products and services to our members when and where they want quickly and efficiently.”
The companies promise that the nCino platform will, “enhance the digital lending experience for both its members and employees…(and) enable the credit union to reduce complexity in processing and managing retail and small business loans throughout
their lifecycle by streamlining its comprehensive loan origination workflow.”
nCino’s general manager for Canada, Cam Sterrett, said the company is excited about the partnership and said the operating system will be viable long-term:
“We are excited to be supporting Coast Capital Savings with its vision to be the financial institution of choice for its members…In partnership with nCino, Coast Capital is evolving its member experience, meeting its members’ lifetime needs, serving its members how and where they want to be served, and removing friction points.”
nCino says it is a “proven leader” in cloud banking currently working with more than 250 financial institutions globally, “whose assets range in size from $200 million to $2 trillion.”
nCino was also named as part of Forbes Cloud 100 and was named the #1 “Best Fintech to Work For” by American Banker.
Coast Capital Savings says it is Canada’s largest credit union by membership and British Columbia’s first credit union to become a federal entity.
Coast Capital is also an “Imagine Canada Caring Company” and “Certified B Corporation in recognition of its social performance.”
The company, “invests 10 per cent of its bottom line in youth focused community organizations, programs, partnerships and events.”