Entrepreneur-focused digital bank OakNorth has collaborated with OpenAI to further embed generative AI technologies across its business and unlock new levels of speed, personalisation and efficiency for customers.
Since its inception in September 2015, the London-based FinTech has lent around £13bn to businesses in the UK and US, achieving performance metrics which rank it amongst the top 1% of banks globally.
The firm says that the collaboration comes at a pivotal time as the AI revolution, driven by global giant OpenAI, is reshaping the way businesses operate and serve their customers.
OakNorth is deploying AI across horizontal and vertical initiatives, from digital lending to functional-led AI enhancement projects, as well as firmwide AI adoption to enhance speed, personalization, service quality and efficiency.
With the collaboration, OakNorth says it will now deliver even faster and more bespoke experiences for customers, with custom-built GPT tools enhancing aspects from deal structuring and term drafting to real-time query handling.
Faster and even more accurate decision-making across the entire lending lifecycle is set to be supported by deep integration with OakNorth’s existing technology stack.
“At OakNorth, we’ve used machine learning from day one to transform how we understand and serve our customers,” said Rishi Khosla, co-founder and CEO at OakNorth.
“Through this collaboration with OpenAI, we’ll be able to deliver even greater personalisation and speed for our customers, as well as enhancing our operational efficiency.
“By embedding AI across every layer of our business, we’re building a smarter, leaner, and more impactful bank – one that delivers even better outcomes for entrepreneurs and is able to stay ahead of the curve.”
Phil Watson, head of digital natives, EMEA from OpenAI, added: “OakNorth is proving what’s possible when AI is built into the core of commercial banking.
“From early machine learning to full-scale adoption of generative AI, it’s delivering faster, smarter outcomes for entrepreneurs and growing businesses. We’re proud to help them transform the future of banking.”