Independent Banker - September 2021 - 28

PORTFOLIO
◎FOCUS RISK MANAGEMENT
How regtech is
putting AI to work
With its data-heavy and often time-intensive processes, risk management
is one area where community banks may be eager to put artificial
intelligence to good use. Community bankers and AI experts explain how
they're using AI-driven regtech solutions. By Elizabeth Judd
or many community banks, it's
still early days for using artificial
intelligence (AI) to understand data
and improve risk management and
regulatory compliance processes.
But that doesn't mean they're
not intrigued.
F
Mickey Marshall, director of
regulatory and legal affairs at ICBA,
says many community bankers are
becoming interested in AI because it
may help them solve a few nagging
compliance problems or make dataintensive
processes more efficient. He
notes that until quite recently, when
community bankers heard about AI,
some immediately thought of HAL
9000 from 2001: A Space Odyssey.
That's changing. Marshall is
convinced that community bankers
are beginning to understand how the
latest AI technologies can aid in rote
processes, allowing them to devote
more time and energy to maintaining
relationships in highly personal ways.
Brice Luetkemeyer, president and
CEO of $185 million-asset Bank of
St. Elizabeth in St. Elizabeth, Mo.,
has begun exploring how AI might
improve the community bank's
risk management processes and
marketing to customers.
The community bank is mulling
how to use this technology for Bank
Secrecy Act (BSA) compliance and
other risk management processes.
Luetkemeyer says community banks
should work with regtech vendors
as an educational exercise to make
28 Q ICBA Independent Banker Q September 2021

Independent Banker - September 2021

Table of Contents for the Digital Edition of Independent Banker - September 2021

Table of Contents
Independent Banker - September 2021 - Cover1
Independent Banker - September 2021 - Cover2
Independent Banker - September 2021 - Table of Contents
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Independent Banker - September 2021 - Cover3
Independent Banker - September 2021 - Cover4
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