Univest Bank and Trust, a $3.2 billion Philadelphia-area institution with roots dating back to 1876, was among many community banks struggling to compete with the speed and automation of these alternative lenders. Even though Univest developed its own unique suite of small business offerings through its subsidiary, Univest Capital, it was still losing market share to these new players.

Hugh Connelly, president of Univest Capital, says, “New alternative lenders and crowdfunding platforms are getting loads of publicity for their ‘disruptive’ characteristics. However, let us not forget that community banks were the original crowdfunding platforms.”

Connelly recognized Univest needed the right technology partner to deliver its commercial lending solutions with increased speed and efficiency, facilitating an exceptional experience for both the customer and the institution. 

Community Banking and Forward-Thinking Technology

The bank was eventually introduced to nCino’s Bank Operating System, which leverages the Salesforce platform to deliver a complete end-to-end banking solution. Since implementing nCino, Univest has experienced:

• 92% reduction in servicing costs;
• Loan approval and closings in less than 10 minutes; and
• Loan approval rates above 80%

In addition, Univest can now offer a complete digital experience to their customers, by accepting applications in the field using mobile devices.

“Customers don’t have time to come into the branch and they expect 24/7 service, 365 days of the year,” says Connelly.

Growth-Focused Questions for Banks

For banks looking for technology that benefits both the customer and employees, consider the following questions: 

Mobility: Does the software have the ability to accept electronic loan applications via mobile devices or via a desktop in the branches?

Third Party Application Integrations: Can documentation be integrated and made available for electronic signature?

Portfolio Management: Is the process automated and can each account be easily managed?

Cross-Selling Opportunity: Does the software help the bank make better decisions faster and provide opportunities for cross-selling?

Transparency: Is relationship data readily available and accessible when starting or renewing a loan, eliminating duplicative data entry?

Paperless Workflow: Does the software reduce paper and provide instant access to the loan file anywhere and at anytime?

Efficiency: Does it make the loan process more efficient and does it provide tracking tools to identify bottlenecks and reduce loan cycle times?

Security: Is it safe and sound?

If you don’t answer yes to all of the above, it may be time to find a new, more modern software system. 

I am proud of the partnership we have established with Salesforce and how together we are helping Univest along with other community and regional banks around the country. And from the bank’s perspective, it’s been a win, too. As Connelly says, “We now have a far more robust system enabling more small business lending at a world record speed with lower net risk.”

Moving forward, Univest plans to implement this technology across other business channels with the ultimate goal of achieving a single source of truth for all bank operations.

Watch this video to see the full story of howUnivest improved the experience for its customers and gained a competitive advantage. Check out nCino and other finance apps on the AppExchange.

Josh Glover is Senior Vice President of Community and Regional Financial Institutions at nCino.