Well, I guess we'll get started, as the clock started here on us. My name is Adam Hotchkiss. I cover the emerging software space here at Goldman. Really excited to have Greg Orenstein, CFO of nCino with us today. Thanks for being here.
Thanks for having me.
Awesome. Well, I guess to get started, Greg, you know, for those in the room who are less familiar with nCino, could you just give us a high-level view of what your company does and what you're trying to build?
Sure. Again, thanks everyone for joining us today. nCino, we're a 12-year-old company. We enable financial institutions to make any loan, open accounts, and onboard customers. We do it all from a single platform, a single SaaS platform, one code base, and we go from community banks all the way up to the Bank of America and Wells Fargo, which are both, we're proud to say, are customers, as well as global. And so we've got customers in 16 countries, and again, I think we are uniquely positioned by being able to cover all of that with one product.
Awesome. No, great to hear it. And then, you know, you've been at the company for the majority of its life, and you have a unique position 'cause you've played so many different roles. But now, you know, at the CFO level, how is it. You know, what, when you came to the company, what brought you here? What was the thought process? And as you've sort of elevated now to CFO, what are your main priorities over the next three to five years?
Yeah. So, what brought me to the company was, first and foremost, its people. Wonderful people, based in Wilmington, North Carolina, as worldwide headquarters. I know a lot of companies talk about their culture, but it's something that's really near and dear to our hearts, and so the people, first and foremost. From a business opportunity perspective, I've been in the financial services software business for now over 20 years, and I've seen a lot of investments get made in the payment space, as well as in the, I'll call it, digital banking or internet banking space. But the problem that nCino was solving was really to help digitize and transform that middle and back office of the financial institution. And that really is something that a lot of money had not been, you know, applied to do.
That was exciting to me from an opportunity. Then you see a SAM of, you know, $16 billion, you know, huge, huge space. And so those were the things that that got me excited. The company started with commercial lending. That was really the origins. And since then, we expanded to small business, to consumer, to account opening, treasury onboarding, as well as mortgage through an acquisition we did last year. And again, all that's done on a single platform, and it all is underpinned by something that we call nIQ, which stands for nCino IQ. We started about four years ago evangelizing the value of AI and data and analytics to help our customers, to help our financial institution customers make better decisions.
It's really nice to see, as kind of all this AI talk has emerged over the past year, some of our customers really embracing some of the things that we've been talking about. As I think about the next three to five years, I think all of those new products that we've been investing in, as well as the geographies that we've been investing in, get us really excited about where we're going.
Right. That's great to hear. And, you know, before digging in a little bit more on the story, 'cause you mentioned a lot of things there with commercial lending and the rest of the pipeline that's been really strong for you. Just wanted to give you an opportunity to address the most recent quarter, right? You noted that the pipeline was really strong in June and July. A lot of other companies aren't noting that, and so could you just go into a little more detail on sort of the quarter postmortem, what you're hearing from your customers, investors, et c, would be really helpful.
Yeah, we had a really strong second quarter. Again, kudos to the team for their focus on executing. And that comes in the aftermath of the liquidity crisis in the first quarter. And so the first quarter for us was definitely interesting. We actually really didn't have an opportunity to sell in the first quarter because everyone was so inwardly focused from a customer standpoint. But as I was kind of out on the investor conference circuit last quarter, we talked about how we expected the second quarter to be better than the first quarter, and the second half of the year to be better than the first half, and that's played out.
And so as the quarter went on, we saw momentum build. We saw some deals that we expected to have closed in the first quarter come through, as well as what I'll call is kind of getting back to a normal, a more normal cadence with discussions, with exploring opportunities. And so it was, it was a good quarter. And again, proud of the team for their focus and execution. And as we look at the pipe for the rest of the year, you know, we see that momentum out there. And interestingly, with the liquidity crisis, I think it really reinforced the need for financial institutions to look inward and challenge themselves in terms of how they're going to get more efficient. They need to do that.
