OpenAI Launches New Tech & BMO Adds A New Chief AI Officer
Here's what's going on in AI x Banking this week.
Hey everyone! Hope everyone’s having a productive week. The Greenlite team has been busy—we’re now gearing up for Money 2020. If you’re interested in meeting up, check out our events below!
This year, we’re planning some intimate dinners during Money2020, exclusively for senior compliance and risk leaders:
Compliance @ Carbone: An Evening with Greenlite and Greylock
Carbone | 7:00 PM, Sunday, October 27
Compliance Roundtable: Dinner with Greenlite and Cable
Smith & Wollensky | 7:00 PM, Tuesday, October 29
These curated gatherings will be a unique opportunity to exchange insights and build meaningful connections away from the conference bustle. With 10 spots per dinner, we're ensuring an engaging atmosphere for in-depth discussions. RSVP now to secure your spot.
For this week’s issue of Banking on AI, OpenAI announced and released a slew of new products, Israel signed off on new trading tech utilizing AI, and public fintech companies are starting to talk about new AI products gaining adoption.
Public Fintech Company nCino Sees AI Growth
nCino is one of the more under-the-radar fintech companies in the public market, but is an industry leader in providing cutting-edge tech to banks and financial institutions.
nCino is a cloud-based core banking software provider that went public in 2020 and is valued at around $3.5 billion in the public markets. It provides software like Loan Origination Systems, Deposit Account Opening, Portfolio Analytics, and Workflow Automation. And while the company hasn’t had a great showing in the public markets, there’s a chance that new Gen AI products can change that.
In Q2 2025, nCino unveiled a new Gen AI product called “Banking Advisor,” essentially a Gen AI assistant designed to help bankers work more efficiently, built on the nCino cloud platform. (nCino has a weird fiscal year—its Q2 2025 was from May 1 to July 31, 2024, and results were reported at the end of August.)
Even though it was released that month, the product has already seen a lot of traction. 8 banks on nCino have already signed up to use it, and Banking Advisor was fully onboarded into a $45 billion AUM bank.
The traction shows that even more old-fashioned companies like nCino can move quickly and add AI tools that improve their clients workflows. As bigger banks and financial institutions are looking at bringing more AI into their productivity suite, working with existing providers like nCino is a straightforward option.
BMO Adds Chief AI Officer, But Don’t Expect It To Go Mainstream Just Yet
The Canadian Bank of Montreal announced earlier this week that Kristin Milchanowski joined the institutions as its new Chief Artificial Intelligence and Data Officer, a new role at the bank underscoring the technology’s proliferation in banking.
And while there are more banks like Morgan Stanley have hired Heads of AI at their firms, it’s still not a common role among banks, according to Evident, an AI research firm focused on banking.
According to a September report from Evident, while 41 of the top 50 banks have an AI leader in an executive role (up from 38 the year before), most of the AI roles are being disseminated into existing roles and functions vs hiring for a completely new role.
This adds up. AI is proving to be a technology that has a ton of different applications, and across different roles and functions at big institutions like a bank. The way a compliance team implements an AI tool will be vastly different than how an investment analyst or M&A research team will be implementing it. You need to have expert leaders to understand how to apply AI within their specific domain.
The question is—where are things headed? To us, it makes sense to both have a head of AI running strategy and leaders inside orgs to execute that strategy.
Review: Playing With OpenAI’s New Voice Assistant
Last week, ChatGPT Plus users were given access to OpenAI’s new Voice Assistant, which features realtime voice capabilities and makes an assistant feel as real as possible.
We got our hands on it last week and, in short, the new Voice Assistant feels magical.
The most jaw-dropping experience was when the Voice Assistant was able to go from English, to Bengali, to Spanish, fluently and without any issues. The conversation seems extremely natural but also a little stilted—like you’re talking to the concierge at a hotel. They’re a bit overly cheery and excited to help in the way that a normal human isn’t, but it definitely creates a more pleasurable experience for the user.
It’s really hard to imagine going to back to Alexa, Siri, or any of the other voice assistants that are on the market and built into my tech. The speed of OpenAI’s Voice Assistant, combined with how useful it is, memory that’s stored in ChatGPT, and the integrations it works with make it a really hard product to compete with.
Things I’d like to see in the future? Better offline mode—it doesn’t work quite well when there’s no service. The ability to interrupt the Voice Assistant is great, though the system might be too sensitive to interruptions.