Independent Banker - November 2020 - 50

made a huge difference to the families who
were able to get homes. "
FUELING CUSTOMER RELATIONSHIPS
The potential to create an enhanced
customer experience and, therefore,
increased loyalty may be one of the best
benefits of AI for community banks. If
you've ever used Siri or Alexa, you've
interacted with a chatbot, the most visible
consumer-facing use of AI. Third-party
providers are making this technology
" We're using AI to analyze
everything known about a data
breach-the risks, the best
courses of action to keep
people safe-and we're doing
that in milliseconds. "
-Al Pascual, Breach Clarity
available and more affordable for
community banks.
But banks have many other, lessobvious
customer touchpoints.
SimplyBank deployed a risk-based
analytics system for an overdraft
protection (ODP) program. ODP software
quickly analyzes customer behavior using
direct deposit and other records to identify
changes in the customer's cash flow.
Quick and accurate decisions about
increasing or decreasing overdraft
protection provide better customer
service while minimizing risk. " This is
a very practical, simple example that's
available to every bank out there, " says
Blake Swafford, senior innovation officer
for SimplyBank.
Transaction disputes may be another
area where community banks can
quickly and easily deploy AI-powered
tech to improve customer satisfaction.
Finscend's platform, for example, can
48 Q ICBA Independent Banker Q November 2020
review years of a cardholder's data to
provide context for dispute resolution.
" Within a matter of minutes, a banker
can see the percentage of likelihood
that a dispute is valid and winnable, "
Lazor says.
Finscend also creates a portal
for the customer, empowering
them to track the status of their
complaint. That makes for a more
satisfied customer while easing the
bank's burden.
The possibilities for AI applications
in banking are only going to multiply.
John Owen, CEO of SimplyBank,
looks forward deploying AI
technology that uses real-time data to
enhance the customer experience and
internal efficiencies.
" I'd like to put a system in place
that can review a customer's behavior
and habits right when the customer
steps up to a teller's window or goes
online, " he says, " and then make
immediate recommendations to the
banker to enhance the customer's
banking experience. "
The importance of community
banks adopting AI is not that
customers consciously select a bank
based on whether it uses AI-powered
technology. It's the superior service
that this technology empowers
community banks to deliver.
" Where RPA can really impact
the bank is in speed to market, "
Venaccio says. " An AI/RPA-enhanced
process can reduce the time it takes
for a commercial loan or even a
mortgage. If I'm a realtor and I know
the community bank takes 45 days
to close the loan and the bank across
the street can close in five days, that's
going to influence my choice. "
Community banks have always
emphasized strong customer
relationships, and that won't change
with the adoption of AI and machine
learning. Many community banks
will-and should-embrace this new
technology to meet customer needs
and strengthen relationships.
Judith Sears is a writer in Colorado.
Independent Banker - November 2020

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