Cloud banking services provider nCino has added artificial intelligence (AI) capabilities to its Bank Operating System.

The new capabilities, dubbed nCino IQ (nIQ), use AI and machine learning to assist banks with insights and decision making.

nIQ integrates with the financial institution’s front, middle and back office operations enabling bank staff to respond to customer requirements faster.

The solution automates key banking processes, reduces manual data entry and decreases associated costs.

nCino chief product officer Trisha Price said: “Since its inception, nCino has championed the idea of the agile enterprise, where financial institutions can reduce loan cycle and account opening times by digitising and automating their processes via our single end-to-end platform.

“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 centre of every business line we support.

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“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.”

nIQ: Details

The nIQ tool can be used across several business segments including retail banking, commercial and small business banking.

The tool features Data Recognition to automate data extraction. Recently, nCino acquired FinSuite to bolster nIQ’s data recognition capabilities that involve extracting tax returns and financial statements.

The nIQ tool also includes Insights that uses predictive analytics to assess the financial institution’s overall performance.

The bankers can also use nIQ Digital Assistant to procure real-time information on demand.

nCino Bank Operating System provides the financial institutions with an end-to-end platform to support its operations.

The system integrates customer on-boarding, account opening, loan origination, deposit accounts and customer relationship management (CRM) and other services.

Last month, nCino completed a funding round led by T. Rowe Price Associates to further develop its Bank Operating System.