Digital bank OakNorth is expanding its use of artificial intelligence in collaboration with ChatGPT developer OpenAI.
The London-headquartered fintech will embed generative AI provided by the Californian group into its technology in support of the existing machine learning tools developed by OakNorth’s sister entity ONCI.
“At OakNorth, we have used machine learning from day one to transform how we understand and serve our customers,” said OakNorth co-founder and chief executive Rishi Khosla.
“Through this collaboration with OpenAI, we will be able to deliver even greater personalisation and speed for our customers, as well as enhancing our operational efficiency.
The bank said it would be implementing OpenAI tech for its digital lending, functional-led AI enhancement projects and custom-built GPT tools for handling customer queries.
“By embedding AI across every layer of our business, we are building a smarter, leaner, and more impactful bank – one that delivers even better outcomes for entrepreneurs and is able to stay ahead of the curve,” added Khosla.
The strategic partnership follows OakNorth reporting a 16% boost in profit off the back of its expansion into the US.
“OakNorth is proving what’s possible when AI is built into the core of commercial banking,” said Phil Watson, head of digital natives for EMEA at OpenAI.
“From early machine learning to full-scale adoption of generative AI, it’s delivering faster, smarter outcomes for entrepreneurs and growing businesses. We are proud to help them transform the future of banking.”
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