PYMNTS MonitorEdge May 2024

Salesforce Expands Partnership With Cloud Banking Firm nCino

Salesforce

Cloud banking firm nCino has expanded its 12-year-old collaboration with Salesforce.

“Our strategic partnership with Salesforce has enabled nCino to transform the financial services industry by providing industry-specific solutions that drive efficiencies, deliver intelligence, and help institutions modernize for a more agile future,” nCino Chairman and CEO Pierre Naudé said in a Thursday (Dec. 21) press release.

 “We’re glad to again be expanding our work with Salesforce and are committed to utilizing each other’s strengths to further benefit financial institutions of all sizes around the globe.”

According to the release, the new agreement will see nCino deepen its connectivity to Salesforce platform tools — including its financial services cloud — to help financial institutions (FIs) utilizing nCino and Salesforce continue to modernize customer experiences such as onboarding, loan origination, deposit account opening and portfolio management.

PYMNTS earlier this year examined the role cloud technology plays in the banking sector, noting that it could be a “game-changer” for the sector, as 78% of executives say their companies have adopted cloud technology in most or all of their daily operations.

“Data analytics has been a particularly fruitful field for the cloud, with 86% of surveyed companies deploying it,” that report said. “Banks can use the cloud similarly to other industries, leveraging it to harness more advanced data analysis while offloading core systems away from limited on-premises technology stacks.”

Research shows that 51% of banks shifting toward cloud technology have done so to bolster cybersecurity. Thirty-nine percent aim to improve their fraud detection, and 34% hope to upgrade claims management. Each of these areas benefit substantially from the cloud’s improved data science capabilities, with 34% of FIs pointing to these as core objectives.

“Other benefits include the ability to share or collaborate with users and use cloud-enabled data marketplaces,” PYMNTS wrote. “These benefits could significantly reduce the time the average organization devotes to data management, currently at 40%.”

Meanwhile, PYMNTS spoke in August with Dave Scola, CEO-U.S. at Form3, about the value of embracing cloud migration for financial institutions, as it helps them gain the flexibility and real-time payments speed and security needed in a rapidly evolving payments landscape.

“It’s very difficult for any single bank to make the investment required to achieve those levels of speed and processing power on their own premises,” Scola said. “This is why the cloud makes a lot of sense.”