NCino, the worldwide leader in cloud banking, today announced it has expanded its Bank Operating System with nCino IQ (nIQ). nIQ uses artificial intelligence (AI) and machine learning to increase efficiency through automation and provides insights through analytics to improve the overall customer experience by helping financial institutions make faster and more informed decisions and become more predictive and proactive.
As part of the nCino Bank Operating System, nIQ works across a financial institution's front, middle and back office to empower bank and credit union employees to respond to customer needs more quickly and remain compliant by providing increased visibility and actionable insights. With nearly two-thirds of financial institutions citing increasing operational efficiency as their top priority over the next one to two years,1 nIQ provides effective tools to automate and connect banking processes, eliminate costly and laborious data entry and inform data-driven decisions to improve the customer journey.
Financial institutions can utilize nIQ across all lines of business, including commercial, small business and retail banking, as well as with customer engagement, to drive positive impact:
- nIQ Data Recognition automates data extraction, such as tax returns and financial statements;
- nIQ Insights leverages predictive analytics to measure performance and monitor risk across the organization; and
- nIQ Digital Assistant drives personalized experiences to support bankers with real-time information when they need it most.
Jason Shields, VP and loan operations manager at Gulf Coast Bank & Trust, said, "Our customers are our top priority, and having the nCino Bank Operating System at Gulf Coast has helped us ensure we're staying at the cutting edge of technology so we can continue to serve our customers where they want to be. Now, with nIQ, we've been able to drastically reduce data input time and fully digitize our credit analysis process to further increase speed and convenience. This has helped us bolster our data integrity, make better credit decisions and enable our employees to focus on more value-added tasks like relationship building instead of manual data input and analysis."
nCino recently acquired Australia-based FinSuite to expand nIQ's data recognition capabilities to include complex, unstructured financial statements in any language and format. With nIQ Data Recognition, financial institutions can automatically extract, interpret and analyze data from financial statements and tax documents through the technology's ability to recognize and intelligently render the data for use in loan origination, eliminating time-consuming manual data entry and reducing the risk of error. nIQ Data Recognition leverages machine learning and advanced computational algorithms to automate the credit analysis and underwriting processes.
"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," said Trisha Price, chief product officer at nCino. "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. 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."