Reduced Loan Processing Time by Enabling Quick and Accurate Credit Memo Creation with In-App Guidance in nCino

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The banking institution faced challenges with lengthy loan processing times due to complexities in the credit memo creation process on nCino. By leveraging Whatfix’s in-app guidance and Product Analytics, the company accelerated the credit memo creation process, improved data accuracy, and enhanced productivity for underwriters and managers.

Loan underwriting on nCino was a complex, multi-step process that typically took multiple days to complete due to a lack of process knowledge among underwriters and the substantial volume of data that needed to be entered and forms that needed to be filled. After creating the credit memo, underwriters would download it and share it with their managers for approval over MS Teams, resulting in multiple iterations and back-and-forth communications before final approval. These delays led to lost potential customers and decreased productivity due to errors in data entry and repeated feedback loops.

Whatfix utilized User Journeys in Product Analytics to identify entry points to workflows and the most common paths taken by users. Funnels were used to detect common drop-off points within workflows, and insights were gathered on the variance between the optimal user journey and the actual paths taken by users. User cohorts with significant deviations from the ideal journey were identified. Flows were created to guide users through the preferred journey for completing the credit memo creation process, while Smart Tips ensured accurate data entry at critical stages.