nCino has entered into a new partnership to add JD Power Valuation Services to its Bank Operating System.

With the addition, nCino clients can procure vehicle valuation data through a single system. Financial institutions collect such information when commercial or retail customers use their vehicle as loan collateral.

The addition will help to streamline back-office operations and expedite loan decision response times.

It also eliminates the need to navigate through several systems to obtain relevant data and its manual entry.

Furthermore, the usage of a single platform for storing records increases transparency throughout the lending process.

JD Power vice-president of Vehicle Valuations and Analytics Jonathan Banks said: “We collect data from more than 1.5 million vehicle transactions each month, and our collaboration with nCino gives financial institutions real-time access to the most current vehicle pricing.

“Through this relationship, our joint clients are uniquely positioned to create substantial efficiencies over the entire loan lifecycle and vastly improve user experience.”

American National Bank of Texas has already opted for the new enhanced system to streamline lending decisions.

Based in North Carolina, nCino is a cloud-banking services provider. The company is said to work with more than 1,100 financial institutions globally.

Last month, it added artificial intelligence (AI) capabilities to its Bank Operating System. Dubbed nCino IQ, the new capabilities will assist banks with insights and decision making.