nCino unveils AI-powered banking advisor

The cloud banking company nCino has unveiled an artificial intelligence (AI)-powered solution called Bank Advisor.

new offer, announced Monday (June 17), is a “banker-focused conversational tool” that offers portfolio management while simplifying 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 market differentiation and improve user experiences.” Donald Permezelgeneral manager of product in nCino, said a press release.

“We are pleased to offer innovative solutions that not only have an immediate impact for our customers, but also have the ability to evolve and become deeper as adoption grows,” he added.

According to the announcement, Bank Advisor’s intelligence and automation help improve productivity, allowing employees to spend more time on “higher-value activities such as building and maintaining customer 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 standards 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 gross sales record in its most recent quarter.

Pierre Naudéchairman and CEO at nCino, said in a press release that record first-quarter sales highlighted “the effectiveness of our single platform strategy” and customer demand for products that “infuse intelligence into core business processes.”

“With more visibility on them OWN financial performance, more and more financial institutions have been able to refocus on strategic initiatives to improve their operations, create additional operational efficiencies, provide better user experiences for their customers AND improve their competitive position,” Naudé said. “This is translating into more technology spending.”

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

“AI assistants are the next step in the evolution of digital banking, allowing customers to interact with their finances through natural language.” Kåre KjelstrømCTO i Lunartold PYMNTS during a discussion on The AI ​​Effect Series..

This marks one big change from traditional user interfaces (UI), allowing users to achieve deeper financial insights in ways that are intuitive and come naturally to them.

“It’s a journey towards hyper-personalization,” Kjelstrøm said, adding that traditional banking systems often offer 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 used to help you take control of your finances,” he added, though only a few of them use AI solutions to enable it.

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