OakNorth is targeting a significant increase in firmwide productivity gains in Q2 2025, with tribe-focused, functional-led and firmwide AI initiatives in play
7 May, 2025; 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 for example 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.”
ENDS
About OakNorth
Launched in September 2015 and founded by entrepreneurs, OakNorth is a digital bank focused on serving and empowering the lower middle-market (businesses with $1m-$100m in turnover), that are seeking to scale but are routinely underserved or overlooked by traditional banks.
To date, it has provided c.$17bn to these businesses across a wide range of sectors, achieving performance metrics that place it amongst the top 1% of commercial banks globally. Its loans have directly contributed to the creation of 56,000 jobs, and over 34,000 new homes across the UK and the US – the majority of which are affordable and social housing.
OakNorth is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, as well as by the Federal Reserve and the New York State Department of Financial Services (NYDFS) for its Representative Office in New York.
Visit www.oaknorth.com for more information.
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