You know, net interest margins, you know, getting squeezed, there's pressure on costs, and technology is there to help, and nCino is there to help, and they need to do that while giving their customers a better user experience. And again, that's where we come in and we play and help them out.
Awesome. No, good, good to, good to hear and appreciate all that. You know, I want to shift gears and dig into some of the products. You've... You built your pedigree in commercial lending, as you said. You know, I've heard, in checks and things like that, that commercial lending, the consumer experience is one of the strongest, across the entire suite of products that you offer. You know, you've been doing this since the beginning. Could you just talk a little bit about why nCino started off in commercial lending? What, what the opportunity the company saw there was, and how that's evolved, in your time at the company, since you've been at the company, almost since its inception?
Yeah. So commercial lending, particularly in the U.S., is really the profit center for the bank. Again, as I mentioned earlier, a lot of investments in financial technology, but really not in kind of cleaning out, you know, the processes in that middle and back office. So we saw an opportunity there, you know, to really transform that. It just really wasn't something that where investments were being made. As we did that, again, we appreciated that it's not just on the commercial side, but it's across the entire bank. But what really drove, I think, a lot of our success was, first off, our folks build great software products, first and foremost. Secondly, we, you know, are so passionate about taking care of our customers.
These are generational buying decisions that these financial institutions make. Our software should be in there for 10, 15, 20 years, and making sure we take care of the customer is critical because we also want to sell them more and more software. And so those are the things that, you know, that we, that we focus on. And ultimately, from a commercial standpoint, again, it was a start, but we really saw this opportunity across the broader, the broader platform to build out.
Yeah. And I guess to that point, the back office is one of the most difficult places to sell into, given the risk aversion of CFOs and other folks in the back office. You have this added layer of complexity, where your end market and financial institution technology buyers are, you could argue, even more risk averse. And so how do you... You know, when you thought about that opportunity in commercial lending and in particular the back office, how did you navigate those complex waters?
Yeah. First and foremost, it's a business sale. We really focus on the business and the value that we're able to bring to make an institution more efficient. And so that's really where it resonated versus, again, a lot of financial technology software sales historically have been on the IT side. And it's truly helping a bank appreciate that there's a better way to do it. You know, we want to go in, and we want to make them more efficient. We don't want to automate their inefficiencies, right? We want to make them more efficient. And so working with them, you know, it resonated. And frequently, what you'll see is just like when we go into a new country, there's somewhat of a hesitation. No one really wants to be first, right?
And so you get someone to go along this journey with you, and then you make them successful. When others see that success, then they'll come along as well, because ultimately, from a competitive standpoint, I think they appreciate that if they don't, then it's going to be harder and harder for them to compete.
Yep. No, that makes a lot of sense. And then when you size where you are today versus what the opportunity is, you talked about international, you talked about there not being, you know, as much competition in the in the sort of back office commercial lending space. How do you size what that opportunity looks like and where you are in that in that journey today?
Yeah. So we have an over $16 billion SAM, and, you know, from a, a guidance this year, you know, we're in the high 400s. And so from our perspective, it's, it's very early. A lot of that has been in commercial banking, but even there, you know, we've got $300, probably plus million dollars of commercial lending business, and there's a SAM of over $3 billion. Our SAM outside of the U.S. is larger than the U.S., and our SAM in retail is about double the size of commercial. And so from our perspective, again, very early on, we're seeing the strategy that we put in place a decade ago continue to resonate and, and play out.
I think what's really exciting is we announced on our second quarter call, and you noted earlier, that more than half of our pipe was non-commercial. I think that's a reflection of the maturing nature of our newer products, and again, the opportunity that we have, while we continue to grow commercial, 'cause there's still plenty of runway there to grow these other products as well.
