OakNorth, the digital bank for entrepreneurs, by entrepreneurs, is teaming up with AI giant OpenAI to further embed generative AI technologies across its business and enhance personalisation and efficiency for customers.
Alongside OpenAI, 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, personalisation, service quality and efficiency.
The digital bank hopes to deliver faster and more bespoke experiences for customers, with custom-built GPT tools enhancing everything from deal structuring and term drafting to real-time query handling. Faster and more accurate decision-making across the entire lending lifecycle will be supported by deep integration with OakNorth’s existing technology stack.
Phil Watson, head of digital natives, EMEA at OpenAI, said: “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.”
Since its inception in September 2015, OakNorth has leveraged the proprietary machine learning technology of its sister entity, ONCI, to assess complex credit scenarios to deliver bespoke banking solutions to lower middle-market businesses at speed and scale.
Rishi Khosla, co-founder and CEO at OakNorth, said: “At OakNorth, we’ve used machine learning from day one to transform how we understand and serve our customers. 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.”
OakNorth’s approach has enabled it to lend around $17billion to businesses in the UK and US, achieving performance metrics – including its 29 per cent efficiency ratio – which rank it amongst the top one per cent of banks globally.
