Pub. 7 2017-2018 Issue 3

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S November • December 2017 13 banks from their current spending patterns. Interestingly, a majority of respon- dents (56%) indicated they plan on maintaining current spending levels for automatedunderwriting/online lending. • Artificial Intelligence. In the bank- ing sector, the movement toward using AI has been rather slow compared to other industries. Yet, according to our data, thepace of adoptionmaybequick- ening. Fifty-four percent of respondents stated that they expect to seeAI systems become a familiar part of American banking in less thanfive years. About 10 percent think itwill happen in twoyears or less. Breaking the numbers down by asset size, larger banks believe AI will be integrated into the banking sector sooner than smaller-sized institutions. However, approximately 50% of com- munity banks believe the integration of AI at their institutions will happen in five years or less. We hope you find this information helpful. For more details, view the full Bank Executive Business Outlook Sur- vey report at www.promnetwork.com/ business-outlook-survey.  About Promontory Interfinancial Network Chosen by more than 3,000 financial institutions nationwide, Promontory Interfinancial Network is the leading provider of FDIC-insured deposit placement services. Banks can use the company’s solutions—Insured Cash Sweep, or ICS; CDARS; Promnet Repo; IND; Yankee Sweep; Bank As- setpoint; and Residential Mortgage Network—to build multi-million-dollar relationships, reduce collateral requirements, purchase funding, man- age liquidity, and buy or sell loans. Visit promnet- work.com to find out how Promontory Network can help your bank to manage its balance sheet more profitably. ©2017 In the bank ing sec tor, the movement toward using AI has been rather slow compared to other indust r ies . Yet , accord ing to our data , the pace of adopt ion may be quickening.