Yeah. I want to touch on that a little bit more. So 50% of the pipeline, that's a really big number, and I think, you know, compared to what we all might have thought, not just prior to the quarter, but a number of years ago, might have been something that seemed unattainable. And so when you talk to customers who are looking at these other products and finding interesting ways to implement them, what's driving that, right? Is it somebody who already has commercial lending, a good relationship with you and says, you know, "Hey, nCino does this really well. We're willing to, you know, take that next leap into this new product"? Or are you actually seeing landing with new customers with some of these new products? How do you gauge that pipeline?
Yeah. Certainly, our commercial lending customer base is a tremendous asset for us, and so we absolutely have that being part of that kind of excitement around the newer products. But we are landing with all different products. We can land anywhere. We really want to focus on what issue the bank's having, and we can land with it. We're also seeing more and more financial institutions buy everything at once. Johnson Financial a bank we announced in the fourth quarter, where they bought everything. And so we're seeing that as well. And so again, I think it comes down to the problems that we're solving for banks to really appreciate that they have to become more efficient and have a better user experience. But even beyond that is just to understand the customer, right?
Without having a full view of the customer, it's really impossible for them to fully serve that customer, understand the relationship that they have with that customer. Historically, they dealt in silos. So if you're a commercial lending customer, you dealt with kind of one system in one part of the bank. You could have a massive commercial lending relationship, but they wouldn't even know you on the personal lending side and wouldn't know those two things were connected. And I think in the aftermath of, you know, of the liquidity crisis, it really reinforces even more, if you don't know who your customer is, how can you truly assess your risk, right? And how can you truly appreciate that customer relationship? I think it's one thing if a customer just has a checking relationship with a financial institution.
Think about that and how loyal that customer may be, versus if you have a checking account, savings account, mortgage, car loans, your small business may bank there. Those are two very different customer profiles, and we help our customers appreciate that and, you know, make sure they go through their risk analysis accordingly.
Got it. And then, you know, going into one of those products, SimpleNexus, this is a company you acquired. You know, when you think about the opportunity from both a new logo perspective, and I think you noted some competitive takeaways in that product as well, mortgage is a really difficult space to be in right now. Just more broadly, what's driven the success? I think you said U.S. Mortgage was up sequentially and year- over- year, which compared to a lot of businesses, is certainly outperforming from a share perspective. What's been driving that, and how has that integration process gone, bringing in SimpleNexus into nCino?
Yeah. So, continued great performance and, as you note, in a difficult, a very difficult market, year-on-year and quarter-on-quarter growth again. I think several things. Number one is just, it's a great product. And again, if you see that product in a demo or actually you're a user of it, it is a fantastic technology that the SimpleNexus team built. The people, it always does come down to the people, particularly in software businesses, so it's great people as well. But historically, they were very focused on building software, very much an engineering mindset. And in fact, the co-founder and main product builder is now our Chief Product Officer, right? But from a marketing standpoint, they really weren't, you know, a marketing machine like some other companies are.
And so I think being part of nCino has really helped expand, you know, their visibility. And being able to bring them into our customer base has been, I think, you know, a great additive from a sales perspective. And so 19 new logos in the quarter, seven cross sales, six competitive takeaways. The majority of those 19 new logos were financial institutions, which I think this is the, I think, third quarter in a row that we've been more, financial institutions than independent mortgage banks. And so that has gone, really well. The integrations continued to, I think, exceed our expectations. They're always hard. I always say the easiest acquisitions are really, really difficult, but it does come down to, to the people and having a common vision.
Even when the market can be a little bit difficult, you know, staying focused on the goal. So, we're really excited about that performance in this market, knowing what that business can do, again, when the market ultimately does stabilize and you know, gets back to growing again.
How does that business allow you to continue to cross-sell other products down the line in things like consumer and retail, outside of your core commercial lending business? Obviously, SimpleNexus was an established brand. People knew who they were. You bring that in, that's a product that's performing well. How do you use that to take advantage of opportunities outside of commercial lending?
