nCino Takeaways from our Headquarters Visit

Research evidence excerpt

nCino Takeaways from our Headquarters Visit

J P M O R G A N North America Equity Research

17 June 2026

nCino Neutral

NCNO, NCNO US

Takeaways from our Headquarters Visit Price (16 Jun 26):$14.86

Vertical SaaS & HealthTech

Yesterday, we brought investors to nCino’s headquarters in Wilmington, NC for a Ella Smith AC

headquarters visit for product demos and discussions with key management, (1-212) 622-2451

including with nCino’s CEO, CFO, CTO, and co-founder. Much of the investor ella.smith@jpmchase.com

feedback we gathered afterwards centered positively on how directly the company Alexei Gogolev

engaged with the AI disruption concerns. The throughline was defensibility, (1-212) 622-9391

grounded in how embedded nCino is within commercial banking workflows. CEO alexei.gogolev@jpmorgan.com

Sean Desmond spends considerable time meeting with bank executives to win new Destiny Jackson

large new customers, and that proximity appears to keep the product roadmap (1-212) 622-4360

destiny.jackson@jpmorgan.com

closely aligned with customer needs. Several attendees came away skeptical that

Isabella A Camaj

frontier model providers, such as Anthropic, would find this a logical market to (1-212) 834-2379

disrupt directly. One investor framed the setup as an acceleration story: a well- bella.camaj@jpmorgan.com

penetrated platform now layering AI onto an entrenched data and workflow base. J.P. Morgan Securities LLC

• On AI products and intelligent units. Management walked us through

Banking Advisor, a conversational layer spanning the platform, and Digital

Partners, agents purpose-built around specific banking roles. The clearest

adoption to date sits in continuous credit monitoring, which runs overnight and

surfaces relationships that may need attention. We thought it was notable that