ConnectOne Bank is implementing a cloud-based platform to streamline retail and commercial loan interactions in a single bank operating system.
Called nCino, the operating system is built on the Salesforce platform and will allow ConnectOne customers to fill out loan applications online. That’s expected to allow the bank to close commercial and consumer loans with more speed and efficiency.
The bank and its borrowers also will gain new transparency by leveraging nCino’s Customer Portal, an interactive two-way gateway that allows customers to easily track their loan’s status, securely upload documents and communicate on demand with ConnectOne employees.
“I’m sure you’ve gone to a bank, I’m sure you’ve applied for a loan, and I’m sure you’re written your name, address [and] Social Security number over and over again,” said Siya Vansia, vice president of marketing at ConnectOne, based in Englewood Cliffs. “This software solves that problem, because it eliminates all of the manual processes and paperwork and allows an efficient process for both our clients and our employees.
“Internally it organizes and manages our data,” Vansia added. “nCino opens us up to additional possibilities like the client portal, so that now, every client has an avenue where they can import they’re updated financial information in a secure way, rather than having to fax or scan it or email a PDF file or get in their car and drive to the bank with a giant stack of paper.”
Vansia added the platform will be applied to other areas of the bank in the coming years.
“We’re starting with the loan process, but we’re hoping that this creates a lot more opportunity in other areas of the bank,” she said.
Sandi Zellner, assistant vice president and Salesforce product manager at ConnectOne, said adding nCino isn’t “trying to remove interaction between the bank and its clients, [but rather] we’re trying to make the relationships more efficient.”
Added Vansia: “nCino primarily started as back-end software platform, and clients were only seeing bits and pieces of it. I think since we have all of this data in house, it allows us to organize it to support all of the human interactions that we have with bankers and clients.”
Frank Sorrentino, ConnectOne’s CEO, said that the new technology will help the bank to grow. He said it is particularly important for young and growing local banks. ConnectOne was launched in 2005 and has 20 locations throughout the state and $4.7 billion in assets.
“Here at ConnectOne, we filter our decisions through the ‘3X’ rule, meaning we ask ourselves, ‘If our bank was three times the size it is today, would our technologies still meet the needs of both employees and clients?’” he said. “As a technology-forward bank, we’ve always believed in investing in tools that help us improve processes to better serve our clients as they grow, and we found a natural fit with nCino.
“By leveraging the platform, we expect to streamline workflows and offer more tools and flexibility to our employees, allowing us to scale with confidence while building a frictionless client experience.”