BIG layoffs coming to back office wholesale software folks

http://www.wilmingtonbiz.com/banking_and_finance/2021/09/02/ncino_reports_increased_revenues_new_agreement_with_wells_fargo/22273

All that custom software Wells Fargo developed over the years is going to be replaced with this:

By adopting the nCino Bank Operating System for its commercial lending operations, Wells Fargo “gains a flexible and agile, digital solution that manages all aspects of the commercial banking lending process,” the release stated. “nCino’s single platform spans business lines, connects employees, clients, and third parties, and eliminates silos within financial institutions to provide a more holistic view of clients, enhance collaboration, generate more loans, and reduce costs.”

Wells Fargo officials anticipate that the cloud-based system will streamline its processes.

https://www.ncino.com/platform/how-it-works

Built as a single, multi-tenant SaaS platform, the nCino Bank Operating System transforms the way financial institutions operate, go to market and interact with their clients digitally across commercial, small business and retail banking. As a single, multi-tenant cloud platform the Bank Operating System provides client onboarding, analytics, loan origination and deposit account opening applications that span lines of business and across channels, streamlining employee, client and third-party interactions and driving increased profitability, efficiency, transparency and regulatory compliance across a financial institution.

The nCino Bank Operating System was designed by bankers who understand how financial institutions operate and delivers a significant and measurable return on investment.

Comment! It's anonymous!

8 replies (most recent on top)

This is good news. The hodgepodge of apps that we use and have to maintain now are a nightmare. That having been said, I imagine we'll customize the he-l out of it to the point where you can't apply updates to the app without breaking everything like we did with Siebel.

I wonder what the customers would think of their info being on a public cloud.

Of course, they haven’t told them that the offshore can sell their info because they are not subject to US law either.

Good luck with that. If experience with the third parties we are dealing with already is an indication, this is going to blow up in their faces big time. But they will be somewhere else by then.

Why do you think they left Chase? Why do you think Chase let them?

I’m currently use nCino and it’s awesome. It shocks me that big backs continue to run these massive and inefficient operations that produce mediocre products and services when much of what your back office does can be purchased off the shelf at a fraction of the price. Kudos to Wells Fargo for this decision.

"If your job is doing the same tasks everyday, you will be laid off."

I can hardly wait.

Yes. As I mentioned in the AMA Saul thread, the go forward preference is to purchase software and not develop it in house.

Tech is going to shrink massively. Well, a lot of other areas are too. If your job is doing the same tasks everyday, you will be laid off.

I guess executives will blast us for the next couple years with hipster trinary bl---s looking smart, smiling and nodding their heads at their laptops looking at the cloud in some coffee shop. No doubt 3rd party consulting firms have their strings attached to their executive puppet.

If it's for Wells Fargo it should be called nCino Evil 🙈

Thread regarding Wells Fargo & Co. layoffs

BIG layoffs coming to back office wholesale software folks

8 replies (most recent on top)

Post a reply