Listen: CIBC chooses out-of-the-box functionality

The $653.6 billion Canadian Imperial Bank of Commerce on Jan. 13 became the latest of the Bix Six Canadian banks to select the nCino Bank Operating System for its business clients. Half of Canada's largest banks now use the cloud banking and loan automation firm, Cameron Sterrett, managing director of nCino's Canadian business, tells Bank Automation News in this episode of "The Buzz" podcast. Key to nCino's expansion in Canada is that its banking solution is built on the Salesforce platform , features an open application programming interface (API) and offers a range of functionality out of the box, Sterrett noted. CIBC chose the company because it wants to modernize its small business banking platform and grow its portfolio while improving both the internal banker experience and commercial client experience, Sterrett said. Tune in to learn more about the technologies these banks can expect to leverage in the coming . nCino shares [NASDAQ: NCNO] closed at $44.61 today, up 7.03% from market open. Bank Automation Summit, taking place March 1-2 in Charlotte, is the first and only event to focus solely on automation in banking. The event will feature the brightest minds from across financial services on intelligent automation strategies and deployment. Learn more and register here for Bank Automation Summit 2022 . Subscribe to The Buzz Podcast on iTunes , Spotify , Google podcast , or download the episode .

The following is a transcript generated by AI technology that has been lightly edited but still contains errors. Aaron Marsh Hello and welcome to "The Buzz," a Bank Automation News podcast. I'm Associate Editor Aaron Marsh, and I recently spoke with Cameron Sterrett, managing director of Canadian business at cloud banking and loan automation company nCino, about the firm's broadening penetration of the Canadian market, which, now that nCino has signed on the Canadian Imperial Bank of Commerce, includes half of Canada's Big Six banks.We talked about that as well as some of nCino's plans for its platform this year, and we also asked an intriguing question: why does this company call itself "Encino," like the neighborhood of Los Angeles?Aaron Marsh The first thing is kind of an obvious question that I think a lot of people have, certainly I have. This is a company that calls itself nCino. And it's kind of a cute spelling of what seems to me has to be a reference to Encino, California. Can you tell me why that is? Why would a company name itself that?Cameron Sterrett That's a great question, Aaron, and I think the genesis of the name how I understand it is we were actually born inside of a community regional lender in Wilmington, North Carolina called Live Oak Bank. And that's that's how the nCino platform started. And it is my understanding that when you translate live oak in Spanish, it is nCino. And so that is how we came up with our with our name and it's it sort of fits us as a fintech.Aaron Marsh Okay, very good the so we've got this company that calls itself nCino that you and I just talked about you know having a pretty impressive penetration into the Canadian market and the banks and financial institutions there. What do you guys see in Canada?Cameron Sterrett Great question. So when you look at the big picture of nCino and what we're bringing, you know bringing to the table. First, our partnership with Salesforce. nCino is built on the Salesforce platform, that that has been important to our growth globally at this stage. And so as you look at our relationship with Salesforce and their rollout of their FSC platform, and how we complement that the adoption of both Salesforce and nCino in the Canadian market has been, has been really tremendous over the past four years in particular, right. And so what we come in, and something that we're doing different is we have what we call the one platform story. This is the ability for a bank or credit union in Canada, to look at nCino as a solution that can do everything from onboarding a new client, whether it's in the branch or digitally, opening the deposit account for that client, and then generating a loan file across their entire book of business. So that means retail, commercial, small business, equipment, finance, etc. And that differentiates and so you know, in the in the marketplace as to because is, you know, to be a solution that you can really use to power your front office, if you will. And so that message has really resonated our ties to Salesforce, you know, so that a financial institution can look at a best-in-class CRM platform through Salesforce that's natively integrated with a best-in-class loan origination solution from nCino. It's just a compelling offering.Aaron Marsh I've seen a bit of a focus at nCino at this at the lending process. The loan process in part two because of the acquisition is recently at simple Nexus, which is mortgage. And then we also talked about CIBC impart making its decision to implement nCino technology to improve its business lending process. So I guess this is a little bit of a broader scope question. What is nCino? Planning for this year? I mean, if you got any plans to build out the platform, or where would you like to go next, even if you don't get there? Cameron Sterrett Yeah, great question. So if you listen to our to our earnings calls, or if you listen to what we push out to the marketplace, in terms of strategy, there are several kind of core pillars to how nCino is growing our company. So we are world-class leaders in commercial lending technology, and we're always going to pay a lot of attention to maintaining that market position. It's important to us, it's how we built our company. And we want to stay there. So I think that's first and foremost. But as we grow as an organization, as and as we try to realize this one platform story I've acknowledged here, you know, we want to continue to mature the other parts of the solution as it pertains to deposit account opening and onboarding, and particularly retail lending. So these are major growth verticals or levers for nCino, if you will, and we're going to continue to invest heavily in those and then get them to a place alongside our commercial platform. So I think big picture, when you look at where we're going as a company, it is to realize, again, this is one part warm story that we that we profess, right? I'd say lastly to that, you know, a next big part of the nCino story and something that we've already made a lot of investment in and are going to continue to is around automation, and we have a solution set within the nCino Bank Operating System that we refer to as "nick" or "nCino IQ." And that's really the fundamentals of a machine learning, AI-driven component of our platform. That's bringing things like automated financial statements spreading commercial pricing and profitability and some exciting new features to the solution to add automation inside of our already best-in-class workflow. Aaron Marsh Alright, I think I'm going to leave it at there and you know, thanks very much, Cam, for joining us, we very much appreciate your time. And best of luck to nCino. Cameron Sterrett Thanks, Aaron, appreciate it.

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Listen: CIBC chooses out-of-the-box functionality

Half of Canada's Big Six banks now use nCino's cloud banking platform

Challenger bank brings digital edge to small business banking

Earnings roundup: Tech-related spend shoots up at PNC, State Street and BNY Mellon

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