WILMINGTON, N.C. -

J.D. Power Valuation Services data now resides in another portion of the cloud in a move to help banks making loan decisions when vehicles are included as collateral.

Cloud banking operator nCino announced on Monday that it is collaborating with J.D. Power Valuation Services to integrate vehicle data into the nCino Bank Operating System. The companies explained this addition to the nCino platform can allow financial institutions to obtain accurate pricing for vehicles used by their commercial or retail customers as loan collateral without having to log into separate systems or rekey data.

Officials highlighted this integration joins a line of automated back-office tasks available through nCino that bankers can leverage to provide their customers with a truly exceptional experience. With nCino, financial institutions have access to digital applications and onboarding, a customer-facing portal for the direct exchange of information and workflows that guide interactions while tracking application progress.

From the customer experience to back-office processes, nCino’s Bank Operating System strives to foster a 360-degree view of loan relationships in an effort to help bankers issue faster loan decisions.

“Having access to J.D. Power Valuation Services right from the nCino platform has taken our vehicle valuation from a multi-step process to a single push of a button,” said Chris Cronin, senior executive vice president at American National Bank of Texas.

“We’re now able to have vehicle details, assessment method, value and date auto populate into the nCino Bank Operating System to make quicker lending decisions and better serve our borrowers,” Cronin continued in a news release. “Having a platform like nCino that enables us to utilize a robust set of digital resources and APIs is not only benefitting our customers, but our employees, too.”

The company reiterated that bankers collect vehicle pricing during a loan request to ensure that they are determining the accurate value of collateral. Previously, they navigated between systems to find the pricing and then manually entered the data. Now, with nCino, lenders can directly pull vehicle valuations into loan applications, reducing both processing times and the potential for error.

“We collect data from more than 1.5 million vehicle transactions each month, and our collaboration with nCino gives financial institutions real-time access to the most current vehicle pricing,” said Jonathan Banks, vice president of vehicle valuations and analytics at J.D. Power.

“Through this relationship, our joint clients are uniquely positioned to create substantial efficiencies over the entire loan lifecycle and vastly improve user experience,” Banks added.

The companies went on to mention nCino’s integration with J.D. Power Valuation Services is designed to offer other useful capabilities to enhance lending processes, including:

— The storage of automobile valuation data within nCino for easy access and reporting

— Assessment method, date, price and vehicle details are all auto populated, eliminating the need for manual search and data entry

— Underwriters receive expedited collateral valuation decisions

— Financial institutions are able to establish transparency by using a single platform for record storage.

“nCino is committed to developing an ecosystem that drives mutual innovation and collaboration on the Bank Operating System,” nCino chief product officer Trisha Price said.

“We’re proud to be collaborating with technology providers like J.D. Power who make their best-of-breed solutions available to nCino customers and share a similar commitment to transforming the financial services industry,” Price went on to say.