OakNorth, a UK-based digital bank focused on serving entrepreneurs, has announced a strategic partnership with OpenAI, the San Francisco-headquartered artificial intelligence research and deployment company.
The collaboration aims to accelerate OakNorth’s integration of generative AI across its banking operations to improve speed, personalisation, and efficiency for its customers.
The partnership arrives amid a broader AI revolution, as generative AI technologies reshape how financial institutions operate and interact with customers.
OakNorth’s collaboration with OpenAI will see the deployment of custom GPT-powered tools across digital lending processes and firm-wide functions, enabling faster decision-making, improved customer experiences, and more efficient internal operations.
Founded in 2015, OakNorth has been an early adopter of machine learning in banking. Leveraging proprietary technology from its sister company, ONCI, OakNorth has focused on serving lower middle-market businesses by providing tailored credit solutions.
This data-driven approach has enabled the bank to lend approximately $17bn across the UK and US, while achieving a 29% efficiency ratio – placing it among the top 1% of banks globally.
OpenAI, best known for its generative AI models such as ChatGPT, has rapidly become a transformative force in technology adoption across industries.
Its models are now being integrated into key banking workflows at OakNorth, supporting initiatives ranging from deal structuring and contract drafting to real-time customer service queries. The AI tools will also be embedded into OakNorth’s broader technology stack, enabling a deeper transformation of the bank’s operations.
The partnership represents a significant milestone for OakNorth as it looks to lead in digital banking innovation.
By embedding AI horizontally and vertically across the organisation, OakNorth is aiming to enhance not just customer-facing services, but also the internal processes that drive its efficiency and scalability.
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 at OpenAI, said, “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.”
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