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nCino Brings AI to its Bank Operating System with nIQ

Cloud banking leader nCino is enlisting AI in the fight to help financial institutions make better, more informed decisions faster. The Wilmington, North Carolina-based company announced this week the release of nCino IQ (nIQ), a new expansion to its Bank Operating System that works across front, middle, and back office operations, to automate and connect. This not only reduces expensive and error-vulnerable manual data entry, the technology also enables financial institutions to leverage automation and analytics to make data-driven decisions that enhance the customer journey.

“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,” Chief Product Officer Trisha Price said. “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.”

nIQ has three main components: nIQ Data Recognition, which automates data extraction; nIQ Insights, which uses predictive analytics to measure and monitor organization-wide performance and risk; and nIQ Digital Assistant, which gives bankers the real-time data they need in order to build personalized experiences. The solution can be used in commercial, small business, and retail banking, as well as for customer engagement.

“With nIQ supercharging their operations,” Price added, “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.”

The product news from nCino follows company’s $80 million funding raising – its largest to date – announced last month. The funding, which took nCino’s total capital to more than $213 million, was led by a group investors advised by T. Rowe Price, and featured the participation of existing investor Salesforce Ventures. Also last month, nCino announced a partnership with CNB Bank, a $3.2 billion asset FI based in Pennsylvania, and added David Rudow to its C-suite, appointing the software and technology executive as Chief Financial Officer.

nCino demonstrated its Bank Operating System at FinovateEurope 2017. Founded in 2012, and named to the Forbes Cloud 100, the company partners with more than 250 financial institutions around the world. Pierre Naudé is CEO.