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nCino Deploying Banking Advisor, a Generative AI Solution to Drive New Efficiencies in Financial Institutions

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Thought Leadership

Managing Risk in a Dynamic Rate Environment

Rising interest rates can have a significant impact on financial institutions. In today’s rapidly changing rate environment, it is increasingly important for FIs to understand and take action to prevent significant risk to their institutions. Costs are rising everywhere. Whether you’re buying eggs for breakfast or gas for your weekly trip to visit family, everyone is feeling the shift in economy in some way or another.

This environment can place stress on families, individuals and businesses, but it can also have a large impact financial institutions (FIs). Times like these are often characterized by a rise in interest rates, which are fundamental to the business of banking. Rapid changes in rates can affect an FI’s sources of revenue and lower the total value of its assets and liabilities. Without having risk management strategies in place, these changes can have significant impacts on an FI’s financial safety and soundness.

While we can’t lower the cost of your breakfast, we can give you some tips on how to understand the interest rate increases and best prepare your institution to weather them.

Managing-Risk
Thought Leadership

4 Steps to Prepare Your Financial Institution for Dodd-Frank 1071

Dodd-Frank 1071’s final rule, issued on March 30th, 2023, one day before the critical amendment to the Equal Credit Opportunity Act (ECOA) was anticipated to be finalized, is a game-changer for small business lenders.The rule mandates that financial institutions report certain lending data points for small business lending, including demographic data on women-owned, minority-owned and LGBTQI+-owned small businesses. This data will be used by the Consumer Financial Protection Bureau (CFPB) to enforce fair lending laws and to identify community needs and access to credit. The data collected under the rule will also be used to develop new programs and initiatives to support small businesses.

When a financial institution (FI) is required to collect and report the required data is dependent upon the number of small business loans originated during 2022 and 2023. The earliest date an FI is required to begin collecting data is October, 1, 2024 (2,500 originations) with time extensions to April 1, 2025 (100 or 500 to 2,500 originations) or January 1, 2026 (at least 100 originations), depending on circumstances.

The rule is a complex one, and FIs will need to take steps to comply with it. As your FI prepares to conform to the new requirements, here are some actions to consider.

Dodd-Frank
Thought Leadership

Beyond ChatGPT: Leveraging the Power of AI

Amazement. Excitement. Controversy. Fear.By now, you’ve probably heard of ChatGPT, the revolutionary artificial intelligence (AI) technology that has stunned the world in 2023. Perhaps you’ve even tried out the free version of this powerful tool to draft an email to your boss or write a poem about your pet.

As exciting as generative AI applications like ChatGPT are, they’ve also triggered fear and uncertainty across many spheres, from education, where many school districts have banned students from using AI to write their term papers, to the financial services industry, where major banks like JPMorgan Chase, Bank of America and Wells Fargo have prohibited their employees from using AI for corporate communications, citing compliance concerns. Meanwhile, other financial institutions, such as Goldman Sachs, are experimenting with generative AI tools internally to help write and test code, which has some developers worried about their roles.

While conversational AI tools like ChatGPT, Jasper and Google Bard have suddenly captured the public’s imagination, the underlying technology is not new. And it’s certainly not the only—or best—use case for generative AI in banking.

Beyond-ChatGPT
Company Culture

8 Female Leaders at nCino Share Their Advice

At nCino, we have a lot of talented women in leadership positions. To celebrate International Women's Day, we asked a few women we admire across the company for their advice on growing as a female leader in what is often a male-dominated industry.

Newsroom—Article: 8 Female Leaders Share Advice, image 1

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