OakNorth Collaborates With OpenAI to Strengthen Its AI-Led Digital Banking and Deliver Superior Outcomes for Lower Middle-Market Businesses

OakNorth – the leading digital bank for entrepreneurs, by entrepreneurs, today announces a collaboration with OpenAI to further embed generative AI technologies across its business and unlock new levels of speed, personalisation, and efficiency for customers. 

Since its inception in September 2015, OakNorth has been at the forefront of machine learning adoption in banking, leveraging the proprietary technology of its sister entity, ONCI, to assess complex credit scenarios to deliver bespoke banking solutions to lower middle-market businesses at speed and at scale. This approach has enabled it to lend c.$17bn to businesses in the UK and US, achieving performance metrics – including its 29% efficiency ratio – which rank it amongst the top 1% of banks globally.

The collaboration comes at a pivotal time as the AI revolution, driven by OpenAI, is reshaping the way businesses operate and serve their customers. OakNorth is deploying AI across horizontal and vertical initiatives – from digital lending to functional-led AI enhancement projects, as well as firmwide AI adoption to enhance speed, personalization, service quality and efficiency. OakNorth will deliver even faster and more bespoke experiences for customers, with custom-built GPT tools enhancing everything from deal structuring and term drafting to real-time query handling. Faster and even more accurate decision-making across the entire lending lifecycle will be supported by deep integration with OakNorth’s existing technology stack.

Commenting on the news, Rishi Khosla, co-founder and CEO at OakNorth, said: “At OakNorth, we’ve used machine learning from day one to transform how we understand and serve our customers. Through this collaboration with OpenAI, we’ll be able to deliver even greater personalisation and speed for our customers, as well as enhancing our operational efficiency. By embedding AI across every layer of our business, we’re 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.”

Phil Watson, Head of Digital Natives, EMEA from OpenAI: “OakNorth is proving what’s possible when AI is built into the core of commercial banking. From early machine learning to full-scale adoption of generative AI, it’s delivering faster, smarter outcomes for entrepreneurs and growing businesses. We’re proud to help them transform the future of banking.”