By Oliver Smith on Friday 27 September 2019
Santander says the move will slash the time it takes to make lending decisions for SMEs in half.
UK high street bank Santander is overhauling its backend legacy systems across its SME, corporate and commercial banking arms.
Yesterday Santander announced that it had turned to nCino to supply a single bank operating system to replace 13 existing legacy systems.
"As a customer-focused bank we are committed to helping people and businesses prosper,” said Jonathan Holman, Head of Digital Transformation at Santander UK.
“It was imperative that we found the right partners to help us deliver the speed, transparency, and ease of use that today's customers expect.”
nCino’s other banking customers include the likes of OakNorth, Yorkshire Building Society, a BNP Paribas subsidiary based in San Francisco called Bank of the West and AIB.
Santander said the move will cut credit decision times by more than half, streamlining and replacing manual processes currently used by the bank.
“We can onboard customers more efficiently, deliver loan decisions more quickly, and respond more rapidly to customer needs, while remaining regulatory compliant,” said Holman.
In the US, where Santander has already switched to nCino, loan decisions to customers were sped up by 40%.
UPDATE 27-09-2019 - Article amended to clarify that Bank of the West is a BNP Paribas subsidiary which nCino is working with.
21 March 2023
Daniel Lanyon