WILMINGTON, N.C. - nCino, Inc. (NASDAQ: NCNO), a leader in cloud banking solutions, today announced the general availability of its artificial intelligence (AI) tool, Banking Advisor. This new solution aims to provide financial institutions with a modern approach to proactive portfolio management, while also streamlining routine tasks and ensuring compliance with regulatory requirements.
Banking Advisor, powered by nCino IQ (nIQ), utilizes AI, machine learning, and analytics to automate tasks and provide data-driven insights. The tool is designed to increase productivity across multiple roles within financial institutions, enabling employees to focus on higher-value activities such as client relationship building.
The tool's capabilities include conversational interactions with documents, automated writing of deal narratives, data-driven insights through chat interfaces, and streamlined document processing. These features are part of nCino's commitment to enhance the user experience and deliver greater value to customers using the nCino Cloud Banking Platform.
Participants in nCino's Product Design Program, a closed beta testing group comprising institutions of various sizes and geographies, have reported efficiency gains through the use of Banking Advisor. These early adopters include First Horizon (NYSE:FHN) Bank and Northern Bank, who have provided valuable feedback on the tool's functionality.
First Horizon Bank's SVP and Director of Transformation, Fintech & Emerging Tech, Tyler Craft, expressed enthusiasm for the potential of Gen AI in their operations, noting the importance of partnering with companies like nCino to innovate responsibly. Christopher Hart, Chief Data Officer at Northern Bank, echoed this sentiment, highlighting the decision to adopt Banking Advisor as part of their commitment to efficient transformation and customer personalization.
nCino's General Manager of Product, Donald Permezel, emphasized the company's dedication to transforming financial services through innovation, reputation, and speed. He pointed out that as financial institutions increasingly recognize AI's potential, solutions like Banking Advisor are poised to differentiate them in the marketplace and enhance user experiences.
This announcement is based on a press release statement.
In other recent news, First Horizon Corporation has been the subject of several analyst notes and financial updates. The regional bank garnered attention with its solid balance sheet growth and potential for asset repricing and margin improvements.
Stephens initiated coverage on First Horizon with an Overweight rating, citing the bank's strong position in the current economic environment. RBC Capital maintained its Outperform rating with a steady price target of $18.00, expressing confidence in the bank's recovery momentum.
Baird adjusted the price target for First Horizon to $16.00 from $15.00, maintaining a Neutral stance, following the bank's reported earnings per share (EPS) of $0.33 for the first quarter of 2024. Meanwhile, BofA Securities increased its price target to $18.00 from $17.00, maintaining a Buy rating on the stock, after First Horizon's first-quarter 2024 EPS of $0.35 met expectations.
The company's diverse operations, strong capital position, and potential for aggressive capital return due to a large buyback authorization were noted. However, analysts also identified challenges such as tepid loan growth and potential pressure from higher long-end rates.
InvestingPro Insights
In the context of financial institutions seeking innovative solutions like nCino's Banking Advisor, it's noteworthy to consider the performance metrics of participating banks. First Horizon Bank (NYSE: FHN), one of the early adopters of nCino's tool, presents a mixed financial picture that is important for stakeholders to understand.
InvestingPro Data reveals that First Horizon Bank has a market capitalization of $7.8 billion, which reflects its standing in the financial sector. The bank's P/E ratio, a measure of its current share price relative to its per-share earnings, is 9.72, indicating a potentially undervalized situation when compared to the industry average. Additionally, the bank's Price to Book ratio, which compares the market value of a company to its book value, stands at 0.93 as of the last twelve months leading to Q1 2024. This suggests that the stock might be trading at a discount relative to its net asset value.
An InvestingPro Tip highlights that First Horizon Bank has maintained dividend payments for 14 consecutive years, demonstrating a commitment to returning value to shareholders. With a dividend yield of 4.2%, the bank offers an attractive income stream for investors. Moreover, analysts predict the company will be profitable this year, which is corroborated by the bank being profitable over the last twelve months.
For readers interested in deeper analysis and additional insights, there are more InvestingPro Tips available for FHN at https://www.investing.com/pro/FHN. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data and expert insights to inform their investment decisions.
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