Independent Banker - November 2019 - 50

shows that few small and mid-sized
financial institutions have made
investments into AI-enabled technology.
Earlier this year, Cornerstone Advisors
surveyed senior executives at U.S.-based
mid-size banks and credit unions of
between $250 million and $50 billion in
assets for its What's Going on in Banking
2019 study. The financial industry
consultancy found that a mere 2% of midsize
financial institutions have already
deployed chatbots, machine learning or
other AI technologies, and only 5% have
implemented robotic process automation.
" With machine
learning on the
back end, as a bank,
we didn't want to
have 30 people
doing data entry.
In the machine
learning space, to
massage data and
pull from multiple
sources and put
into systems we
needed it to go into,
that helped. "
-Matthew M. Speare,
Carter Bank & Trust
50 Q ICBA Independent Banker Q November 2019
" Artificial intelligence use is rare when
compared to machine learning, " says
Quintin S. Sykes, managing director
of Cornerstone Advisors of Scottsdale,
Ariz. " I'm distinguishing between the
two, as machine learning leverages
historical data to train models for
supervised learning, where AI attempts
to gain insight into data on its own, or
unsupervised learning. "
Sykes sees machine learning
development in banking happening
in several areas. These include fraud
detection, where neural networks have
been used to score credit and debit
card transactions for fraud for decades,
and fraud prevention, where machine
learning models score the risk of logins
and money movement activities in digital
banking solutions. It's also being used
to underwrite consumer loans, where
consumer credit risk models are being
tuned using machine learning.
In marketing, it's used to produce
next-best product and attrition models
and generate alerts to prompt customer
outreach for cross-selling and retention.
Machine learning is also used with
optical character recognition (OCR),
where the MICR (magnetic ink character
recognition) name line and amount on
checks and other handwritten documents
are scanned is a standard practice.
It's all about the data
But the current is speeding up. " Banking
in the 21st century is no longer just about
managing investments and money, but
more about the way financial institutions
work with their data, " says Yogesh Pandit,
the founder and CEO of Hexanika, a U.S.based
company that automates business
processes using AI and big data.
" In lieu of this, " Pandit continues,
" technologies like artificial intelligence,
big data, blockchain, cloud, security,
IoT [Internet of Things], robotics and
robotic process automation have started

Independent Banker - November 2019

Table of Contents for the Digital Edition of Independent Banker - November 2019

Table of Contents
Independent Banker - November 2019 - Intro
Independent Banker - November 2019 - Cover1
Independent Banker - November 2019 - Cover2
Independent Banker - November 2019 - Table of Contents
Independent Banker - November 2019 - 2
Independent Banker - November 2019 - 3
Independent Banker - November 2019 - 4
Independent Banker - November 2019 - 5
Independent Banker - November 2019 - 6
Independent Banker - November 2019 - 7
Independent Banker - November 2019 - 8
Independent Banker - November 2019 - 9
Independent Banker - November 2019 - 10
Independent Banker - November 2019 - 11
Independent Banker - November 2019 - 12
Independent Banker - November 2019 - 13
Independent Banker - November 2019 - 14
Independent Banker - November 2019 - 15
Independent Banker - November 2019 - 16
Independent Banker - November 2019 - 17
Independent Banker - November 2019 - 18
Independent Banker - November 2019 - 19
Independent Banker - November 2019 - 20
Independent Banker - November 2019 - 21
Independent Banker - November 2019 - 22
Independent Banker - November 2019 - 23
Independent Banker - November 2019 - 24
Independent Banker - November 2019 - 25
Independent Banker - November 2019 - 26
