[jonahbenton]

Banks were one of the first businesses to digitize. Big banks in the 1950s. Small banks in the 1980s. Many remain stuck on the technology of their specific era of digitization.

nCino is one of a relatively small number of players turning the complex process of operating a certain kind of bank- of which there are thousands in the US- into turning the crank on a SAAS-delivered machine.

With a new platform come capabilities for new products and services around money- not payments, as has been the hotness for quite some time, but deposits and lines of credit, for individuals and small to mid sized businesses.

And for nCino, having thousands of customers each of which has thousands to hundreds of thousands of customers, each of which has deposit and line of credit accounts, each of which has lots of transactions, and through which their survival as a business is managed- that's a really nice data set to do some really interesting analytics on.

So, yeah, important.

[fragmede]

If you've heard the need for Cobol programmers, often times it's for banks. When they digitized circa 1960 with the original computers, IBM mainframes, they operated using batch computing, which is why, even now, bank websites sometimes have hours of operation. Moving away from mainframes and modernizing that stack is, quite apparently, a lucrative business - if you don't mind working with bankers. There is an intentionally onerous amount of regulation in that industry that things operate under, most of it not relating to tech, but the tech does need to work under it.