M&T Bank (MTB) Expands nCino Partnership for AI Credit Solution
M&T Bank Corporation MTB is expanding its utilization of the nCino platform and integrating the latter’s continuous credit monitoring solution into its operations.
MTB has been a long-standing customer of nCino. The company is now ramping up its use of nCino’s Continuous Credit Monitoring Solution, powered by nIQ, which uses Rich Data Co’s AI decisioning platform. This solution specializes in streamlining potential warnings and customer reviews and helps uncover new and lower-risk lending opportunities.
Additionally, this tool aims to enhance transparency in the decision-making process and provide more comprehensive insights into cash flow health, credit risk and lending opportunities. This AI-powered solution will also allow MTB to have access to additional data for making efficient decisions in maintaining long lasting customer relationships. Such innovative partnerships to use technology proficiently will prove to be a game changer for the bank and will transform MTB’s ways of managing credit risk and loan performance across its portfolio.
Director of credit product delivery of MTB, Sarah Hudak, stated, “By adopting nCino’s Continuous Credit Monitoring Solution, we are further enhancing our ability to manage credit risk through the automation of early warning indicators. This scalable capability will provide insights to our employees to drive even more timely and tailored banking experiences."
Given M&T Bank’s efforts to digitize its platforms and provide secured online services, the bank is most likely to stand out among its peers and have a competitive edge. Additionally, in other efforts to grow its business, the company bought People's United in April 2022 to expand its geographical footprint. Such efforts will improve its financials in the long run.
MTB currently carries a Zacks Rank #3 (Hold). Over the past three months, shares of the company have gained 11% compared to the industry’s growth of 13%.
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Stocks to consider
Some better-ranked major regional banks are Wells Fargo & Company WFC and Northern Trust Corporation NTRS, each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
WFC’s earnings estimates for 2024 have been revised upward marginally in the past month. Shares of Wells Fargo have jumped 42.7% over the past six months.
NTRS’ earnings estimates for 2024 have been revised 3% upward in the past month. Shares of Northern Trust have gained 12.9% over the past six months.
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