Independent Banker - November 2019 - 27
Independent Banker - November 2019 - 28
Independent Banker - November 2019 - 29
Independent Banker - November 2019 - 30
Independent Banker - November 2019 - 31
Independent Banker - November 2019 - 32
Independent Banker - November 2019 - 33
Independent Banker - November 2019 - 34
Independent Banker - November 2019 - 35
Independent Banker - November 2019 - 36
Independent Banker - November 2019 - 37
Independent Banker - November 2019 - 38
Independent Banker - November 2019 - 39
Independent Banker - November 2019 - 40
Independent Banker - November 2019 - 41
Independent Banker - November 2019 - 42
Independent Banker - November 2019 - 43
Independent Banker - November 2019 - 44
Independent Banker - November 2019 - 45
Independent Banker - November 2019 - 46
Independent Banker - November 2019 - 47
Independent Banker - November 2019 - 48
Independent Banker - November 2019 - 49
Independent Banker - November 2019 - 50
Independent Banker - November 2019 - 51
Independent Banker - November 2019 - 52
Independent Banker - November 2019 - 53
Independent Banker - November 2019 - 54
Independent Banker - November 2019 - 55
Independent Banker - November 2019 - 56
Independent Banker - November 2019 - 57
Independent Banker - November 2019 - 58
Independent Banker - November 2019 - 59
Independent Banker - November 2019 - 60
Independent Banker - November 2019 - 61
Independent Banker - November 2019 - 62
Independent Banker - November 2019 - 63
Independent Banker - November 2019 - 64
Independent Banker - November 2019 - 65
Independent Banker - November 2019 - 66
Independent Banker - November 2019 - 67
Independent Banker - November 2019 - 68
Independent Banker - November 2019 - 69
Independent Banker - November 2019 - 70
Independent Banker - November 2019 - 71
Independent Banker - November 2019 - 72
Independent Banker - November 2019 - 73
Independent Banker - November 2019 - 74
Independent Banker - November 2019 - 75
Independent Banker - November 2019 - 76
Independent Banker - November 2019 - 77
Independent Banker - November 2019 - 78
Independent Banker - November 2019 - 79
Independent Banker - November 2019 - 80
Independent Banker - November 2019 - 81
Independent Banker - November 2019 - 82
Independent Banker - November 2019 - 83
Independent Banker - November 2019 - 84
Independent Banker - November 2019 - 85
Independent Banker - November 2019 - 86
Independent Banker - November 2019 - 87
Independent Banker - November 2019 - 88
Independent Banker - November 2019 - Cover3
Independent Banker - November 2019 - Cover4
https://www.nxtbook.com/mspc/independentbanker/december2024
https://www.nxtbook.com/mspc/independentbanker/november2024
https://www.nxtbook.com/mspc/independentbanker/october2024
https://www.nxtbook.com/mspc/independentbanker/september2024
https://www.nxtbook.com/mspc/independentbanker/august2024
https://www.nxtbook.com/mspc/independentbanker/july2024
https://www.nxtbook.com/mspc/independentbanker/june2024
https://www.nxtbook.com/mspc/independentbanker/may2024
https://www.nxtbook.com/mspc/independentbanker/april2024
https://www.nxtbook.com/mspc/independentbanker/march2024
https://www.nxtbook.com/mspc/independentbanker/february2024
https://www.nxtbook.com/mspc/independentbanker/january2024
https://www.nxtbook.com/mspc/independentbanker/december2023
https://www.nxtbook.com/mspc/independentbanker/november2023
https://www.nxtbook.com/mspc/independentbanker/october2023
https://www.nxtbook.com/mspc/independentbanker/september2023
https://www.nxtbook.com/mspc/independentbanker/august2023
https://www.nxtbook.com/mspc/independentbanker/july2023
https://www.nxtbook.com/mspc/independentbanker/june2023
https://www.nxtbook.com/mspc/independentbanker/may2023
https://www.nxtbook.com/mspc/independentbanker/april2023
https://www.nxtbook.com/mspc/independentbanker/march2023
https://www.nxtbook.com/mspc/independentbanker/february2023
https://www.nxtbook.com/mspc/independentbanker/january2023
https://www.nxtbook.com/mspc/independentbanker/december2022
