Built Working with nCino to Drive Digital Transformation of Construction Lending for Financial Institutions
October 27 2020 - 9:00AM
Built, the leader in construction finance software, has integrated
its platform into the nCino Bank Operating System. This integration
simplifies and automates the construction loan management process
while providing a convenient digital experience for construction
borrowers.
Bank and non-bank construction lenders represent the lifeblood
of the $10 trillion global construction industry given its intense
reliance on capital. That said, construction and development loans
often represent a small portion of most lender’s total assets, and
as such, it’s an area of lending that has experienced very little
digital innovation over the past twenty years. Most lenders spend
valuable time managing these complex loans on spreadsheets and
emails with manual data entry to core systems. This manual
administration process is not only fraught with risk and compliance
challenges, but also makes loans expensive to service and creates a
difficult experience for their clients throughout construction.
Built and nCino are addressing this challenge by offering an
integrated solution that simplifies the construction lending
process by providing real-time visibility into construction
projects, from loan origination through construction completion and
stabilization. Lenders, borrowers and other authorized parties
(i.e. contractors, draw inspectors/consultants, title agents, etc.)
can easily view relevant information and take appropriate action
based on their role. Draw requests and disbursements happen more
quickly as excessive handoffs and multiple system interactions are
eliminated. Construction borrowers are happier because there is
less paperwork, faster access to funds and transparency into the
process all along the way.
ConnectOne Bank, the first lender to use the integration, has
been a leader in the digital transformation of lending since its
inception. Born out of first-hand frustration when lenders couldn’t
meet his needs, Frank Sorrentino, CEO and Founder of ConnectOne
Bank, knew that taking lending digital would always keep their
clients at the forefront of their business. This integration is the
perfect complement to their existing technology and has allowed
them to expand their focus into niche markets like
construction.
“The integration of nCino and Built, two leading fintech firms,
is a key example of the shifting technology landscape in digital.
Built’s niche-specific software coupled with nCino’s robust
infrastructure allows ConnectOne Bank to build and customize our
infrastructure based on the different niches we serve,” says Frank
Sorrentino, ConnectOne Bank’s chairman & CEO. “As a former
builder, I understand the need for speed, consistency, and
transparency in the construction lending process. This integration
of two top software companies allows us to scale the construction
lending process that has made ConnectOne successful, enabling our
bankers to work more effectively, ultimately fueling our clients’
success.”
“After accumulating a growing number of mutual clients, we
realized we could better serve these lenders and their construction
borrowers by building a seamless integration between our platform
and nCino’s,” said Chase Gilbert, CEO at Built. “Through this,
lenders can more easily identify and mitigate key risks, ensure
compliance and maximize their returns as they serve those building
the communities around us.”
“While nCino continues to innovate and expand the depth and
breadth of the nCino Bank Operating System, we recognize that there
are additional applications and services that can further its
functionality, efficiency and overall value to financial
institutions and their clients,” said Trisha Price, Chief Product
Officer at nCino. “By working with Built, we are able to provide an
integrated solution to the financial services industry that helps
maximize productivity and eliminate friction in the construction
lending customer journey.”
About Built
Built is the leading provider of construction finance
technology. Built connects commercial and consumer construction
lenders, commercial real estate owners, commercial general
contractors, residential homebuilders, specialty contractors, title
companies, and other industry vendors to improve the flow of
capital through the construction ecosystem. By connecting all key
stakeholders involved in the construction financing process in
real-time, the platform helps mitigate risk, power faster draws and
payments, ensure compliance, and inspire customer loyalty. Built is
used by more than 120 of the nation’s leading construction lenders
and thousands of owners and contractors to manage over $40 billion
of annual construction spend. For more information, visit:
www.getbuilt.com
About nCinonCino (NASDAQ:
NCNO) is the worldwide leader in cloud banking. The nCino Bank
Operating System® empowers financial institutions with scalable
technology to help them achieve revenue growth, greater efficiency,
cost savings and regulatory compliance. In a digital-first world,
nCino's single digital platform enhances the employee and client
experience to enable financial institutions to more effectively
onboard new clients, make loans and manage the entire loan life
cycle, and open deposit and other accounts across lines of business
and channels. Transforming how financial institutions operate
through innovation, reputation and speed, nCino works with more
than 1,200 financial institutions globally, whose assets range in
size from $30 million to more than $2 trillion. For more
information, visit: www.ncino.com.
About ConnectOne
BankConnectOne Bank, a subsidiary ofConnectOne
Bancorp, Inc. (NASDAQ: CNOB) offers a full suite of banking and
lending services to commercial and consumer clients across New York
and New Jersey. Founded by an entrepreneur, ConnectOne combines
leading digital solutions with high-level service to offer an
unparalleled experience to its clients. www.ConnectOneBank.com
Media contact:Kevin WolfTGPR(650) 483-1552kevin@tgprllc.com
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