As consumers increasingly desire faster banking, more convenient access to their accounts and quicker decisions on their loan requests, financial institutions are hamstrung by a rising wave of financial regulations. Between new and existing regulatory requirements including Current Expected Credit Losses (CECL), customer disclosures and fair lending laws, to the mounting risks of default, fraud and cybersecurity, to the new challenges presented by the global health crisis brought on by COVID-19, financial institutions are stuck between two seemingly mutually exclusive and competing priorities: fast banking and better compliance. At nCino, however, we believe it’s possible for financial institutions to have it all. The key to striking this balance is that banks must be willing to approach their business differently.

No longer can banks and credit unions provide the same old accounts and services, delivered in a paper-intensive, manual way, and expect customers to flock through their door. A seamless, digital experience is now table stakes.

Beyond that, banks and credit unions must unleash the power of data in a new way with the help of emerging technologies like analytics, artificial intelligence and machine learning. They must take a consistent, continuous approach when working with technology partners to test and introduce new products and respond more quickly to changing consumer demands and desires. At the same time, they must leverage the vast stores of customer and member data they have at their disposal, to ensure they maintain the profitable and loyal relationships crucial to long-term success and stability. It is only when data management and analysis strategy work in tandem within a flexible platform that financial institutions are empowered to address multiple priorities while operating strategically and proactively, even in the midst of unforeseen circumstances.

We saw the importance of this during the COVID-19 pandemic, when the institutions operating on a digital platform were able to swiftly implement small business solutions and workflows in order to process the large influx of Paycheck Protection Program (PPP) loans to meet their customers’ and members’ needs. Because the PPP made funds were made available to small businesses on a first-come first-serve basis, institutions that could not quickly offer compliant digital applications fell short of meeting their customers’ and members’ needs. This is but one example where fast banking and better compliance isn’t just a “nice to have”—it’s a necessity.

To learn more about how the right technology can enable both fast banking and better regulatory compliance, even in the midst of changing and challenging times, download nCino’s complimentary white paper, “You Can Have It All: Balancing Fast Banking with Better Compliance.”