FullCircl, the customer lifecycle intelligence platform, has announced a partnership with nCino. The partnership brings together FullCircl’s data capabilities with nCino’s cloud banking platform via API. It can provide a fast, seamless, and data-driven experience for financial institutions seeking to improve the speed, efficiency, and profitability with which they acquire, onboard, and serve SME customers.
Meeting the financial needs of SMEs remains a major challenge for financial institutions. The sector currently has unmet needs of approximately $5.2 trillion. This is 1.5x the current lending market. One in three SME’s identify a need for external finance. Yet only 45% feel confident they can secure this from their banking partner. With SMEs accounting for 99.9% of the UK business population, the opportunity for financial institutions that can respond quickly is huge.
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What the partnership hopes to offer
FullCircl is hopeful that this partnership with nCino will present financial institutions with a proposition that can optimise time to funding by cutting onboarding times from weeks to minutes. Other goals include reducing risk by spotting issues and acting on opportunities faster. Also, minimising cost by removing friction and enhancing the operational efficiency of credit practices. The partnership hopes to both win and retain more SME customers and deliver more commercially-beneficial outcomes. Finally it hopes to accelerate revenue growth and serve SMEs successfully and cost-effectively at scale
Stuart Boardman, Director of Channels and Revenue Partnerships at FullCircl commented: “Unmet needs are opportunities for new value creation. This partnership tackles head on the challenges financial institutions face in serving SME customers so that they can transform the lending experience and realise the vital value stream SME’s represent. “
Tom Byrne, GM of Commercial and Mortgage EMEA at nCino added: “We’re excited about our partnership with FullCircl, which gives financial institutions the flexibility and scalability they need to meet the unique needs of small businesses at every moment of their customer lifecycle. This partnership is intended to help ensure lenders have the data to fully understand their customers and provide them with the right information at the right time in their journey.”
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