#USA #Jacksonville #Dun & Bradstreet #nCino #client onboarding

A Strategic Alliance to Transform Banking Onboarding

In a move set to reshape client onboarding in the banking sector, nCino, a leader in cloud-based banking solutions, has announced a collaboration with Dun & Bradstreet (D&B). This partnership is geared towards integrating D&B's verified business identity and risk data into nCino's Client Lifecycle Management solution. With more than 650 million global entities tracked, the D&B Commercial Graph provides essential insights that financial institutions desperately need to enhance efficiency in onboarding and lifecycle management processes.

Understanding the Current Challenges

A survey of 409 bankers conducted by Celent revealed significant challenges in the commercial onboarding process, which is often mired in manual procedures and fragmented data storage. Notably, six out of nine core KYC/KYB steps still require extensive manual intervention. In fact, 66% of banks have admitted to asking clients for the same information multiple times. Such inefficiencies not only frustrate customers but also inflate onboarding costs, averaging around $14,700 per client due to repeated data verification across disconnected systems.

The Solution Offered by D&B and nCino

To tackle these persistent issues, the nCino and D&B alliance seeks to automate the onboarding process by linking the DB Commercial Graph to the nCino platform. This integration ensures that data captured once can be accessed throughout the entire client journey—from initial onboarding to continuous monitoring and loan origination. Thanks to continuous quality checks on over 107 billion data points monthly, banks can swiftly identify essential shifts in a client's business profile without the need for manual data reviews.

Additionally, nCino plans to utilize D&B's patented Beneficial Ownership services within its platform, providing institutions with a robust framework for continuous client monitoring. This is particularly crucial as periodic KYC reviews can often lead to compliance backlogs, impacting regulatory adherence and resulting in substantial financial penalties, as seen in recent actions by the UK's Financial Conduct Authority.

A Promising Future for Banks

As regulations evolve globally, the importance of real-time auditing and scrutinizing ownership changes and risk signals cannot be overstated. The strategic partnership between nCino and D&B allows banks to transition from reactive compliance checks to proactive, ongoing assessments that are crucial in today’s fast-paced financial landscape.

Alex Zuck, General Manager for Risk at Dun & Bradstreet, highlighted, "Businesses depend on Dun & Bradstreet for the context they need to see each other clearly and operate with confidence." This sentiment is echoed by nCino's Managing Director of EMEA, Joaquin de Valenzuela, who noted the power of combining D&B's verified data with nCino's banking expertise.

With plans to launch this integration later this year, starting in the EMEA region, financial institutions can soon expect to experience a streamlined onboarding process, fostering quicker and more informed decision-making across the board. The implementation of this solution is anticipated to significantly reduce redundancy, improve customer experiences, and maintain regulatory compliance.

In conclusion, the collaboration between nCino and Dun & Bradstreet symbolizes a pivotal change in the banking industry's approach to client lifecycle management, ultimately allowing banks to operate more efficiently in an evolving regulatory environment.