Yeah. So first off, it's a great, you know, additional product in the toolbox, if you will, to go sell. And again, the technology is fantastic. But the other thing that we've been doing with that, if you've been listening to us, is we've been leveraging their front-end expertise, their front-end experts in terms of that end-user experience, and mobile-first application development. And we're bringing that across all of nCino's consumer-facing products. And so not only are we gonna be able to sell, you know, a loose front end, leveraging that technology, but also it's gonna be in front of our, the nCino Bank Operating System. And so those are generating conversations, as well, which is really exciting for us.
No, that's great. And then, you know, I'd be remiss if I didn't ask on the financial exposure to the bank closures. What's the latest on your understanding of how M&A is impacting your business? I know you noted that you do have some financial exposure, and, you know, I think for a lot of investors, the future of that revenue stream is a little bit unclear. But how do you, as CFO, think about that internally?
Yeah. So no new news to report. Again, we've lived through throughout the history of the company, you know, M&A. And historically, M&A has actually been an opportunity for us to expand relationships, and anytime there's an M&A involving one of our customers, that's the way that we pursue it. And so, you know, those discussions are ongoing. Again, overall, I think we, you know, are excited about some of the opportunities that it may bring, but nothing new to report at this time.
Understood. All right-
It is baked into... As we look at guidance for this year. Y ou know, it's baked into our guidance.
Great. And then, let's get into some more exciting stuff. nIQ . What is it? What should investors know about it? What makes you most excited about it?
Yeah. We are really excited about, again, nCino IQ or nIQ. And as I noted it, we started four years ago, launching. Again, just seeing that, you know, workflow is one thing, but the ability to inject intelligence across the workflow at the point of production, where an employee is actually using our software, was a competitive differentiator. And so we've currently got three nIQ products. We've got Portfolio Analytics, we've got Auto Spreading , and we've got our Commercial Pricing and Profitability . But the other thing that we've been doing is spending time, energy, and money, making investments in infrastructure, really, where we can bring all of the data that we've got as a company, you know, into a data lake, or now I'm told it's data cloud, it's the new term, so that we can leverage that.
And so what our customers should expect, and ultimately investors expect over the coming quarters and years, is that we roll out additional products or use cases leveraging all of the data. And when I talk about data, you know, we've got over a decade of credit union data from over 1,000 credit unions. I think everyone's familiar with our commercial lending business and the book that we've got there. The mortgage business that we've got with SimpleNexus, which, through some software, is touching about 25% of the mortgages in the U.S. last year. We've got 5 of the top 7 banks in Canada, the top 9 in UKI, et c.
And so all of that data, we're bringing together to be able to come to our customers with, again, additional use cases to allow them to use AI and intelligence to make better decisions. And so examples are like probability of default, right? Probability of early payment, helping them analyze their risk profiles, all through data. And we've been working with our customers as well because it's their customers' data, and ultimately, we need to do it in a very secure, thoughtful, anonymized manner. And, you know, ultimately, it's been a process that we've been going through. But I think the exciting thing for us, as there's been so much discussion about AI, is it really reinforces the value that we've been, we've been preaching, and I think that will bode well as we think about that potential growth lever going forward.
Yeah. No, I think that makes a lot of sense. So for you, as CFO, how do you balance incremental investment relative to growth, profitability, some of these other factors? Because I'm sure you have stakeholders internally, externally, customers all coming to you with ideas. You've got this great data asset, you know, there are a million things you can do with it. How do you evaluate incremental opportunities on the AI side? And what stops nCino from having this GenAI copilot for, you know, front office all the way to the back office of banks in the next 10 years?
Yeah. So I don't think anything stops us. From an investment perspective, again, we've been doing this, and so I think a lot of companies, and I speak with friends and colleagues, you know, finding dollars to go invest now in AI, but fortunately, it's been part of our strategy. And so, you know, there may be some incremental dollars here, but nothing, you know, of note or nothing that would change kind of our financial plans. When we think about it, we've got the GenAI piece, and then we also have a predictive AI piece, again, leveraging this data. And so we see opportunities on both those fronts. And again, I think that what's unique about us, where we're positioned, is because we've got that single platform, right?
