U.S. markets closed
  • S&P 500

    4,431.85
    +105.34 (+2.43%)
     
  • Dow 30

    34,725.47
    +564.69 (+1.65%)
     
  • Nasdaq

    13,770.57
    +417.79 (+3.13%)
     
  • Russell 2000

    1,968.51
    +37.22 (+1.93%)
     
  • Crude Oil

    87.29
    +0.68 (+0.79%)
     
  • Gold

    1,792.30
    -2.70 (-0.15%)
     
  • Silver

    22.49
    -0.19 (-0.82%)
     
  • EUR/USD

    1.1152
    +0.0005 (+0.04%)
     
  • 10-Yr Bond

    1.7820
    -0.0250 (-1.38%)
     
  • GBP/USD

    1.3401
    +0.0019 (+0.14%)
     
  • USD/JPY

    115.1900
    -0.1120 (-0.10%)
     
  • BTC-USD

    37,715.54
    +783.84 (+2.12%)
     
  • CMC Crypto 200

    863.83
    +21.37 (+2.54%)
     
  • FTSE 100

    7,466.07
    -88.24 (-1.17%)
     
  • Nikkei 225

    26,717.34
    +547.04 (+2.09%)
     

Platinum Bank Quickly Deploys the nCino Bank Operating System® to Streamline Business Lending

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·5 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • GDMYX
  • NCNO

Bank utilizes nCino’s Accelerate delivery model as part of its digital transformation

WILMINGTON, N.C., Feb. 09, 2021 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking and digital transformation solutions for the global financial services industry, today announced that $425 million-asset Platinum Bank has deployed the nCino Bank Operating System to optimize its business lending. With COVID-19 hastening financial institutions’ need to transition to a digital environment, Platinum Bank employed nCino’s Accelerate delivery model to first adopt the platform’s core functionality and swiftly respond to client and employee needs while enabling them to iteratively add further features and capabilities in the future.

Headquartered in Oakdale, Minnesota, Platinum Bank’s core focus is business banking. They looked to nCino to provide a framework that allows its team to collaborate seamlessly and, when necessary, remotely through a single end-to-end digital platform. The bank adopted nCino to reduce manual, repetitive tasks so that its team would have more time for business development and taking care of existing clients all while delivering faster credit decisions. nCino is helping Platinum Bank to more effectively identify bottlenecks in its sales process and work to quickly overcome those obstacles so that it can grow its business loan portfolio.

“In spite of beginning implementation at the start of COVID-19, nCino’s Accelerate delivery model allowed us to quickly configure and deploy the nCino platform while still continuing to serve our clients,” said Jeff Bajek, chief credit officer at Platinum Bank. “We knew speed was of the essence, so we made a strategic decision to get the core functionality in place first, knowing we can add additional capabilities in the future as our needs change and our growth accelerates. We’re grateful to nCino for steadily guiding us to a launch date during unprecedented environmental and economic challenges.”

nCino's Accelerate delivery model is a prescriptive plan that can meet the needs of financial institutions looking to swiftly and cost effectively implement the nCino platform. With the Accelerate delivery model, financial institutions are:

  • Provided with a fast deployment plan to help accelerate full user and feature adoption;

  • Given the flexibility to implement additional features and expand the platform over time;

  • Provided the most critical nCino features up front to help realize immediate business value; and

  • Able to configure automation to suit their individual needs.

“The need to develop digital banking services to adapt to changing consumer expectations is stronger than ever and with nCino’s Accelerate delivery model, financial institutions can undergo digital transformation in smaller steps, allowing them to achieve faster ROI,” said Paul Clarkson, EVP of U.S. financial institutions at nCino. “We’re proud that Platinum Bank has entrusted us with providing a scalable, sustainable and flexible solution as a foundation for its continued digital growth.”

Bajek added, “If we as an industry don’t learn to become more efficient, we’re susceptible to disruption, resulting in lost market share and the risk of our model becoming irrelevant. With nCino, we’re anticipating double-digit loan growth in the coming years.”

About nCino
nCino (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 Platinum Bank
Founded in 2007, Platinum Bank is a premiere Twin Cities business bank headquartered in Oakdale, Minnesota. The bank has total assets of $425 million and serves clients throughout the Minneapolis-St. Paul Metro and Western Wisconsin. Platinum Bank is an SBA Preferred Lender and offers commercial products including lines of credit, construction loans, real estate financing, and equipment finance. For more information, visit: www.platinumbankmn.com.

MEDIA CONTACTS

Claire Sandstrom, nCino
+1 646.520.0710
csandstrom@mww.com

Natalia Moose, nCino
+1 910.248.4602
natalia.moose@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 actions, events, results, strategies and expectations and are often identifiable by use of the words “believes,” “expects,” “intends,” “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. 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.