nCino Unveils AI-Powered Banking Advisor

Cloud banking company nCino has unveiled an artificial intelligence (AI)-powered solution dubbed Banking Advisor.

The new offering, announced Monday (June 17), is a “banker-focused, conversational copilot tool” that provides portfolio management while streamlining tasks and helping banks track and comply with regulatory requirements.

“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,” Donald Permezel, general manager of product at nCino, said in a news release.

“We’re pleased to offer innovative solutions that not only make an immediate impact for our customers, but that also have the ability to evolve and become more insightful as adoption increases,” he added.

According to the release, Banking Advisor’s intelligence and automation help improve productivity, allowing employees to spend more time on “higher-value activities like building and maintaining client relationships.”

Banking Advisor is powered by nCino IQ, which debuted in 2018 and uses AI, machine learning and analytics to “deliver intelligent automation, data-driven insights and industry benchmarks that create an enhanced user experience,” the company said.

Last month, nCino reported that demand for its single-platform cloud banking solution and AI features helped fuel record gross sales in its most recent quarter.

Pierre Naudé, chairman and CEO at nCino, said in a news release that the first-quarter sales record highlighted “the effectiveness of our single platform strategy” and customers’ demand for products that “embed intelligence into essential business processes.”

“With more visibility into their own financial performance, more and more financial institutions have been able to refocus on strategic initiatives to improve their operations, create additional operating efficiencies, provide better user experiences for their clients and improve their competitive positioning,” Naudé said. “This is translating to more technology spend.”

Meanwhile, PYMNTS wrote last week about how AI is helping improve the conveniences associated with digital banking.

“AI assistants are the next step in the digital banking evolution, allowing customers to interact with their finances through natural language,” Kåre Kjelstrøm, CTO of Lunar, told PYMNTS during a discussion for the “AI Effect” series.

This marks a major shift from traditional user interfaces (UIs), allowing users to reach deeper financial insights in ways that are intuitive and come naturally to them.

“It is a journey toward hyper-personalization,” Kjelstrøm said, adding that traditional banking systems often provide generic and impersonal services, which can leave users feeling disconnected from their finances.

“Banks actually have a lot of information about you that can be leveraged to help you take control of your finances,” he added, though only some of them use AI solutions to activate it.

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