We're able to leverage the data across the financial institution or financial institutions as we're able to aggregate it. I think that's unique versus, again, just kind of a siloed point, you know, or a siloed business line, which, again, is how banks have historically been organized.
Yeah. No, that's great. And then, how should investors think about how levered nCino's financial profile is to rates, right? Because you do have a scenario where, you know, you had some independent mortgage banks that were closing down. The mortgage market broadly has impacted your growth just a little bit, even though you are gaining market share and things look to be going well on a relative basis there. But for investors who want to figure out for their models or for revenue growth and how to think about, you know, acceleration and deceleration, how exposed are you to the changing macro rates? Because you are also a SaaS business so that that creates some durability as well.
But help us figure out those missing pieces, those moving pieces.
So I think as you look across the business, you know, again, we provide mission-critical software for financial institutions, very sticky software. If you exclude the mortgage business for a second, which I'll circle back on, you know, pick commercial lending, for example. Most of the functionality in our commercial lending is actually used post-origination of the loan, right? And so it is assessing it on a quarterly or you know annual basis, depending on what the cadence is with the customer. It's making sure from a risk perspective, you know, the bank is comfortable. And so as we talk about risk, risk analysis, risk approach, our software is helpful to that. And so again, from an interest rate perspective, if anything, it's driving them to leverage our software more.
On the mortgage side, clearly, you know, that impacts that side of the business. But, you know, we've been working with customers, you know, to help them through a difficult time. And, you know, as part of that, again, we have minimums in our contracts. We've worked with them around that, and again, ultimately trying to set up that on the other side of that, you know, we're able to benefit as the growth comes back to the marketplace. And so, you know, from my perspective, if we're able to do this in a challenging time, it really gets exciting in terms of what we can do when the market, you know, when the market settles down.
No, that's great. And then just on international, could you just walk us through how you've been able to be successful there? I think for a lot of different software industries and markets, et c, the selling motion in the U.S. can be quite different from international. A lot of times companies struggle when they first go to market, have to pull back and then reassess. Can you just walk through the journey there? And I know you announced a number of great things on the international side on the last call, but what's led to that success, and where are we today in the international business?
Yeah. First off, patience, because to your point, it is different and each country is different. And again, I get back to it really takes time to get that first customer. The rest of the industry waits and see how you perform, and you have to have patience to get through that process. But again, we've seen, you know, kind of country after country, you know, once we get that first customer live and successful, we've seen, we've seen others come. And so we've been very focused in terms of the countries that we've identified to go into. Again, we have customers right now leveraging our software in 16 different countries. But ultimately, as we look at our SAM and the opportunity, our SAM is bigger outside of the U.S., and so that's exciting.
Commercial is, you know, a leading product, but the other thing that's very exciting outside of the outside of the U.S. is mortgage, which is a different mortgage than what we have here. For there, it's not a government-involved loan. It's just another loan that's on the books of most financial institutions. And so just like commercial is kind of the profit center here, mortgage, to a large degree, is the profit center for banks outside of the U.S. We announced a big win in the first quarter, in the U.K., in that space, and that's something I think that gives us a lot of excitement as we think about future opportunities for growth. The other thing that we announced in the second quarter was something that's kind of a new motion for us.
We've got wonderful relationships with our SI partners, the Accenture, the Deloitte, the PwC of the world. And, partnering with Accenture, we, we had our first sale in the Middle East. And so we really are taking outside of countries that we're currently in, kind of a top 400 account approach, really on an account basis versus a geography basis. And, and I think we see that as another lever for growth, that being the first of hopefully many to come.
That's great. And then when you look from a referenceability perspective, if you will, to some of your early international markets. Yeah, how many customers does it take to really start bringing in more interest? How many people does it have to sort of stick their necks out and get out in front of the opportunity for you to start seeing a lot more inbounds or a lot more palatability from the SI community in relation to any of your products?
