Financial technology and cloud-based banking company nCino announced nCino IQ to expand its Bank Operating System in a press release Thursday.

nIQ uses artificial intelligence to help clients increase efficiency and use analytics to enhance customer experience. The AI system incorporates data recognition, insights and digital assistance into its system. 

Financial institutions will be able to use banking automation and cut labor costs through nIQ’s ability to monitor risk, measure performance and easily extract data.

The company recently acquired FinSuite, based in Australia, to add data the ability to interpret financial statements in any language and format to nIQ.

“With nIQ supercharging their operations, financial institutions can achieve a competitive advantage that allows them to increase savings and, most importantly, make more informed decisions to more effectively and efficiently serve their customers,” said Trisha Price, chief product officer at nCino.

This story is from the N.C. Business News Wire, a service of UNC-Chapel Hill’s Hussman School of Journalism and Media.