Bank operating system provider nCino is expanding its functionality for financial institution (FI) clients with the deployment of artificial intelligence (AI) and predictive analytics, the company said Thursday (Nov. 14).
Its expanded Bank Operating System offering will integrate nCino IQ (nIQ), a solution that integrates AI and machine learning to promote automation and connect users to sophisticated and predictive data analytics. The solution integrates with banks’ front-, middle- and back-office operations to streamline data aggregation, the company explained, allowing FIs to gain deeper insights into operations and customer needs while remaining compliant.
The nIQ tool includes Data Recognition, which automates data aggregation, as well as Insights, a predictive analytics feature to monitor risk and performance across an FI. The solution will also connect banks to the nIQ Digital Assistant solution, which provides bankers with access to real-time data on demand.
The augmented functionality of nIQ follows nCino’s acquisition of FinSuite, leading to augmented capabilities in data recognition and the ability to manage unstructured financial information regardless of format or language.
“Since its inception, nCino has championed the idea of the agile enterprise, where financial institutions can reduce loan cycle and account opening times by digitizing and automating their processes via our single end-to-end platform,” said Trisha Price, nCino’s chief product officer. “Now, with nIQ, we’re evolving that concept further to the Intelligent Enterprise, where AI is injected into every stage of production and stands at the center of every business line we support. With nIQ supercharging their operations, financial institutions can achieve a competitive advantage that allows them to increase savings and, most importantly, make more informed decisions to more effectively and efficiently serve their customers.”
Last month, nCino announced that B-North, a U.K. challenger bank, had chosen its bank operating system technology to operate the FI’s core infrastructure.