Built Working with nCino to Drive Digital Transformation of Construction Lending for Financial Institutions
Built’s integration into the nCino Bank Operating System ® is streamlining the construction loan management process for lenders and their clients, starting with ConnectOne Bank
Nashville, Tennessee (October 27th, 2020) 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.”
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
nCino (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 Bank
ConnectOne 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.