nCino and OneSpan Sign Help Banks and Credit Unions Urgently Digitize Small Business Loans

Sameer Hajarnis,

Ensuring that banks and credit unions can get into production quickly with new cloud banking services and technology is important in the best of times. But in times of distress, speed-to-market takes on new significance.

On March 27, 2020, the United States Coronavirus Aid, Relief, and Economic Security (CARES Act) was signed into law. This allocated $349 billion in round 1 and an additional $310 billion later in round 2, to aid small businesses as part of the Paycheck Protection Program (PPP). The program was designed to get cash to small businesses quickly, with loans signed and disbursed within 24 hours. Amid pandemic containment measures, electronic signature technology made it possible to do so remotely while maintaining a secure and compliant lending process.

To become an SBA-approved lender and close PPP loans using e-signatures, financial institutions had to comply with the requirements outlined in the U.S. Small Business Administration’s SOP 50 10(k) Loan Program. This includes identifying and authentication the signer(s), capturing intent, and ensuring the integrity of the signed record, among others. To help financial institutions and lending teams quickly understand these requirements and how to meet them, we compiled an SBA summary checklist. Because the U.S. Small Business Administration (SBA) has been using the OneSpan Sign e-signature service since 2014 to modernize their commercial small business lending process, we were already deeply familiar with the electronic signature requirements they set out for their existing loan programs as well as the new PPP loans.

To deliver this urgent funding to small businesses meant getting financial institutions up and running with e-sign technology in as little as 24–48 hours. This effort included a top 10 bank’s commercial lending line of business. A joint customer of nCino and OneSpan, this bank had very little time to implement e-signatures for use within their nCino digital banking platform. OneSpan and nCino worked together to get the bank ready to sign and process loans over a weekend. Once complete, the bank was able to begin closing billions of dollars in PPP loans immediately, for tens of thousands of businesses in need.

Wright-Patt Credit Union: 156% Growth in Commercial Loan Portfolio

According to Forbes, a survey of mid-sized financial institutions by Cornerstone Advisors indicates that, “A quarter of financial institutions plan to invest in or implement cloud computing technologies in 2020. Forty percent say they’ve already done so, and half of them will enhance or modify what they’ve got.”  

The lending process is one of the most popular application areas for e-signatures in financial services, and increasingly, it is powered by cloud-based platforms and services.

Ohio’s Wright-Patt Credit Union (WPCU) is a good example. The credit union took the first step to going digital by selecting the cloud-based nCino Bank Operating System. “It is one of the most significant cloud-based systems we’re using. nCino was the best fit for our Commercial Lending Department in terms of our production levels and growth opportunities,” says Commercial Portfolio Analyst Benjamin Miller.

However, it wasn’t until the credit union leveraged the e-signature integration between OneSpan Sign and nCino that their commercial lending team was truly able to harness the efficiencies of digital transformation. Until that point, the credit union had not been able to go completely paperless with fully digital loan origination and closing.

In the first year using the joint solution, WPCU tripled commercial loan volume from 30 to 100 loans per month with the same core team, while also streamlining the lending experience for their business members.

By year-end 2017, WPCU’s business loan portfolio totaled nearly $190 million. Just a year prior, the department’s 15-person Commercial Lending team had closed $74 million in loans, at the time considered their highest production on record. The ability to grow 156% in the competitive commercial lending sector is a testament to the credit union’s role as trusted partner to the business community – backed by investments in digitization and technology.

“After implementing nCino, we saw an immediate, positive impact on our business,” said WPCU’s Commercial Portfolio Analyst Benjamin Miller.

“The new efficiency gains allowed our commercial lending team to take on additional volume and larger loans. The OneSpan Sign integration further improved our processes, because we were able to leverage what was already populated in nCino, but also send documents electronically. Our members are really excited to have this functionality, and anything that improves their digital experience helps us build stronger relationships.”

For more information about WPCU’s integrated solution and digital experience, watch the on-demand webinar with guest speakers from Wright-Patt Credit Union, OneSpan Sign, and nCino:

How Credit Unions Can Use Fintech Integrations to Serve Business Members

OneSpan Sign E-Signatures within nCino

E-Signatures are now a necessity for the banking industry – from community banks and credit unions to large national banks – whether they are serving commercial or retail banking clients. The current environment has pushed many past any hesitation about going digital. While e-signatures are just one example, the benefits of end-to-end digital processes are being felt by financial institutions and their customers.

Through the integration with nCino's banking solution, OneSpan Sign is uniquely positioned to create e-signature transactions seamlessly from within this core banking platform. In addition to streamlining the entire account opening and lending process, together financial technologies like OneSpan Sign and nCino:

  • Improve the customer experience with the convenience of transacting from anywhere, at any time, on any device
  • Help a financial institution’s business lines increase efficiency by speeding up transaction processing and completion time
  • Facilitate regulatory compliance

To learn more about how to get up and running quickly with our cloud service or pre-integrated e-sign connectors, download the OneSpan Sign E-Signature Readiness Checklist.

 OneSpan Sign Readiness Checklist

OneSpan Sign Readiness Checklist

Learn more on User-initiated vs. Integrated e-Signature Implementations

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Sameer Hajarnis is OneSpan's Senior Vice President & GM of Digital Agreements. Sameer has more than two decades of experience in enterprise software and SaaS companies leading cross-functional teams, including managing business development, sales, strategic alliances, and customer success to improve the customer product and service experience.