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nCino Expands Cloud Banking Arsenal through DocFox Acquisition

nCino plans to acquire DocFox to create a platform that will allow financial institutions to manage the entire customer lifecycle. The joint solution will include data capture, document collection, and due diligence, the companies said in a press release on Monday (March 18). nCino’s purchase of DocFox is expected to close by the end of March, according to a statement.

“The acquisition of DocFox expands our existing operations and will provide us with a modern experience in commercial banking that has lagged in innovation due to its complexity,” said nCino CEO and Chairman of the Board Pierre Naudé  “We are excited to further expand our single platform vision and look forward to providing this differentiating solution to financial institutions looking to optimize the onboarding and account opening process.”

DocFox offers solutions that streamline and automate onboarding experiences for commercial business banks, often shortening the onboarding process from weeks to days or hours, according to the release. The company was founded in 2016 and currently has more than 450 clients across three continents.

nCino provides cloud banking solutions to the global financial industry, it said in a statement. It aims to digitize, automate, and streamline financial institutions and their clients. The company currently works with more than 1,800 financial professionals worldwide.

“Bringing the companies together and combining their solutions will provide solutions to the financial industry’s most pressing concerns”, said DocFox co-founder and CEO Ryan Canin in a statement.

“Our leading onboarding and account opening solution will complement and extend nCino’s single platform to create even greater value for financial institutions seeking to automate and digitize the experiences they provide to employees and clients,” Canin said.

nCino says the integration of DocFox technology into its Software-as-a-Service (SaaS) cloud banking platform will help streamline financial institutions’ onboarding and account opening experience and enable “unified and intelligent management over the entire customer lifecycle across all contexts, paper product collections, and due diligence on a single platform " to date.

In another recent move, nCino said in December that it had extended its 12-year partnership with Salesforce. Through this agreement, nCino will increase its exposure to Salesforce platform tools to help financial institutions using both nCino and Salesforce further innovate their customer experience.

nCino partnered with Codat, an application programming interface for small business data, to automate and accelerate the way banks can underwrite small business loans.

Pierre Naudé, nCino’s chief executive and chairman of the board, said the acquisition, which is expected to close this month, expands the company’s existing operations “and will deliver a modern experience to an area of commercial and business banking that has lagged in innovation due to its complexity”.

Conclusion: As the banking landscape continues to evolve, nCino remains at the forefront of innovation, driving digital transformation and enabling financial institutions to adapt and thrive in an ever-changing environment.