TD Bank has signed a partnership agreement with nCino to digitize the bank’s corporate and commercial lending; the nCIno technology will allow for quicker lending decisions and more transparency; nCino’s Bank Operating system features CRM, loan origination, account opening, workflow, content management, business process management, customer engagement, and instant reporting all on a single platform according to Banking Technology. Source.
Jack Henry & Associates banking division recently signed up their seventh community bank in as many months; the banks have contracted the company to use their Windows-based banking platform; Jack Briner, president and CEO California International Bank, tells Banking Technology: “When evaluating core providers, we could tell that Jack Henry & Associates would be the best partner for our bank. The advanced technology and forward momentum that Jack Henry Banking provides will give our bank the integrated and robust capabilities needed to get ahead.” Source.
Southeast Asia’s largest bank, DBS Bank, has been one of the most innovative and profitable; while presenting at a Credit Suisse investment conference DBS CFO Chng Sok Hui said they could raise the return on equity to 14.5 percent; the digital customers are three times as valuable to the bottom line of the bank; DBS has implemented chatbots and other innovative technologies to improve the digital experience for a customer who is increasingly using their phones to bank. Source.
Revolut has launched their open API for customers and they have increased their Revolut for Business service; Banking Technology reports that the company said “account owners can generate sandbox and production keys, and set whitelisted IPs as an “extra layer of security”; accounts allow users to send, hold and exchange up to 25 different currencies. Source.
According to a new report by CB Insights the most recent 5 quarters show that big investments in fintech companies from banks has slowed down; banks are instead beginning to develop and update core technology in house; Wells Fargo, Morgan Stanley, JPMorgan Chase and others have all developed and released their own digital investing and advising services; service provides like Diebold are offering the banks a chance to move all infrastructure online so they can focus on customer facing tools; banks are still working through transformation as almost all have now realized if they do not upgrade legacy tech they will be left behind. Source.
Rishi Khosla, chief executive and co-founder of OakNorth, told CNBC that eventually the company plans to make the move into China; "It is going to be a market that we will go into. It's just a question of when and how rather than if," Khosla explained at a fintech event last week.; talk of a move comes after China’s new central bank head said he is willing to open the market to foreign companies; OakNorth has said they are in discussions with a variety of countries across the globe about expansion plan. Source.
Online mortgage lender Lenda has plans to make the mortgage process last 30 minutes from start to finish; right now the company takes about 2 weeks to complete the process and has made more than $200mn worth or mortgages to date; Jason van den Brand, its co-founder and CEO, tells American Banker, "The big banks are working on technology that was built in the '70s. We cater to the customer who lives on their phone, laptop and tablet and shops online and compares online."; the biggest impediment is the appraisal process as that is still human intensive; the company has also been testing digital signatures by connecting via video chat with a notary. Source.
BBVA Compass says there is plenty of room in the market for the bank to wade into online unsecured consumer loans; Shayan Khwaja, BBVA Compass' executive director of consumer lending, told American Banker, “We’ve seen the asset class grow, and fintech has shined a light on how we can take this value proposition to the consumers. The general population is fairly savvy with digital products. They’re not just used to it, but they’re demanding it.”; the move follows Barclays and PNC who have recently launched into the same market; analysts are not as bullish on the moving citing fraud concerns and the recent spike in personal loan losses.
Mambu has launched a digital marketplace to offer cloud based apps, products and tools for banking; the company will allow for integrations to be done locally or globally; Ben Goldin, Mambu’s head of product and technology, tells Banking Technology, “the marketplace provides an opportunity to present their offerings to institutions and influencers with the Mambu engine powering a composable architecture”; current partners include Onfido, Form3, nCino, Avoka and Experian. Source.
Stash has partnered with Green Dot to help deliver debit cards with no overdraft fees and provide access to a network of free ATMs across the U.S. The app will also help improve customers financial lives and provide advice. Source.