Innovation Station DRIVING STRATEGY WITH AI AS A TOOL By Charles Potts, Executive Vice President and Chief Innovation Officer, ICBA Artificial intelligence has become the buzzword for financial services, but it’s moved beyond just hype. Today, community bankers and their partners are experimenting with AI-like tools in the predictive and generative space to support business objectives, including chatbots to offer 24/7 customer support, monitoring transaction data to spot suspicious activity, underwriting loans and more. Therein lies the key to AI success: aligning it with overall bank strategy. As exciting of an offering as it is, AI is a utility. For community bankers to use it effectively, we need to assess how it helps us solve a problem for our banks. IDENTIFYING COMMUNITY BANK AI SOLUTIONS At ICBA Innovation, we’ve been watching AI’s evolution closely and are struck by three important observations: 1. There’s still a great deal of confusion in the industry — from solution providers to bankers to regulatory agencies — as to what AI actually is. As an industry, we have allowed external forces, including people with financial interests in these technologies, to form the narrative. This, in turn, creates uncertainty. 2. However, there’s true technological evolution in this space. Established fintech companies are offering improved solutions using AI-based tools, and new companies are entering the pipeline. 3. We’re witnessing AI-based tools that can help our banks, and we’re finding ways to shine a light on those solutions. Check out the ICBA ThinkTECH Solutions Forum: Putting AI to Work Our recent ThinkTECH Solutions Forum session answers the question of how to effectively use this AI at your community bank. Scan the QR code to access the recording. https://tinyurl.com/putAI2work 14 The CommunityBanker
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