Yeah. The SI community has been great partners for us, not only in getting certified on nCino and helping from an implementation standpoint, because, again, we really try to drive services revenue, particularly for the mid- market and upper enterprise banks to those. But they've been helpful in bringing us into relationships they have in country. But really, you get. It's that first one. You got to get that first one live, successful, and referenceable. And then again, while financial services is a large market, it's actually really small in terms of the people who know each other. Folks move around from bank to bank. But Japan's a great example. We announced another live customer this quarter, and I think we're now at 4 or 5.
You can see the momentum from a sales perspective and from a, you know, from a meeting perspective in terms of the size of institution that you now are meeting with versus where we were maybe 18 months or two years ago. So it doesn't take many, but it's critical that they get live and that they're happy, and that's what we focus on making sure happens.
Got it. No, that's great. And then just taking a step out to a much higher level, right? When we look at the current macro, obviously, you, you mentioned the liquidity crisis. I think across software, we're seeing, the longer time to value, trickier implementations facing a lot more scrutiny, yet you guys are seeing more inbound, as you mentioned, that people want this efficiency, given that you need to know your customer, deposits are really important, and, you know, that seems to change with rates and all of these other things in the macro. When you think about your leverage to macro and where you see the business sitting today, where are you? You know, how much more time do you think we need for the pipeline to be back to normal? Just high level, how do you think about where you are?
Yeah. Look, the liquidity crisis, I mean, it wasn't that long ago, and it, and it was a shock. But we feel like things have settled down. Can't say for every customer prospect, but for most of them. And, you know, we've seen discussions pick back up across the globe and at all sides of institutions. We noted that the biggest impact we saw was to enterprise banks. And again, just going back two weeks ago, our CEO and Chief Revenue Officer and President, Josh Glover, Pierre, they were on the road speaking with enterprise banks around opportunities. And, you know, again, from a strategic standpoint, I think we feel, we feel spot on.
And so, if you take a step back and think about all the investments that we've made, again, whether it be in geography or whether it be in products, you know, we feel like we're in the right spot at the right time and ultimately are in a great position to help financial institutions, you know, make the changes that are necessary to be competitive in today's world.
That's great. And then a CFO-specific question, capital allocation, right? In the current rate environment, how are you evaluating things like M&A, additional R&D, expansion of your sales force, things like share buybacks? What are the priorities, both from an OpEx and a CapEx perspective for you? And would you say anything has changed over the last year in the way that you're evaluating those opportunities?
No. I mean, again, from a CFO perspective, I like that we're generating cash and continue to add to our cash. So that's certainly something that's of note. But no, we frequently or constantly go through the build, partner, buy analysis. You know, we've been selective with the acquisitions that we've done. We've done three in the history of the company that I think we feel really good about. I think we've been able to demonstrate success in identifying great assets and being able to successfully integrate them. And so we'll constantly go through that analysis and see what makes sense. You know, as we sit here today, it's always critical for us to make sure that the SAM's covered. We've got enough salespeople in the market. We always start there.
But I think we feel good about the headcount that we've got. You know, I think we feel good with the investments that we're making and have made. And so as we sit now, again, we'll always be looking for opportunities, whether it be from a partnering standpoint or from an M&A standpoint. We've talked about, particularly around nIQ, if there's things that can help accelerate, you know, our, our AI and data and analytics initiative, we're certainly open to that from an inorganic standpoint. But otherwise, right now we're just focused on executing, you know, with the products that we have and, again, making sure we help our customers navigate these interesting times.
And on the nIQ side, are there any particular areas that... And I, you don't have to announce anything today. But are there any particular areas of interest based on where you're operating today, where you're seeing success that, at a high level, seem interesting to the company?
