Jan-Feb 20179Banking Satisfaction Study, a strong on-boarding process can result in greater customer satisfaction, improved retention, as well as additional referrals. The study shows that a 50-point increase in satisfaction per customer can equate to a six percent revenue boost.The Case for Business Process ReengineeringThough the industry and our clients have evolved from typewriters to laptops, unfortunately not much else has changed when it comes to certain processes at most banks, such as lending. Despite technology advances, the amount of time and paper it takes to go from loan application to closing remains extensive.About three years ago, SunTrust took a close look at our business processes, including our sales and lending platform, to assess the current landscape and areas where we could improve the client experience. We discovered that we had many disparate, outdated point solutions that didn't talk to each other and a loan origination system (LOS) that was not integrated with our customer relationship management system (Salesforce) at all. That led to a lot of information being duplicated in the LOS that was already captured. For instance, all the information the sales team captured related to the client and the opportunity had to be re-entered by the credit team. These roadblocks were making it extremely difficult for our teammates across the Wholesale Bank to collaborate as one team and deliver the level of service and financial expertise at the speed our clients expected.When we began the search to replace our current LOS, we were looking for something that ultimately allowed us to connect the fragmented processes. We wanted one seamless process that would allow the transparency and collaboration we needed in order to deliver a superior product to our clients. After a careful vetting process, we found nCino's Bank Operating System to be the best solution for SunTrust. The single, secure, cloud-based platform was integrated with Salesforce--making data capture around clients and opportunities much more efficient than in the past. Additionally, we liked that nCino provided the flexibility to adapt the technology as our business processes evolved.Several months after deploying nCino across our Wholesale Bank, the solution now provides our teammates with a more holistic view of each client, enabling more meaningful client interactions and engagement, while reducing duplicative data entry. By leveraging this system, we've begun to standardize and automate the loan process, alleviating previous burdens caused by manual systems, such as inefficient redundancies, limited transparency and nearly impossible portfolio management. With our teammates in the Wholesale Bank on a single platform, everyone in the chain--from relationship managers to underwriters to credit officers--has visibility into the deal and is informed about what's happening in real time. This increased transparency and collaboration has already yielded early success in reducing loan turnaround time. As speed has become a major business currency in the industry, this quickness provides a significant competitive advantage to SunTrust and our clients.In today's fast-paced, digital environment, it's essential for banks to not only provide the products and services clients want, but deliver those products in the way clients want to consume them. At SunTrust, we're really excited about expanding this concept into treasury management on-boarding, as well as other lines of business within the bank. As more banks start to replace outdated legacy systems and manual-based processes with the modern technology that our colleagues need and our clients expect, the future of our industry is looking much brighter. BCIn today's digital marketplace, it's more important than ever to connect with clients and make them a part of the business processes
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