Cloud-based fintech nCino aims to spend nearly $110 million on research and development for AI and digital banking tools this year. 

The Wilmington, N.C.-based company aims to develop automated and digital onboarding as well as AI- and generative AI-driven solutions for predictive analytics, Paul Clarkson, executive vice president of global sales at nCino, told Bank Automation News.

“We’re constantly reinvesting in the product and we don’t want to slow down when it comes to innovation,” Clarkson said. Customers don’t come to nCino because “they want exactly what we have at a point in time … but because they wanted to have continuous innovation.” 

The tech provider hosted nCino nSight 2024 in North Carolina May 14-16 to showcase its latest innovations. At the event, the company launched its gen AI-driven Banking Advisor chatbot, designed to help bankers become more efficient, Clarkson said. 

The product launch was positively received, Chief Product Officer Sean Desmond told BAN, noting that the Banking Advisor booth at the event “was the most heavily trafficked booth.” 

Gen-AI driven solution

The generative AI-driven product is not a heavy tech lift, Desmond said. “It’s something that we can stand up inside two weeks.” 

The Banking Advisor currently has two capabilities: an interactive document feature allows a customer to chat with any PDF to find information quickly and intelligent automation which can help automate the narrative for a credit memo for underwriting, Clarkson said. 

Over time, nCino, aims to add multiple features to Banking Advisor, he said, adding that the bot has been in beta testing for a few months with three banks. The names of the banks in beta testing were not disclosed. 

“I think the secret sauce for us truly is the depth and breadth of the data that flows through our platform on a daily basis” to develop effective AI solutions, Clarkson said.  

Q1 earnings

In its fiscal first quarter of 2025 earnings on May 28, nCino posted: 

• Total revenue for the quarter increased 13% year over year to $128.1 million;  
• Subscription revenue grew 13% YoY $110.4 million; and 
• Research and development expense of $29.9 million, up 6% YoY. 

The company is seeing strong demand from Japan, continental Europe, New Zealand and Australia, Clarkson said, and plans to expand its footprint in those regions. 

There are 1,800 FIs using nCino’s services across the globe, including M&T Bank and Wells Fargo, Clarkson said.