UK-headquartered business bank OakNorth is set to further embed generative AI (GenAI) technologies across its business through a new partnership deal signed with ChatGPT developer OpenAI.
The bank says it will gain “custom-built GPT tools” through the collaboration as it looks to “enhance speed, personalisation, service quality and efficiency”.
The company adds that these embedded tools are to be deployed “across horizontal and vertical initiatives – from digital lending to functional-led AI enhancement projects”.
OakNorth launched in September 2015 to provide banking services for lower middle-market businesses, and has leveraged machine learning technology provided by sister company ONCI to guide its lending processes.
Founded by OakNorth co-founders Rishi Khosla and Joel Perlman, ONCI’s credit intelligence technology has enabled the bank to lend out around $17 billion to businesses over the last 10 years.
The bank will now also look to integrate OpenAI’s tech into its existing tech stack to further streamline its decision-making across its lending activities.
OakNorth is currently in the process of bolstering its US presence through the acquisition of Michigan-based Community Unity Bank, announced in March. The challenger first went live in the market in July 2023.
Source: https://www.fintechfutures.com/
