Enhancing Credit Operations for Community Banks with the Cloud

Financial institutions’ credit operations are fraught with challenges including outdated and slow methods of credit analysis, multiple siloed systems that lack transparency, and quality reporting tools. In an increasingly interconnected world, it’s important to recognize cloud computing as a strategic imperative rather than a daunting prospect. 

During RMA's most recent installment of the Credit Risk Management Audio Conference Series, Emily Bogan, head of Commercial Product, and Nathan Snell, chief innovation officer, both at nCino, discussed how leading banks are embracing cloud technology to make faster decisions, meet their customers’ increasingly demanding service expectations, and streamline their internal workflow efficiencies. 

The cloud has evolved and matured at a rapid pace and has quickly become a "must have" for financial institutions. A single platform in the cloud houses data in a central location, providing business continuity and a standardization of the data across all systems. Without data transparency, it is difficult to identify bottlenecks in the credit process. The cloud eliminates that challenge. 

The benefits of the cloud are numerous for banks:

  • Streamlines the workflow allowing employees to shift their focus to analytics, and provides a holistic view of risk and opportunity.
  • Ensures compliance by automatically testing covenants, reducing risk with audit features, providing risk mitigation options, and managing implementation of business policy and rules.
  • Centralizes data and analytics integrating credit analysis into the origination process, automating cross-selling, and improving customer relationships.

Bogan and Snell shared that banks who move operations to the cloud experience a 34% decrease in loan closing time, a 54% reduction in policy exceptions, and a 22% increase in staff efficiency.

Join us for the next installment of the Credit Risk Management Audio Conference Series on January 9, Construction Lending Risk Management Strategies.

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