OakNorth Integrates OpenAI's Generative AI Across Banking Operations

OakNorth has partnered with OpenAI to embed generative AI technologies across its banking operations, aiming to enhance speed, personalization, and efficiency for customers.

OakNorth has announced a strategic partnership with OpenAI to integrate generative AI technologies across its banking operations. This collaboration aims to enhance the speed, personalization, and efficiency of services provided to OakNorth's customers.

The partnership will see the deployment of custom GPT-powered tools across OakNorth's digital lending processes and other firm-wide functions. These tools are expected to facilitate faster decision-making, improve customer experiences, and streamline internal operations. OakNorth, known for its early adoption of machine learning, has already lent approximately $17 billion across the UK and US, achieving a 29% efficiency ratio.

OpenAI's generative AI models, such as ChatGPT, will be integrated into key banking workflows at OakNorth, supporting initiatives from deal structuring and contract drafting to real-time customer service queries. This integration represents a significant milestone for OakNorth as it seeks to lead in digital banking innovation by embedding AI throughout its organization.

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