Accelerate the Growth of Your Community Bank THE FIRST 5 STEPS OF YOUR AI JOURNEY By Alec Crawford, Founder and CEO, Artificial Intelligence Risk Inc. These are exciting times for community banks. Artificial intelligence (AI) can now level the playing field between you and the banking behemoths with tens of thousands of employees. You may be asking how you can leverage AI for growth and not become one of the almost 2,000 U.S. banks that were merged away in the last decade. As the graph above highlights and Jamie Dimon, chairman and CEO of JP Morgan, said best: “AI is a race you do not want to lose.” Shifting to an AI-centric strategy will define the winners and losers, not just in banking, but across every sector in the next few years. Step 1: AI for Team Efficiency In the interest of efficiency, I am not going to spend a lot of time on AI. You see it everywhere. You can earn back every dollar you spend on AI and more with efficiency gains for your current staff. Transcribing meetings, writing emails and even writing marketing materials with AI are already Courtesy of McKinsey & Company Colorado Banker 6
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