How nCino is Bringing Generative AI to Financial Services
Artificial Intelligence (AI), particularly Generative AI (Gen AI), has transformed industries in significant ways, and financial services is no exception.
Today, financial institutions (FIs) grapple with a myriad of challenges. These include time-consuming loan processing, disparate data sources, resource-intensive loan origination processes, and the overwhelming task of interpreting large sets of data.
At the same time, AI is unlocking new value streams for FIs, especially in the areas of efficiency and productivity, deal pricing and profitability optimization, credit risk management, compliance, and customer experience.
In fact, according to Accenture’s Commercial Banking Top Trends for 2024 report, 67% of working hours in the banking industry could be affected by Gen AI technology. Further research and analysis from Accenture suggest that leveraging Gen AI could uplift an average bank’s operating income by 20%, and banks that leverage Gen AI effectively could get a 22% to 30% productivity uplift.
It's clear that the opportunity Gen AI presents is too big to pass up. But how can FIs adapt to and unlock these value streams across their business? The answer is nCino’s Banking Advisor, powered by nIQ.
nCino’s Banking Advisor, powered by nIQ, harnesses the power of Gen AI to deliver real-time intelligence in the moments that matter most. This banker-focused solution is designed to assist with a wide range of queries, from credit policies to customer and portfolio insights, all while facilitating navigation of the platform with ease and efficiency.
The solution provides an interactive experience with any PDF allowing bankers to 'chat' with documents such as training materials or credit policies. Banking Advisor's narrative skill streamlines the drafting of financial documents, significantly reducing the time spent on this previously manual task. It also provides unique insights into pricing calculations to better understand profitability metrics. Lastly, Banking Advisor enhances document processing by effortlessly scanning and categorizing uploaded materials to the appropriate relationship.
Banking Advisor is both intuitive and dynamic, allowing users to streamline how they work with one click of a button embedded in the nCino platform.
Once implemented and adopted by the FI, Banking Advisor can:
Serve as a trusted, banker-focused digital advisor that streamlines key processes · Accelerate adoption and faster onboarding
Improve loan cycle and decisioning times
Minimize human error in credit memo development
Reduce manual workloads allowing staff to focus on value-added activities
Help bankers better understand pricing and profitability calculations and metrics
According to Accenture, automating initial credit memo narratives is one of the many ways Gen AI can deliver value to FIs. By automating this process, Banking Advisor not only optimizes operational efficiency but also empowers bankers to allocate more time towards engaging in high-value activities and nurturing client relationships. This is just one of the many capabilities the solution has to offer.
Banking Advisor represents nCino's unwavering commitment to innovation and delivering a modern, intelligent banking experience. It is poised to help FIs harness the power of Gen AI to turn challenges into opportunities and remain competitive as the financial services industry continues to evolve at a dizzying rate.
To learn more about Banking Advisor, please visit nCino.com/banking-advisor.
Artificial intelligence (AI) and machine learning (ML) are transforming how financial institutions approach many traditional banking processes. When it comes to AI in the financial services industry, the concept of explainability—i.e., the ability to clearly communicate the process behind AI’s decision-making and understand the model’s inner workings—is of the utmost importance.
Artificial intelligence is revolutionizing many traditional financial services, including credit decisioning. The evolution from traditional statistical models to AI-driven approaches marks a transformative shift in the financial industry. With AI integration, financial institutions will experience a fundamental change in how they assess and manage risk, ushering in a new era of efficiency and innovation.
The rise of artificial intelligence (AI) is transforming how financial institutions (FIs) approach traditional banking processes, but not all FIs are prepared to take advantage of this game-changing technology. Leveraging AI is not a one-off task, but a continuous cycle of assessing, enhancing, and improving data quality for an effective strategy. For this reason, the journey AI optimization can seem daunting.
Artificial intelligence (AI) and machine learning (ML) are transforming how financial institutions approach credit decisions and traditional banking processes. By incorporating AI into the credit decisioning process, financial institutions can help create a more inclusive, intuitive, and impactful financial services landscape.
Con la rápida evolución de la tecnología y el aumento de las exigencias normativas, las
entidades financieras se enfrentan a la doble tarea de mejorar la eficiencia de sus
operaciones y atenuar los riesgos.
