nCino Unveils AI-Powered Banking Advisor
Cloud banking company nCino has introduced a new artificial intelligence (AI)-powered tool called Banking Advisor. This innovative solution is designed to assist bankers by providing portfolio management, simplifying various tasks, and ensuring banks stay compliant with regulatory requirements.
Donald Permezel, the general manager of product at nCino, explained: "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 proud to offer innovative solutions that make an immediate impact for our customers and can also evolve to become more insightful as adoption increases," he added.
How Banking Advisor Transforms Banking
According to nCino, Banking Advisor's intelligence and automation significantly boost productivity. This allows bank employees to focus on "higher-value activities like building and maintaining client relationships."
Banking Advisor uses nCino IQ, a sophisticated system combining AI, machine learning, and analytics to provide "intelligent automation, data-driven insights, and industry benchmarks that create an enhanced user experience."
Record Sales and AI Adoption
Last month, nCino reported that the demand for its single-platform cloud banking solution and AI features helped achieve record gross sales in the most recent quarter.
Pierre Naudé, chairman and CEO of nCino, emphasized that the first-quarter sales record showcased "the effectiveness of our single platform strategy" and customers' need for products that "embed intelligence into essential business processes."
"With more visibility into their own financial performance, many financial institutions can refocus on strategic initiatives to improve their operations, enhance user experiences for their clients, and boost their competitive standing," Naudé said. "This results in increased technology spending."
The Future of Digital Banking with AI
AI is revolutionizing digital banking convenience. Kåre Kjelstrøm, CTO of Lunar, said: "AI assistants are the next step in the digital banking evolution, allowing customers to interact with their finances through natural language."
This marks a significant shift from traditional user interfaces (UIs), allowing users to achieve deeper financial insights in a more intuitive manner. "It is a journey toward hyper-personalization," Kjelstrøm added, noting that traditional banking often provides generic and impersonal services, leaving users feeling disconnected from their finances. "Banks have a wealth of information about you that can be leveraged to help you take control of your finances," he said, although only some banks use AI solutions to activate this data.
Banking Advisor from nCino represents a significant step forward in this journey, providing banks and their customers with enhanced tools for managing and understanding financial information better than ever before.
