U.S. Markets open in 1 hr 12 mins
  • S&P Futures

    4,394.00
    +14.25 (+0.33%)
     
  • Dow Futures

    34,864.00
    +143.00 (+0.41%)
     
  • Nasdaq Futures

    14,977.25
    +24.50 (+0.16%)
     
  • Russell 2000 Futures

    2,224.80
    +13.90 (+0.63%)
     
  • Crude Oil

    70.86
    -0.40 (-0.56%)
     
  • Gold

    1,813.20
    -9.00 (-0.49%)
     
  • Silver

    25.48
    -0.10 (-0.39%)
     
  • EUR/USD

    1.1888
    +0.0011 (+0.0951%)
     
  • 10-Yr Bond

    1.1740
    0.0000 (0.00%)
     
  • Vix

    18.69
    +0.45 (+2.47%)
     
  • GBP/USD

    1.3925
    +0.0041 (+0.2980%)
     
  • USD/JPY

    109.1100
    -0.1990 (-0.1821%)
     
  • BTC-USD

    38,421.55
    -866.95 (-2.21%)
     
  • CMC Crypto 200

    932.93
    -27.97 (-2.91%)
     
  • FTSE 100

    7,112.22
    +30.50 (+0.43%)
     
  • Nikkei 225

    27,641.83
    -139.19 (-0.50%)
     

Summit Bank Selects the nCino Bank Operating System® to Enhance Commercial Offerings

·4 min read

nCino’s robust, cloud-based platform to provide a seamless application experience for forward-looking Pacific-Northwest Bank

WILMINGTON, N.C., June 08, 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 $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 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 Summit Bank
Summit 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 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 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.