GREATER SACRAMENTO
for fintech firms to develop and deliver innovative solutions .
Digital banking , for example , is a key fintech solution , allowing customers to manage their accounts from home or mobile devices . For banks , cutting-edge technologies from companies such as Salesforce and nCino provide bankers a 360-degree view of customers and seamless transactions , reducing processing time and overhead . For digital lending and insurance , the trend is toward streamlined and accelerated approval and onboarding experience , including fewer physical documents and an overall enhanced experience with less redundancy and manual intervention .
“ We use two new products , Q-2 and nCino , both perfect examples of how fintech is helping us serve customers ,” says James Beckwith , president and CEO of Five Star Bank . “ They help onboard new deposit customers and loan customers ... and Q-2 also helps us process customer transactions .”
And while all local financial institutions have been working toward technology upgrades , “ the pandemic has greatly accelerated those efforts — we ’ ve had to work remotely as well as deliver products far more quickly ,” says Ciaran McMullan , president and CEO of Suncrest Bank .
According to McMullan , as many businesses closed and staff sheltered at home , banks were under tremendous pressure to deliver the CARES Act , the stimulus package designed to stave off recession early in the pandemic , and the Paycheck Protection Program , a CARES Act component that required banks to deliver small business loans at incredible speed .
Suncrest used technologies that enabled customers to accomplish the full commercial lending process from home . “ We had to set up that entire loan processing department remotely to deliver Paycheck Protection Program loans ,” says McMullan . “ Only through efficient and effective technology were we able to do that so quickly .”
Zennify , Salesforce and nCino have partnered to develop an innovative and integrated suite of products and services across banking , lending , wealth management and insurance markets to help drive digital transformation . The firms are now driving education and awareness of fintech innovation that financial institutions can leverage to transform industries and customer experiences .
“ We already have a strong fintech presence in the Sacramento region with more than 8,000 current fintech jobs , top technical talent , blossoming startups , and technology-forward banking and lending institutions ,” says Sandhu . “ With GSEC and the fintech consortium enabling collaboration , investment and marketing for the region , we are poised to take a national leadership position in the space .”
Jennifer von Geldern is a freelance writer who covers regional businesses , charities , events and the people who enrich our communities .
94 comstocksmag . com | December 2020