From mobile banking features to workflow-automation solutions to fraud-prevention tools powered by machine learning, there's no shortage of appealing new technologies for community banks. However, allocating scarce resources can be a challenge. This article advises banks to make tech investments based on two criteria: 1) their potential to improve the customer experience, and 2) their potential to increase efficiency. Banks can start by determining their biggest bottlenecks, which repetitive tasks can be automated, and what frustrates their customers the most, it says.
Anything you've adopted that's working particularly well? Have you discussed a foray into embedded finance or banking-as-a-service? What do you see as the best short- and long-term opportunities for generative AI?
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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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