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ConnectOne Bank, based in New Jersey, has broadened its collaboration with nCino by introducing AI agents into its commercial lending operations. The move aims to automate routine tasks and shorten processing times.
AI agents handle complex lending tasks
The bank initially adopted nCino’s Bank Operating System in 2017. It has since deployed two AI agents built on nCino’s Agentic Operating System. These agents manage 16 specialized skills that simplify time-consuming processes in commercial lending. Additional features are planned for release soon.
Frank Sorrentino III, ConnectOne’s chairman and CEO, stated the initial adoption was intended to reinforce efficiency while scaling operations. The latest expansion seeks to transform how employees perform their roles.
The upgrade includes nCino’s Banking Advisor, a generative AI-powered conversational tool, and a Knowledge Base feature. Staff at ConnectOne have reduced document lookup times by 97.5%, cutting the process from 20 minutes to about 30 seconds.
Speed improvements allow lending teams to shift focus from manual searches to more meaningful work. While the long-term impact on loan quality and customer experience is unclear, the efficiency benefits are clear.
A regional bank pursuing larger goals
Established in 2005, ConnectOne operates 57 branches across New York, New Jersey, and Long Island, overseeing $14 billion in assets. It provides consumer and corporate financial services, including deposit accounts, commercial loans, online banking, residential mortgages, and payment processing.
The partnership with nCino aligns with a trend among regional banks: using technology to compete with larger institutions without expanding physical presence. For ConnectOne, this strategy may help retain clients who might otherwise choose bigger banks.
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AI-driven lending tools carry risks. Excessive reliance on automation could result in credit assessment errors. The bank must scale these tools without compromising accuracy. Success will depend on whether efficiency gains improve service or merely accelerate approvals.
Future of AI in lending
ConnectOne’s collaboration with nCino reflects a broader industry shift toward AI integration in financial operations. While other banks have tested similar tools, few have achieved such significant time reductions. If these results persist, they could establish a new standard.
Details about the AI agents’ performance remain limited. No public data exists on error rates, customer feedback, or unintended consequences, such as overdependence on automation. More information may emerge as the system develops.
Sorrentino’s emphasis on reimagining workflows suggests the bank is not just automating existing processes but redesigning them. If effective, this approach could serve as a blueprint for other regional banks modernizing their operations.
The outcome will determine whether these tools provide lasting value or transfer decision-making burdens to algorithms. ConnectOne has made its choice, and the industry is observing closely.
Regional lenders often face pressure to keep pace with larger competitors. Automated systems can help bridge that gap without requiring extensive infrastructure changes.
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