https://www.nxtbook.com/mspc/independentbanker/november2022
https://www.nxtbook.com/mspc/independentbanker/october2022
https://www.nxtbook.com/mspc/independentbanker/september2022
https://www.nxtbook.com/mspc/independentbanker/august2022
https://www.nxtbook.com/mspc/independentbanker/july2022
https://www.nxtbook.com/mspc/independentbanker/june2022
https://www.nxtbook.com/mspc/independentbanker/may2022
https://www.nxtbook.com/mspc/independentbanker/april2022
https://www.nxtbook.com/mspc/independentbanker/march2022
https://www.nxtbook.com/mspc/independentbanker/february2022
https://www.nxtbook.com/mspc/independentbanker/january2022
https://www.nxtbook.com/mspc/independentbanker/december2021
https://www.nxtbook.com/mspc/independentbanker/november2021
https://www.nxtbook.com/mspc/independentbanker/october2021
https://www.nxtbook.com/mspc/independentbanker/september2021
https://www.nxtbook.com/mspc/independentbanker/august2021
https://www.nxtbook.com/mspc/independentbanker/july2021
https://www.nxtbook.com/mspc/independentbanker/june2021
https://www.nxtbook.com/mspc/independentbanker/may2021
https://www.nxtbook.com/mspc/independentbanker/april2021
https://www.nxtbook.com/mspc/independentbanker/march2021
https://www.nxtbook.com/mspc/independentbanker/february2021
https://www.nxtbook.com/mspc/independentbanker/january2021
https://www.nxtbook.com/mspc/independentbanker/december2020
https://www.nxtbook.com/mspc/independentbanker/november2020
https://www.nxtbook.com/mspc/independentbanker/october2020
https://www.nxtbook.com/mspc/independentbanker/september2020
https://www.nxtbook.com/mspc/independentbanker/august2020
https://www.nxtbook.com/mspc/independentbanker/july2020
https://www.nxtbook.com/mspc/independentbanker/june2020
https://www.nxtbook.com/mspc/independentbanker/may2020
https://www.nxtbook.com/mspc/independentbanker/april2020
https://www.nxtbook.com/mspc/independentbanker/march2020
https://www.nxtbook.com/mspc/independentbanker/february2020
https://www.nxtbook.com/mspc/independentbanker/january2020
https://www.nxtbook.com/mspc/independentbanker/december2019
https://www.nxtbook.com/mspc/independentbanker/november2019
https://www.nxtbook.com/mspc/independentbanker/october2019
https://www.nxtbook.com/mspc/independentbanker/september2019
https://www.nxtbook.com/mspc/independentbanker/august2019
https://www.nxtbook.com/mspc/independentbanker/july2019
https://www.nxtbook.com/mspc/independentbanker/june2019
https://www.nxtbook.com/mspc/independentbanker/may2019
https://www.nxtbook.com/mspc/independentbanker/april2019
https://www.nxtbook.com/mspc/independentbanker/march2019
https://www.nxtbook.com/mspc/independentbanker/february2019
https://www.nxtbook.com/mspc/independentbanker/january2019
https://www.nxtbook.com/mspc/independentbanker/december2018
https://www.nxtbook.com/mspc/independentbanker/november2018
https://www.nxtbook.com/mspc/independentbanker/october2018
https://www.nxtbook.com/mspc/independentbanker/september2018
https://www.nxtbook.com/mspc/independentbanker/august2018
https://www.nxtbook.com/mspc/independentbanker/july2018
https://www.nxtbook.com/mspc/independentbanker/june2018
https://www.nxtbook.com/mspc/independentbanker/may2018
https://www.nxtbook.com/mspc/independentbanker/april2018
https://www.nxtbook.com/mspc/independentbanker/march2018
https://www.nxtbook.com/mspc/independentbanker/february2018
https://www.nxtbook.com/mspc/independentbanker/january2018
https://www.nxtbook.com/mspc/independentbanker/december2017
https://www.nxtbook.com/mspc/independentbanker/november2017
https://www.nxtbook.com/mspc/independentbanker/october2017
https://www.nxtbook.com/mspc/independentbanker/september2017
https://www.nxtbook.com/mspc/independentbanker/august2017
https://www.nxtbook.com/mspc/independentbanker/july2017
https://www.nxtbook.com/mspc/independentbanker/june2017
https://www.nxtbook.com/mspc/independentbanker/may2017
https://www.nxtbook.com/mspc/independentbanker/april2017
https://www.nxtbookmedia.com