4. Customer Service When dealing with customers, AI can take over some of the simpler tasks, ultimately reducing the number of customer representatives needed. Such tasks can include providing customers with account or loan details, answering routine questions and providing automated responses to online reviews. With more complex functions, AI can also analyze customer complaints and feedback in a quick and efficient way and summarize the key metrics of the data. This will enable financial institutions to understand trends and pinpoint areas of emerging risk, ultimately allowing them to serve customers better. While implementing these cutting-edge advancements will almost surely reshape the ecosystem, it is important to be cognizant of AI’s limitations. Crucial concerns include ethical considerations and algorithm bias. AI potentially producing a wrong or inaccurate response poses another risk that institutions will need to address. Acting Now It has been some time since AI capabilities were merely a daydream; a handful of institutions have already implemented these types of tools. To avoid falling behind the competition, management teams will need to consider their internal strategies and their short- and long-term goals to determine the best and most efficient areas in which to implement AI. Key topics for brainstorming include: • What areas in your institution can benefit the most from development and improvement? Which of the more contentious issues might AI be able to address? • Who are the right people to help address a given problem? Building a team to create the AI solution will require diverse skill sets, some of which are not commonly found at financial institutions. Business analysts will need to collaborate with engineers and data scientists to develop and/or implement the right solution. • What data does your institution have that an AI tool might be able to harness? AI teams build solutions based on a treasure trove of data. The more data available, the more effective the tool will be. Once management has formulated a plan in response to these three main questions, the selected team can dig further into the details and generate a powerful tool that will propel their institution forward as a differentiator in the marketplace. Brandon Koeser is a Senior Analyst in RSM’s cutting-edge Industry Eminence Program, positioning him to understand, forecast and communicate economic, business and technology trends shaping the industries RSM serves. Brandon’s focus is on advising financial institution and capital markets leaders and clients on business conditions, industry trends and regulatory developments influencing their ecosystems across North America. Angela Kramer is a Certified Public Accountant and Senior Assurance Manager at RSM US, LLP, where she serves companies in the financial services industry. As a Senior Analyst, Angela focuses on the financial institutions sector of the financial services industry. She works alongside the firm’s chief economist and other program participants to analyze trends and themes shaping the landscape for middle-market businesses. BIG THINGS COME IN SMALL BUSINESSES Utah's #1 Small Business Lender. 801.474.3232 | mwsbf.com GROW YOUR COMPANY WITH A FLEXIBLE, CO T-EFFECTIVE SBA 504 LOAN. Joshie Fishbein, Jen Hudak, Chris Hudkak, & Chris Eckel Partners, Escapod SBA loan recipients Learn more at: escapod.us Utah Banker 13
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