United StatesFinance and insurance2024 – ongoingGreat Southern Bank
Generative AI assistant for commercial lending staff
A Missouri regional bank gave about 150 lending staff an AI assistant for its credit policy; savings are described only as many hours
Problem
Great Southern Bank, a Springfield, Missouri, lender with $5.9 billion in assets and 89 branches, runs its commercial lending on nCino's platform. Loan officers and analysts often had to search a 185-page credit policy, training manuals and loan records for answers such as loan-to-value limits or approval requirements.
Approach
In September 2024 the bank began rolling out nCino's generative AI tool, Banking Advisor, after credit analysts tested it in a sandbox. About 150 people in commercial lending use it to ask questions answered from policy documents and loan records, with citations to the source. The bank also uses predefined prompts to draft narrative sections of credit memos and was looking at a tool to sort and file loan documents.
Results
Takeaway
Staff first used the assistant to ask about bank policy and could check answers against cited sources. Keeping updated documents in sync across locations and matching staff terminology to policy wording proved difficult; no time or cost figure was disclosed.
Categories
- Industry
- Finance and insurance
- Business function
- Internal work and knowledge managementFinance, risk and legal
- Innovation type
- Process innovation
- AI technology
- Generative AI
- Adoption
- Vendor solution
- Evidence
- Company's own claim
Sources
Source summaries
Penny Crosman reports on the bank's use of nCino's Banking Advisor since September 2024 by about 150 commercial lending staff, trained on loan documents, manuals and a 185-page credit policy. The director of loan operations says it saves many hours but gives no number, and describes problems with document versions and terminology.
nCino explains why the bank chose its cloud platform to run the commercial lending process end to end, replacing several point solutions as it grew through acquisitions. The director of loan operations recalls being told not to automate existing inefficiencies.
Full details are in the original sources.