NBT Bancorp Inc. has executed on digital initiatives based on a technology road map with the objective of delivering features and functionality customers want and need, company officials said.
This road map includes the 2020 implementation of several digital initiatives across multiple business lines that will continue to transform the experience NBT delivers to its customers and employees.
“All of our customers expect ever-increasing flexibility, accessibility and speed to manage their finances,” said NBT President and CEO John H. Watt Jr. “Strong adoption of our mobile and online banking services and recognitions like our high ranking on the Forbes 2019 World’s Best Banks list and the 2019 Greenwich Awards in Small Business Banking and Middle Market Banking indicate our customer-first approach to NBT’s digital evolution is being well received.
“In 2020 and beyond, we will further elevate the customer experience as we implement a series of important digital initiatives that will create efficiencies, increase the scalability of our operations, and support our focus on enhanced resiliency and cybersecurity.”
He said in the first quarter of 2020, NBT will introduce Zelle within its mobile and online experiences to enable customers to make fast, safe and easy person-to-person (P2P) payments. In 2020, the Company will also launch a single platform for digital banking called Architect from Fiserv to deliver a consistent experience across all online and mobile channels and provide customers with access to greater functionality. Architect can allow NBT to respond to customer needs and deliver new capabilities faster through in-house development and the use of application programming interfaces (APIs).
For small business clients, NBT will launch a new online loan application. Additionally, NBT will expand use of e-signatures and has started to offer small business loans where approval and funding occur swiftly in order to compete with other technology-enhanced lending platforms.
Officials said a loan origination system will be implemented for all types of home lending in 2020. Encompass by EllieMae will support all customer-facing and bank processes to provide a streamlined experience for borrowers. The use of integrated services and e-signatures for home lending will make the process simpler and easier for customers.
Work is also underway to transform NBT’s commercial lending capabilities by streamlining and integrating commercial banking processes from end to end with the implementation of the industry-leading platform from the company’s partner nCino, officials said.
“As the pace of change accelerates, we will continue to transform our company by focusing on the customer experience,” said NBT Executive Vice President and President of Retail Community Banking Joseph R. Stagliano, who leads NBT’s Operations and Retail Banking divisions and serves as chief information officer. “Our digital mindset is propelling our team to leverage data-driven insights and better understand our customers. This allows NBT to develop better solutions and connect with current and future customers via a more seamless delivery model.”
Digital initiatives are continuing to enhance the employee experience at NBT as technology investments have enabled team members from across divisions and geographies to engage more easily, the company said. Moreover, process automation continues to drive productivity and eliminate inefficiencies while providing the opportunity to focus on higher-impact activities.
“Our accomplishments to date and the digital initiatives we have planned for 2020 and beyond are evidence that a bank of our size, which is locally-focused and committed to fostering strong customer relationships, can also be the bank of choice for current and future customers as we deliver the experiences and convenience they are seeking in an agile manner,” said Watt.
In addition to these significant digital initiatives, the Company’s NBT Capital Management business unit recently introduced a new digital investment solution from Schwab Performance Technologies. Branded NBT Guided Investor, the solution offers fully-online investment management capabilities. Accounts can be opened in as little as 10 minutes and are supported by a dedicated advisor, officials said.
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, N.Y., with total assets of $9.7 billion as of Dec. 31. More information about NBT and its divisions is available online at: www.nbtbancorp.com, www.nbtbank.com, www.epicrps.com and www.nbtinsurance.com.