Independent Banker - September 2024 - 28

PORTFOLIO
◎FOCUS COMPLIANCE
Will AI supercharge
regtech?
By harnessing artificial intelligence's power, regtech has greater
potential to streamline regulatory compliance and offer cost savings
for community banks that use it, say experts. By Elizabeth Judd
he ever-growing regulatory
compliance burden often tops the
list of headaches community bankers
face, and most see no end in sight.
According to the Conference of State
Bank Supervisors (CSBS) Community
Bank Sentiment Index, updated
in July 2024, 80% of community
bankers said they anticipate that their
regulatory burden is only likely to get
heavier in the future.
The good news is that while the
march toward greater regulation is
unrelenting, community bankers
have a growing array of regulatory
technology tools-AI among them-
to handle the workload. Even a
brief look at some of the latest
wrinkles in regtech suggests that
AI is supercharging what can be
accomplished in compliance, with
new and improved solutions popping
up every day.
A more equitable compliance
playing field
For community banks, the new
affordability of predictive analytics
and other AI-driven regtech solutions
is making a playing field that has
never been described as level a
little more equitable, according to
Lakshmi Balasubramanyan, associate
professor in banking and finance at
Case Western Reserve University,
a nonprofit research university
in Cleveland.
" Even with limited resources,
community banks are now able
to access AI-driven advantages, "
she says.
Charles Potts, executive vice
president and chief innovation officer
for ICBA, agrees. He also points out
that while artificial intelligence may
seem like just another hot topic of
the moment, it's not new for bankers.
He notes that for the past 40 years,
FICO scores have been based on
predictive analytics and have been
T
28 // ICBA Independent Banker // September 2024
Illustration by Grey/Adobe

Independent Banker - September 2024

Table of Contents for the Digital Edition of Independent Banker - September 2024

Contents
Independent Banker - September 2024 - Cover1
Independent Banker - September 2024 - Cover2
Independent Banker - September 2024 - Contents
Independent Banker - September 2024 - 2
Independent Banker - September 2024 - 3
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Independent Banker - September 2024 - Cover3
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