Gate City Bank selects Lama AI for GenAI-powered loan origination tech
Gate City Bank, based in North Dakota, US, has teamed up with Lama AI to enhance its business lending operations.
Gate City Bank enhances business lending with Lama AI
The $3.6 billion-asset mutual bank is set to implement the vendor’s loan origination platform, which uses generative AI to “streamline workflows, reduce manual tasks, increase dealflow, and speed up decision-making”, Lama AI says.
Founded in 1923, Gate City Bank’s business lending operations currently include term loans, equipment loans and real estate loans, which are financed and serviced locally across North Dakota and central Minnesota.
In comments, Ryan Goellner, EVP of technology and project management at Gate City Bank, says the partnership will enable the bank to “work with greater precision and agility”, bolstering its ability to “meet the evolving needs of our customers while maintaining a strong focus on risk analysis and compliance”.
In November, Gate City Bank partnered with Alkami Technology to deploy its full suite of cloud-based digital banking solutions to enhance the online banking experience for customers.
This selection included Alkami’s single platform for retail and business banking, its transaction monitoring tool Positive Pay for ACH reporting, and new account opening capabilities.
