AI Report Digital - Flipbook - Page 9
“A combination AI/machine language [tool] can go
through those thousands of transactions in a matter of
minutes or sometimes seconds, literally where a human
would be staring at those sheets feeling cross-eyed for
three days.”
David Becker, First Internet Bancorp
This includes generative AI strategies, solutions or technology
a whole load of new apps.”
without a clear plan and approach to align with the organization’s broader goals, strategic vision, and operational,
talent and adoption needs,” he wrote, later adding: “[I]t will
be even more important [for banks] to focus on not only the
technology, but the business imperatives, and the resulting
With credit unions and banks ever-mindful of regulatory and
compliance guidance and practices, current use cases for AI
focus more on efficiency and less around decision-making,
which remains firmly in human hands. But that doesn’t mean
organization, talent, and change issues to ensure the transfor-
that AI can’t play a role. Sarkar sees institutions selecting
mation is successful.”
“recommendation engine-type [tools], where you get a much
deeper analysis, recommendations and curated data at your
Community banks and credit unions should start with use
fingertips to make a more educated or faster decision.”
cases that are on the smaller side, and come with realistic
and achievable goals that reflect the current and future state
Valley is searching for technology that does just that: assists
of the institution. Sourish Sarkar, senior director, solutions
and supports decision-making but gives an employee the final
architecture at Moody’s Analytics, says banks may look for
say, Barrett says. Valley is especially interested in solutions
automated solutions that will allow an institution with limited
that can help the bank process data that would been labori-
resources to achieve greater efficiencies.
ous and time-intensive to assemble.
“The path to adoption … starts with low-hanging fruits,
Both Valley and First Internet Bancorp see compliance-re-
which are much more secure and [have] a high confidence
lated transaction analysis as being ripe for AI and machine
score,” Sarkar says.
learning software. Financial institutions have millions, if
not billions, of transaction data points that they need to sift
Many organizations can approve the use of assistive AI
through to identify unusual or criminal activity; AI can use
technology updates if they’re embedded in current tools; this
parameters and patterns to highlight transactions that should
use of AI can increase productivity by generating meeting
be investigated further.
summaries and action items or automating other simple,
work-related tasks. One example of this is Microsoft Corp.’s
“A combination AI/machine language [tool] can go through
Copilot, a chatbot that works with programs like Word, Excel
those thousands of transactions in a matter of minutes or
or Teams.
sometimes seconds, literally where a human would be staring
at those sheets feeling cross-eyed for three days,” says David
“I think for a lot of banks, they’re going to be able to use
this capability out of the box. They would just need to focus
Becker, chairman and CEO of $5.2 billion First Internet.
“Tremendous tool, but not a lot of decisioning in it.”
on adopting or communicating these new features to users,”
says Microsoft’s Daragh Morrissey. “They’re not going to get
Institutions can use a rating system to identify, sort and
ARTIFICIAL INTELLIGENCE: A REAL-WORLD APPROACH | 7
