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Wells Fargo (WFC) Expands nCino Alliance for Digital Upgrade

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Wells Fargo & Company (WFC - Free Report) recently expanded the use of nCino, Inc.’s (NCNO - Free Report) Bank Operating System to speed up digital transformation for the Consumer and Small Business Banking division under its Consumer Banking and Lending segment. This will help Wells Fargo deliver a premier and cutting-edge technology experience. Last September, nCino was selected by Wells Fargo as its technological partner to transform its Commercial Banking and Corporate & Investment Banking segments.

WFC is a leading middle-market banking provider that prioritizes digital transformation strategy, including selecting an end-to-end, flexible, cloud-based platform that could scale as per business needs. nCino, being a platform that provides cloud banking and digital transformation solutions to the global financial services industry, can help Wells Fargo fulfill its priorities.

Collaborating with nCino is expected to provide WFC customers fast, convenient and safe borrowing experiences to reduce the tedious process when applying for loans. Further, it benefits employees by providing a single view of each customer, making the end-to-end lending experience quicker and more efficient.

Small business owners who look for quick access to capital and a convenient digital experience to avoid visiting a branch will benefit from nCino's Small Business Banking Solution. nCino will offer Wells Fargo a single platform to streamline the entire lending process for origination, underwriting and portfolio management.

Such digital transformation initiatives will likely increase Wells Fargo’s investment cost in technology. However, the company is focused on reducing its expenses base by streamlining organizational structure, closing branches and reducing headcount. Such efforts are likely to support bottom-line growth. Further, continued evolution and digital transformation will unlock value for their small business clients, which bodes well for the company.

Over the past six months, shares of WFC have gained 3% against 6.5% decline of the industry it belongs to.

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Wells Fargo currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Other Finance Stocks That Took Similar Steps

Of late, several companies have been taking steps toward digital transformation. Fidelity National Information Services (FIS - Free Report) and Cadence Bank (CADE - Free Report) inked a deal in December 2021 to shift the latter’s on-premises core banking platform to a FIS-hosted solution as the bank speeds up its modernization endeavors.

FIS’ cloud-based hosted solution includes its pioneering service level agreement for service disorders, an expansive team of talented personnel, and sound security and support features. Cadence’s move to FIS-hosted solution will aid the former to achieve operational competencies and scale services to grow its business. The adoption will put CADE in a better position to meet future requirements of its target consumers.

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