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Ncontracts Named to FinovateFall 2022 Demo Lineup

author Ncontracts
2 min read
Aug 9, 2022

BRENTWOOD, Tenn., August 9, 2022 – Ncontracts, the leading provider of integrated risk management and lending compliance solutions for the financial services industry, has been selected to demo at FinovateFall 2022, taking place September 12-14 in New York.

A first-time presenter, Ncontracts will demo its Enterprise Risk Management (ERM) system to show how fintechs and financial institutions can safely (and profitably) work together. Nrisk is a secure online risk management solution that offers organizations efficiency at every turn, assessing and strengthening compliance and controls in real time for more effective enterprise risk management. With a clear understanding of risk, financial institutions and fintechs can better monitor, report on, and communicate risk internally and externally.

“Finovate is known for curating innovative technology showcases. Every demo is carefully selected, ensuring that those presenting are worthy of our attendees’ attention,” said Greg Palmer, VP of Strategy at Finovate. “We look forward to having Ncontracts join our stage this year to showcase the latest in reg tech.”

More than ever, financial institutions are eagerly partnering with fintechs to modernize the customer experience, improve internal efficiencies and generate additional revenue streams. In 2019, less than half of financial institutions considered fintech partnerships important, compared to 9 out of 10 today. Additionally, 35% of financial institutions have invested in a fintech startup with the average investment size more than quadrupling over the last three years.

These relationships offer many benefits, but there are also risks for both financial institutions and their fintech partners. Except for larger fintechs with dedicated resources, most lack internal compliance programs and instead rely on other companies for risk and compliance support. This can increase a fintech’s risk exposure if the wrong company is selected.

“Financial institutions and fintechs are intertwined, and Nrisk helps them safely and profitably work together,” said Michael Berman, CEO and founder of Ncontracts. “Like banks, fintechs need risk management to operate alongside financial institutions. Ncontracts is excited to facilitate this relationship and demo our system at FinovateFall.”

Bill Simpson, CTO of Ncontracts, adds, “Finovate provides an opportunity to showcase the best our industry has to offer. We look forward to showing how Ncontracts can quickly transform the risk posture of these innovators to maximize their value and safeguard their most important relationships.”

From shifting market conditions to the ever-changing regulatory landscape, the operational risks facing fintechs are constantly evolving, and the need for powerful RegTech and risk management software has become increasingly critical. Meanwhile, as the regulatory environment grows more complex, identifying pertinent regulations to keep pace with change management is an ongoing challenge. Ncontracts’ rapidly expanding client base leverages its solutions to save time while continuously evaluating and managing risk from a strategic, operational, compliance and tactical perspective. These knowledge as a service (KaaS) solutions give fintechs the benefit of cloud technology built to make it easy to find and leverage industry-leading content developed and maintained by a team of seasoned risk and compliance experts.

Clients have cited significant value since partnering with Ncontracts, including a 98% reduction in time spent monitoring vendors and contracts; 93% reduction in time spent producing risk management reports; 50-80% reduction in time spent on compliance research; 2–3-week reduction in time devoted to vendor management annually; and a 20% reduction in time devoted to day-to-day compliance activities. As a result, the company continues to grow, with more than 500 new clients partnering with Ncontracts just last year.

 

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