nCino signs an agreement to acquire DocFox

Monday 18 March 2024 15:44 CET | News

US-based cloud banking firm nCino has signed a definitive agreement to acquire automated business onboarding tool for financial institutions DocFox.


The acquisition of DocFox by nCino is slated to conclude in March 2024. DocFox’s technology is designed to simplify and streamline the onboarding and account opening procedures for commercial and business banking, aiming to improve customer experiences.

Through integration with nCino, the company aims to assist financial institutions in efficiently managing the entire client lifecycle, encompassing information intake, document collection, and due diligence, all within a unified platform, irrespective of the complexity of the entity. According to the company press release, DocFox has demonstrated success in reducing the duration of onboarding processes, which are traditionally laborious and time-consuming, to a matter of days.

Regarding these new developments, representatives from nCino emphasised the company's commitment to digitising and optimising complex processes to improve workflows and client experiences within financial institutions. They see the acquisition of DocFox as an extension of nCino's existing capabilities, with the potential to modernise a segment of commercial and business banking that has historically been slow to innovate due to its intricacy.

In turn, representatives from DocFox expressed enthusiasm for the merger, highlighting the alignment of visions, cultures, and customer-centric commitments between the two companies. They also expressed their belief that combining DocFox's leading onboarding and account opening solution with nCino's platform will provide significant value to financial institutions aiming to digitise and automate their operations.

Officials from Five Star Bank talked about the strategic importance of adopting a single, integrated platform, particularly within commercial and business banking. They anticipate that the integration of nCino and DocFox's technologies will enable his institution to offer faster, simpler, and more efficient experiences for clients while also providing access to great talent, resources, and synergies resulting from the acquisition.


US-based cloud banking firm nCino has signed a definitive agreement to acquire automated business onboarding tool for financial institutions DocFox.


Other developments from nCino

In February 2024, Australia-based Summerland Bank announced a partnership with nCino to support efficiency and optimisation through digital development.

Following this announcement, the financial institution leveraged the nCino Cloud Banking Platform to modernise its technology stack and suite of solutions. Summerland also relied on nCino to offer end-to-end loan originations for all its clients and commercial products. These included mortgages, overdrafts, personal loans, car loans, business loans, and credit cards.

The collaboration also served as a single system of interaction for the overall end-to-end originations team, across user and business lending. At the same time, nCino provided the financial institution with its single Software-as-a-Service (SaaS) platform, which allowed Summerland Bank to modernise its operations and suite of solutions.

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Keywords: acquisition, cloud services, financial services, digital onboarding
Categories: Banking & Fintech
Companies: DocFox, nCino
Countries: United States
This article is part of category

Banking & Fintech




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