Issue link: http://businessnc.epubxp.com/i/756318
49 N o r t h C a r o l i N a E C o N o m i C D E v E l o p m E N t G u i D E P ierre Naudé is on a mission to revolutionize banking. He is the CEO of Wilmington-based nCino, which bills itself as the worldwide leader in cloud banking. The company has developed an operating system that enables financial institutions to streamline operations and provide speedy and convenient digital services for their customers. In the process, the company has experienced remarkable growth, with revenue increasing more than 1,800% between 2012 and 2015. The company landed on Inc. magazine's 2016 list of the nation's 500 fastest-growing private companies. "We are helping move banks into a new era," says Naudé. nCino's main focus is its Bank Operating System software, which enables banks to process loans more efficiently while remaining in compliance with regulations. Naudé says the operating system provides seamless integration through the entire loan process, including document management and security. Not only does this increase profitability and lower costs for the banks, it also provides a more convenient, user- friendly experience for the borrower. "If you look at today's typical mortgage-application process, you just want to pull your hair out because it takes so long," he says. "You have to go to the bank and fill out a bunch of forms and provide the same information over and over." nCino helps eliminate much of this red tape by equipping banks with a broad view of each customer, including their past interactions with the bank. Instead of having to re-enter data, the bank can simply create a new loan and the customer can often provide any necessary information electronically, which speeds the entire process. "Borrowers are only interested in two things: Am I approved for the loan, and when can I get the money?" Naudé says. "People want an answer in 24 hours. They don't want to wait 30 to 60 days. So rather than worry about paperwork, compliance issues and data entry, we're enabling financial institutions to instead focus on their customers. We are transforming the way bankers operate." Naudé entered the financial industry while growing up in South Africa. "I always loved technology and wrote code as a kid," he says. He ended up working as a systems analyst and was one of the pioneers in deploying ATMs in his native country. Looking for opportunities in the U.S., he took a job as divisional president of Atlanta-based S1 Corp., an online-banking technology company. At S1, he befriended James "Chip" Mahan, then S1's CEO and chairman. Mahan left the company in 2006 to start Live Oak Banking Co. Today, the Wilmington-based company is one of the country's leading originators of small business loans. When Naudé left S1 in 2012, he asked Mahan about the software that allowed Live Oak to automate all its loan processes from one location. "This was the beginning of the nCino platform," says Naudé. "I used that small sample of code, hired a few people, and we built a product that services not just SBA lenders but full commercial-banking platforms." When Naudé founded nCino in 2012, the company had four employees and Live Oak was its sole client. Today the company has about 235 workers and more than 120 customers, ranging from $100 million community banks to $250 billion multinational banks. Naudé anticipates greater growth, which will further drive Wilmington's technology sector. "When we came here there was a very small presence of IT companies," says Naudé. "But once this company gets big enough, we're going to lose some people who will go across the street and start their own company. That's how cities like Austin and Charleston became technology hubs. I can clearly see us on that path. It's going to be like Silicon Valley by the ocean." f i n a n c i a l t e c h n o l o g y nCino: moving banks into a new era