Pub. 11 2021-2022 Issue 3

September • October 2021 11 Call me at 701.451.7516 Based in Fargo, N.D., serving North Dakota, South Dakota and Minnesota To Ishaug Together, let ’s make it happen. Member FDIC 32150 Commercial & ag participation loans Bank stock & ownership loans Bank building financing Business & personal loans for bankers We do not reparticipate any loans. Leverage our large lending capacity, up to $20 million on correspondent loans. Our lending limits are high enough to accommodate what you need, when you need it. Why choose Bell as your bank’s lending partner? without personal interaction, that customer is a “persona,” an AI/ML-generated individual who can be used to predict behavior and personalize an experience. Creating personas is nothing new and, unfortunately, in a pre-AI/ML world, have been developed using assumptions and/or simply on past actions such as purchases. The drilled-down insights that AI/ML provides can help bankers develop a far more accurate picture of their customer’s identities and behaviors. In the article, 10 Ways AI Can Improve Digital Transformation’s Success Rate, Forbes states, “using AI to better understand customers, personas need to be the foundation of any digital transformation initiative. The most advanced uses of AI for persona development combine brand, event and product preferences, location data, content viewed, transaction histories, and, most of all, channel, and communication preferences.” In short, you not only know the “what” about your customer, but the “when, where, why, and how,” as well. Despite its necessity, the implementation of these technologies in banking is still something that most banks are “planning for.” Why has this transformation in customer data management taken so long? The legacy data solutions so pervasive in today’s banking industry To view campaigns, visit bankmarketingcenter.com . Or, you can contact Mr. Reynolds directly by phone at 678-528-6688 or email at nreynolds@bankmarketingcenter.com . . cannot be transformed quickly, easily or inexpensively. As a result, a growing number of community banks have looked to multiple core and edge systems for gathering, analyzing and reporting. The integration of these systems, though, is time-consuming and costly. So time-consuming, in fact, that it’s quite possible the data gathered can be obsolete by the time the integration is complete. Through these advanced consumer profiles and AI/ML’s predictive analytics, you’re far better equipped to reach the right customer in the right place at the right time with the right message. It’s almost a return to those Bedford Falls days when you knew the cab driver well enough to approve a loan application based on knowing his character, but not quite. Unfortunately, “personalization” through technology will never be the same as personalization through personal interaction. But, this is the world in which we now live.