Yeah, nothing to note. Again, there's a lot of interesting stuff going on, and so some of it, you just wanna make sure you're exposed to and you, you know, you understand what people are doing or what people are seeing and where there are opportunities. We spend a lot of time with our customers, making sure we understand what they're looking for, right? Which has been a huge part of us and our, and our product build over the years. But ultimately, things settle out. You know, again, you kind of have a little hype stage, but things settle out. And again, I think right now we're just making sure that we're, we're fully educated and understand some of the different technologies that people are using them, that people are using and how they're using them.
And are customers buying into all the AI hype? I think you mentioned a pop and then a real, more of a reality check. Is that what you've been hearing across your customer conversations? Is there not still some elevated interest across that?
Yeah. I mean, again, our customers are conservative, right? And again, particularly around customer data. And so first and foremost, it's around security... right? And making sure that they're comfortable, and that's where I think we're uniquely positioned. You know, we were the pioneer in cloud banking, and everyone told us that banks will never put their data in the cloud, and we took them along this journey, and I think we're positioned uniquely to do that on the AI data and analytics play as well. And so, there's more conversation, but again, I think, you know, this is an evolution, not a revolution, as it relates to the financial services industry, even though I think they're gonna be a little bit more aggressive than maybe they've been about other things in the past.
Great. Any questions from the audience for Greg?
Hey, Greg. Do you still use Force.com on the back end? Or if you've fully migrated off, did it change the way you think about M&A integration or leaning in on new product velocity or AI?
Yeah, no, we do use Force. Salesforce has been a great partner of ours since we started the company, you know, over a decade ago. Our Simple Nexus and our nIQ products are on AWS, so they're off-platform. But again, Salesforce has been a great partner. We signed in 2020, as we were going public, a new 7-year extension with them, on that agreement, and so, you know, I guess we're a little less than halfway through that term, but, you know, nothing's changed in terms of the use of that platform and how we've been using it. And again, I think as you think about some of the growth and expansion that we've had globally, I think that's been a big reason for it and a helpful reason for facilitating that.
Great. Greg, you're doing a lot of investor meetings around this, and I'm assuming more broadly, when you're talking to folks, what are some of the things you think are misunderstood about the story, or people are focusing too much on or not enough on?
Yeah, you know, again, I think from a near-term perspective, there was a dislocation in the market. I think taking a step back and big picture, thinking about how big the market is that we play in, the unique positioning that we have in the market, both again, from a geographic perspective as well as from a product perspective, the investments that we've made that I think we're seeing some of the output of, which is great to see. You know, as well, I think that we've got a lot of levers for growth as we think about the next three to five years.
And ultimately, again, from my perspective, just making sure people appreciate the investments, the customer base that we have, a very satisfied and referenceable customers, and then the products that we have that, again, are just now really kind of being taken to market in a more aggressive way, you know, versus, again, kind of the short term. Right? And so, I think people who appreciate that, you know, can understand again, where we play and the opportunity that nCino can provide.
Sounds great. And then last one here, I think we've got a minute left, but when you think about what nCino as a platform looks like in 5 years+, right? You're today at 50%+ of your pipeline coming from non-commercial lending. You've got a nIQ offering that has, I think, four solutions you're focused on. You know, what does the platform look like longer term, in your view, and what do you envision as a CFO?
Yeah, continued growth. Top line, again, we're always gonna air on the side of growth. But, you know, a very profitable growth company with a fantastic customer base, so very satisfied and referenceable customers. I think we're gonna have the ability to bring new products to market, and then take them to those happy customers. And so from our perspective, as I said a little while ago, it's still early. And so I think we've got a lot of runway, and it's just about executing. There'll be headwinds from time to time, and you navigate through them, and, you know, ultimately, there'll be tailwinds as well.
And again, I think we have constantly challenged our strategy to make sure we feel like we're on the right path and stay on the right path, and I think we feel like we are incredibly well positioned with what we've built.
Fantastic. Thanks for being with us, Greg.
Appreciate it.