There is a new innovation in the world of Finance. With features like interactive documents where bankers can interact with PDF documents, such as credit policies and training materials, through a chat interface. The solution automates the creation of new deal and credit memo narratives, reducing human error and streamlining what was previously a manual task. A chat interface provides conversational industry benchmarks and insights, helping bankers determine the best next steps for their business. Document uploads are streamlined, with the system scanning and categorizing information to associate it with the appropriate relationship. And if this wasn’t enough the tool answers specific questions based on uploaded documentation, such as:
“Can I originate a loan with a loan-to-value (LTV) ratio of 80% for a commercial property in California, given our current credit policy?”
“What are the documentation requirements for a construction loan with an LTV ratio above 80%?”
“How do I initiate a loan approval request for a large commercial loan, and what are the required approval roles?”
nCino, Inc., a pioneer in cloud banking solutions for the worldwide financial services sector, has announced the public release of Banking Advisor, its latest artificial intelligence (AI) product. Banking Advisor, designed as a conversational co-pilot for bankers, promises to modernise portfolio management, reduce regular operations, and simplify complicated procedures to help financial institutions with regulatory compliance and operational efficiency.
Donald Permezel, General Manager of Product at nCino, emphasized the company’s commitment to innovation: “Since nCino’s inception, we’ve been committed to transforming the financial services industry through innovation, reputation and speed. As financial institutions recognize the tremendous potential of AI to reshape their operations, there is a concerted effort to incorporate these technologies to achieve differentiation in the marketplace and enhance user experiences. We’re pleased to offer innovative solutions that not only make an immediate impact for our customers, but that also have the ability to evolve and become more insightful as adoption increases.”
Banking Advisor is powered by nCino IQ (nIQ), which was debuted in 2018. It uses AI, machine learning, and analytics to provide intelligent automation, data-driven insights, and industry benchmarking. This innovative solution uses massive language models to deliver real-time information, recommend next steps, and enable meaningful interactions with documents and data, unlocking new value for users of the nCino Cloud Banking Platform.
Customer Experience
Banking Advisor operates exclusively on data provided by the individual financial institution, ensuring a tailored and precise user experience. Participants of nCino’s closed beta Product Design Program, which includes various geographies and asset sizes, have validated Banking Advisor’s functionality and provided critical feedback.
Industry Feedback
Tyler Craft, SVP and Director of Transformation, Fintech & Emerging Tech at First Horizon Bank, shared their experience: “We’re proud to be participating in nCino’s Product Design Program for Banking Advisor, investigating the functionality and providing critical feedback as we explore the potential of incorporating Gen AI into our operations. We consider ourselves a forward-thinking institution that continuously looks to provide exceptional experiences to our clients and bankers, and the partners we choose to help us innovate responsibly with joint expertise. We’re excited about the capabilities nCino is bringing to market and the opportunities we have to partner into the future.”
Christopher Hart, Chief Data Officer at Northern Bank, commented on their early adoption of the tool: “We chose nCino as our cloud banking partner in 2016 because of their commitment to efficient transformation and their relentless pursuit of cutting-edge technology. By using Banking Advisor, banks like Northern Bank can now shift towards optimization for efficient workflows and use the Gen AI tool to make data work for them versus working for the data. nCino’s flexible technologies and unified platform enable us to build the intelligent automation into our business and deliver the personalization our customers expect. It was an easy decision to become an early adopter and pioneer this innovative co-pilot.”
In Q1, the firm recorded $128 million in sales, a 13% increase over the same quarter previous year. Demand for its single-platform cloud banking and AI products remains high. The business also highlighted its partnership with M&T Bank, which uses its explainable AI platform for ongoing credit monitoring.
nCino expects to make a profit this year on revenues of roughly $540 million. With breakthroughs like Banking Advisor, nCino continues to set the standard for integrating AI to improve operational efficiency and drive the future of the financial services sector.