M&T Bank Expands Use of nCino with Adoption of Continuous Credit Monitoring Solution Powered by Rich Data Co’s Explainable AI Platform
nCino (NASDAQ: NCNO) announced that M&T Bank (NYSE: MTB) is expanding its use of nCino’s platform by integrating the Continuous Credit Monitoring Solution, powered by Rich Data Co’s AI platform.
This solution aims to enhance credit risk assessment and loan performance monitoring. Leveraging explainable AI, it offers transparency and comprehensive insights into cash flow, credit risk, and lending opportunities, allowing M&T to detect early warning signs and make data-driven decisions.
This initiative positions nCino as a leader in proactive credit risk management, bolstering M&T's operational efficiency and customer service.
- M&T Bank expands use of nCino’s platform, indicating strong customer trust.
- Integration of AI-powered Continuous Credit Monitoring Solution enhances credit risk management.
- Explainable AI provides transparency and deeper insights into cash flow and credit risk.
- Automation of early warning indicators improves decision-making and operational efficiency.
- Collaboration with Rich Data Co enriches nCino's Cloud Banking Platform with advanced intelligence.
- Innovative solution aids M&T in offering timely and tailored banking experiences.
- Strengthens nCino's position in the market as a pioneer in proactive credit risk management.
- Potential dependency on AI for decision-making could introduce risks if the technology fails or faces inaccuracies.
- Increased operational costs for M&T Bank due to the integration of new technology.
- Possible challenges in fully implementing and adopting the new solution within M&T's existing systems.
Insights
The integration of nCino's Continuous Credit Monitoring Solution at M&T Bank is a significant development for stakeholders. This AI-powered technology enhances the bank's ability to manage credit risk and monitor loan performance effectively. By automating early warning indicators, it allows for more proactive management of the credit portfolio, potentially reducing default rates and improving overall portfolio health.
From a financial standpoint, this adoption could lead to reduced operational costs due to automation and increased efficiency in credit risk management. However, it is essential to monitor the initial implementation costs and the time frame required to see tangible benefits. Investors should look at how these changes reflect in the bank's performance metrics over the next few quarters. Furthermore, successful integration may provide a competitive edge, attracting more business clients and positively impacting revenue streams.
The integration of AI-driven platforms in banking processes is an exciting trend. nCino's Continuous Credit Monitoring Solution, powered by Rich Data Co’s explainable AI, brings transparency and data-driven decisions to M&T Bank. This technology not only identifies credit risk but also provides deeper insights into customer behaviors and cash flow health.
Explainable AI is a important aspect here, ensuring that each decision made by the system is understandable. This is vital for regulatory compliance and builds trust among stakeholders. The platform's ability to forecast future serviceability and uncover low-risk lending opportunities showcases the potential for improved credit outcomes and customer experiences.
However, technology adoption always comes with challenges. The bank must ensure that its employees are adequately trained to leverage this new system and that data privacy and security are maintained at all times.
This strategic move by M&T Bank to adopt nCino's Continuous Credit Monitoring Solution highlights a broader trend in the banking sector towards digital transformation and data-driven decision-making. As banks increasingly rely on AI and machine learning for risk management, those that successfully integrate these technologies are likely to see improved operational efficiency and customer satisfaction.
By enhancing credit risk management, M&T Bank potentially positions itself as a leader in the financial services industry, which could attract more investors and business clients seeking reliable banking partners. Nonetheless, it is important to observe how this affects the bank's market share and reputation in the long term.
nCino’s Continuous Credit Monitoring Solution will help assess credit risks and monitor loan performance
WILMINGTON, N.C., May 15, 2024 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced that M&T Bank Corporation (“M&T”) (NYSE:MTB) an existing and long-standing nCino customer, is expanding its use of the nCino platform and integrating nCino’s Continuous Credit Monitoring Solution into its operations. The solution is powered by nIQ and leverages Rich Data Co’s (RDC) AI decisioning platform.
nCino’s Continuous Credit Monitoring Solution leverages RDC’s explainable AI platform and is designed to bring transparency to every decision, giving M&T more comprehensive insights into cash flow health, credit risk, and lending opportunities at both the customer and portfolio levels. This will enable M&T to detect more early warning signs and have access to additional data when making decisions throughout the customer relationship lifecycle. This innovative solution is set to transform how M&T manages credit risk and loan performance across its portfolio.
"M&T Bank is committed to delivering enhanced credit risk management solutions to our Commercial and Business Banking clients, leveraging data to drive additional automation, and provide intelligent, actionable insights,” said Nicholas Batyko, Engineering Director, M&T Bank.
“By adopting nCino’s Continuous Credit Monitoring Solution, we are further enhancing our ability to manage credit risk through the automation of early warning indicators. This scalable capability will provide insights to our employees to drive even more timely and tailored banking experiences," said Sarah Hudak, Director of Credit Product Delivery, M&T Bank.
nCino's solution, enriched by RDC's AI technology streamlines early warnings, customer reviews and uncovers new, lower-risk lending opportunities.
"Partnering with nCino and M&T Bank to bring this innovative solution to life has been a rewarding experience," said Julian Bloomfield, Chief Revenue Officer at RDC. "Our AI-driven platform forecasts future serviceability, enables deeper, more meaningful banker-customer interactions and greatly improves credit outcomes. This collaboration showcases the potential of joint efforts in enhancing efficiency and innovation in the banking industry, ensuring superior service delivery to customers."
Through this collaboration, nCino is setting a new standard in how financial institutions manage credit risk. "Our goal is to transform the approach to credit risk management, moving it from a reactive to a proactive stance," said Sean Desmond, Chief Product Officer at nCino. "nCino not only streamlines operations by automating previously manual tasks but also bridges the gap between ambition and achievement by providing real-time, actionable insights that empower strategic decision-making."
Last year nCino announced a global reseller agreement with RDC, and subsequently became an investor in the company to leverage RDC’s decisioning capabilities. The integrated capabilities enhance nCino’s Cloud Banking Platform, extending the ability for nIQ to further embed advanced intelligence into banking workflows to more efficiently, accurately, and holistically assess portfolio health and credit risk.
About nCino
nCino (NASDAQ: NCNO) is the worldwide leader in cloud banking. Through its single software-as-a-service (SaaS) platform, nCino helps financial institutions serving corporate and commercial, small business, consumer, and mortgage customers modernize and more effectively onboard clients, make loans, manage the loan lifecycle, and open accounts. Transforming how financial institutions operate through innovation, reputation and speed, nCino is partnered with more than 1,800 financial services providers globally. For more information, visit www.ncino.com.
About Rich Data Co.
Rich Data Co (RDC) is an industry leader in artificial intelligence (AI) decisioning for business and commercial lenders. The RDC AI platform enables banks to make high-quality lending decisions efficiently and safely. Leveraging advanced explainable AI technology, the platform delivers efficiency and transparency in both origination and portfolio management decisions. With the RDC platform, banks can deliver more meaningful customer interactions, improve credit outcomes, and increase lending. For more information, visit richdataco.com.
Media Contacts
Natalia Moose
press@ncino.com
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