• Salesforce for financial institutions.
• Workday for banking operations.

• nCino Bank Operating System: A cloud-based platform that digitizes and automates complex banking processes, including client onboarding, loan management, account opening, and regulatory compliance, utilizing AI/ML and data analytics.
• nCino IQ: An application suite that leverages data analytics and AI/ML to provide financial institutions with automation and insights for operations, credit risk management, and regulatory compliance.
• SimpleNexus: A suite of products designed for the mortgage industry, enabling loan officers, borrowers, real estate agents, and others to engage in the homeownership process from internet-enabled devices.

nCino (NCNO) primarily sells its software-as-a-service applications to other companies, specifically financial institutions. The provided background information does not list the names of specific major customer companies. However, it does describe the categories of financial institutions that nCino serves:

• Global financial institutions
• Enterprise banks
• Regional banks
• Community banks
• Credit unions
• New market entrants
• Independent mortgage banks

Sean Desmond

President and Chief Executive Officer

Sean Desmond joined nCino in 2013 as Chief Customer Success Officer. He has decades of experience within global technology and financial services organizations. Desmond's responsibilities expanded over time, and he most recently served as Chief Product Officer before being appointed President and Chief Executive Officer in February 2025.

Greg Orenstein

Chief Financial Officer

Greg Orenstein has served as nCino's Chief Financial Officer since January 2023, overseeing global financial and administrative functions. He joined nCino in 2015 and has held various executive positions, including Chief Corporate Development & Strategy Officer and Chief Corporate Development & Legal Officer. Orenstein played a critical role in driving nCino's growth, including leading its initial public offering (IPO) and secondary offering in 2020. Prior to nCino, he was Of Counsel at DLA Piper and held executive positions at S1 Corporation.

Chris Gufford

Chief Product Officer

Chris Gufford serves as nCino's Chief Product Officer, where he oversees the company's global Product Development & Engineering organization. Before this role, he was the Executive Director, General Manager - Commercial Banking Solution at nCino. Gufford has over 15 years of experience in credit, banking operations, and software, having previously held multiple roles at FIS and First National Bank of Omaha.

April Rieger

Chief Legal and Administrative Officer, Corporate Secretary

April Rieger is nCino's Chief Legal & Administrative Officer and Corporate Secretary. She is responsible for the company's Legal & Compliance and People Operations teams, as well as corporate governance. Rieger joined nCino in 2018 after practicing law for 10 years at Williams & Connolly LLP and serving as a law clerk in the U.S. District Court for the Southern District of New York.

Ben Miller

CEO, SimpleNexus, an nCino Company

Ben Miller is the CEO of SimpleNexus, an nCino Company. He co-founded SimpleNexus and was instrumental in scaling it into a leading digital homeownership software company in the U.S. SimpleNexus was later acquired by nCino. Miller possesses over 15 years of experience driving innovative business strategy, operations, and go-to-market activities, particularly in mortgage lending.

Key Business Risks for nCino (NCNO)

1. Reliance on Salesforce Platform and Potential Cost Increases: A significant portion of nCino's banking operating system is fundamentally built on the Salesforce platform. This reliance means that any adverse changes to Salesforce's platform pricing, strategy, or terms, including announced price increases, could materially and adversely affect nCino's business and profitability.
2. Intense Competition in the Fintech Sector: The fintech industry, where nCino operates, is highly competitive and fragmented. nCino faces substantial competition from both established software providers and emerging fintech companies. This intense competition could lead to pricing pressures, potential erosion of market share, and challenges in maintaining its growth trajectory, particularly as competitors expand their offerings and target nCino's core customer base.
3. Macroeconomic Downturns Affecting Financial Institution Customers: nCino generates its revenue primarily from financial institutions. Consequently, any economic downturns, instability in the financial services industry, or decreased technology spending by banks and credit unions could directly and adversely impact the demand for nCino's services and its financial results. Furthermore, specific market segments like the U.S. mortgage market have shown choppy trends, which could affect a key growth driver for nCino.

nCino (NCNO) operates in several significant addressable markets globally for its cloud-based software applications for financial institutions.

• Overall Serviceable Addressable Market (SAM): nCino estimates its total serviceable addressable market globally to be $19.5 billion.

• Cloud-Based Banking Software:

  • The global cloud core banking software market was valued at approximately $5.11 billion in 2024 and is estimated to reach $9.58 billion by 2030.
  • The global SaaS-based core banking software market size was approximately $13.48 billion in 2025 and is predicted to increase to about $83.67 billion by 2035.
  • The global cloud computing in retail banking market reached approximately $70.69 billion in 2024 and is anticipated to grow to $80.93 billion by 2025. North America is the largest market, holding approximately 45% of the global market share.
  • The global cloud-based financial platform market size was around $20.62 billion in 2023 and is predicted to grow to approximately $54.03 billion by 2032.

