Wilmington-based nCino introduced its latest artificial intelligence offering, Automated Insights, in a webinar Jan. 10.

The product consists of an AI model scraping existing data in a customer’s loan portfolio to create a dashboard. That dashboard displays a simplified analysis in the form of a handful of statistics.

“This technology (is) going to have a bigger impact on our customer base, and really the financial services industry, than, I think, anything that we’ve ever released,” said Rob Craig, one of three presenters in the webinar and nCino’s general manager of portfolio analytics.

Craig acknowledged the gravity of his statement before explaining and demonstrating the new tech for the hourlong webinar’s audience. Other webinar presenters included David Royal, nCino’s head of product management, and Cassidy Burrows, director of customer success at the cloud-based banking software firm.

The need for the new AI product stems from clients’ concerns about data being underutilized and missed opportunities due to an inability to scan the myriad of data points in a portfolio, Craig said. The hope is that this product will counteract that.

“We have such a robust tool here with loan portfolio analytics, but even our strongest customers tend to feel like they’re just barely scratching the surface of what’s possible with analysis,” Craig said. “I’ve yet to meet someone who feels completely satisfied, feeling that they are completely on top of their data.”

Craig said the AI creates about 33,000 reports from a single portfolio. Each of these results in three separate scores based on the relative portfolio balance, the current value of the data compared to its own history and that of its peers. All this data is combined into a single 10-point scale to help customers prioritize the information, he said.

About 100 to 200 reports will be singled out for customers to sift through on their own. He said the product can break each one down further depending on how granular the customer wants to get.

“This is not a manual process. AI is being leveraged here,” Royal said.

nCino’s customer dashboard displays a new news feed on the right side. Clients can scroll through reports derived from their data from the home page. An added ‘insights’ page provides a more in-depth look into the Automated Insights reports. The look is similar to previous lists of insights the company provided customers, but with added detail, Craig said.

The product is currently being used by a “handful of early adopters,” Royal said. The product is ready to use, he said, but it needs additional quality assurance. The product will be an additional subscription package for customers, he said.

Automated Insights is a product separate from the two previous AI partnerships the nCino announced over the past two years, nCino officials told the Business Journal.

Craig said the company plans to develop the product for services outside loan portfolio analytics. The company is exploring expanding the product to include credit losses (CECL) and lending in other areas.  

“We also have best practices of how to navigate this AI,” he said. “It’s new.”