nCino, a worldwide company in cloud banking, 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, 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.

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,” Trisha added.