• Data Analytics, Artificial Intelligence, and Machine Learning (AI/ML) in Financial Services:

  • The global AI for financial services market was valued at $13.7 billion in 2023 and is projected to reach $123.2 billion by 2032.
  • The global AI in BFSI (Banking, Financial Services, and Insurance) market size was valued at $26.2 billion in 2024 and is estimated to reach $192.7 billion by 2034.
  • The global AI in Finance Market size is estimated at $39.62 billion in 2025, with projections to boost to $350.01 billion by 2033. North America held the major market share for more than 37% of the global revenue in 2025.
  • The global Generative AI in financial services market size was estimated at $2.21 billion in 2024 and is projected to reach $25.71 billion by 2033. North America dominated this market with a revenue share of 39.2% in 2024.
  • The global AI agents in financial services market size accounted for $1.79 billion in 2025 and is predicted to increase to approximately $6.54 billion by 2035.

• Mortgage Technology (SimpleNexus):

  • The global digital mortgage software market size was valued at approximately $4.5 billion in 2023 and is projected to reach around $13.5 billion by 2032. North America is expected to dominate this market, accounting for approximately 40% of the global market share in 2023.
  • Another estimate indicates the global digital mortgage solution market reached $108.87 billion in 2024 and is projected to hit $747.69 billion by 2033.
  • The global Digital Mortgage Software market size was recorded at $3.50 billion in 2021, is expected to reach $8.15 billion by the end of 2025, and $44.11 billion by 2033.
  • The global e-mortgage market is projected to grow from $12.1 billion in 2024 to $62.1 billion by 2034.

nCino (NCNO) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends:

1. Expansion of AI and Machine Learning Solutions: nCino is heavily focused on integrating artificial intelligence (AI) and machine learning (ML) into its platform, notably through its Banking Advisor solutions. This initiative aims to provide financial institutions with automation and insights, leading to significant efficiency gains and driving customer adoption and early renewals. The company has reported that over 110 customers have already purchased Banking Advisor intelligence units, indicating strong momentum in this area.
2. International Market Expansion: International growth is a significant driver for nCino, with international subscription revenues showing substantial year-over-year increases. The company continues to secure new and expanded contracts in regions such as Japan, Norway, Luxembourg, and the broader EMEA market, diversifying its revenue streams beyond the U.S.
3. Growth in Customer Base and Cross-selling: nCino's strategy includes attracting new financial institution customers, encompassing global, enterprise, regional, and community banks, as well as credit unions and independent mortgage banks. The company also focuses on expanding relationships with its existing customer base through multi-solution deals and increasing product adoption, aiming for larger deal sizes.
4. Impact of New Pricing and Monetization Strategy: The introduction of a new pricing and monetization strategy, referred to as the Intelligent Solution Framework or an asset-based pricing model, is expected to align revenue more closely with customer value. This approach aims to incentivize broader adoption, larger deal sizes, and a more favorable product mix, thereby stimulating future revenue growth, including through increased asset portfolios and AI usage.
5. Recovery and Strength in the U.S. Mortgage Business: Despite some macroeconomic challenges, nCino has reported outperformance in its U.S. mortgage subscription revenues and has raised guidance for this segment. The successful rollout and "go-live" with large national homebuilders have contributed to this strength, indicating that the mortgage business will continue to be a meaningful contributor to overall revenue growth.

Share Repurchases

• nCino's board of directors authorized a new stock repurchase program of up to $100 million in December 2025, representing approximately 3.7% of outstanding shares.
• In Q3 Fiscal Year 2026, the company repurchased approximately 1.4 million shares for about $39.7 million, completing its previous $100 million repurchase program (approximately 4.0 million shares).
• In Q1 Fiscal Year 2026, nCino repurchased approximately 1.8 million shares for $40.6 million at an average price of $22.17.

Share Issuance

• Stock issuance under the employee stock purchase plan amounted to $2.514 million in Q3 Fiscal Year 2026 and $2.444 million in Q3 Fiscal Year 2025.
• nCino has historically funded its capital needs through issuances of common stock, including its initial public offering in July 2020.

Inbound Investments

• Ophir Asset Management acquired a new position in nCino on February 17, 2026, purchasing 1,325,484 shares valued at approximately $33.99 million.
• Vanguard Group increased its stake in nCino by 1.7% in Q3, holding 10.30% ownership valued at $323 million.
• Picton Mahoney Asset Management initiated an approximately $11 million position in nCino in Q3.

Outbound Investments

• In February 2025, nCino acquired Sandbox Banking for $52.5 million, with a potential additional earn-out of up to $10 million.
• nCino acquired FullCircl in October 2024 for $135 million.
• In March 2024, nCino acquired DocFox, an automated onboarding solutions provider, for $75.0 million.
• In January 2022, nCino acquired SimpleNexus, a cloud-based mobile-first homeownership software company.

Capital Expenditures

• nCino's capital expenditures coverage for fiscal years ending January 2021 to 2025 averaged 7.4x.
• The capital expenditures coverage peaked in January 2025 at 24.4x.
• The company anticipated capital expenditures to be "appreciably higher in absolute dollars in fiscal 2025" for planned office build-outs, primarily an international office, estimated at approximately $8.5 million to support growth.