For small banks using AI, good data is key
Community bank executives discussed the importance of good data for AI to be useful at a webinar hosted by American Banker, noting that plentiful, accurate data is crucial for AI to work well. They highlighted that community banks need to develop good data-collection skills to stay competitive with big banks.
Community bank executives discussed how their firms are incorporating AI into their operations at a webinar hosted by American Banker. They agreed that plentiful, accurate data is crucial for AI to be useful. Shawn Main, chief business architect at Vantage Bank in San Antonio, Texas, said that AI relies on good, clean, solid data. Big banks have an advantage with their vast customer bases, but community banks need to develop good data-collection skills to stay competitive. AI is used for fraud detection, customer service, and back-office tasks, and community banks see its potential, with 52% expecting it to make a big impact in fraud detection by 2025. Aleda De Maria, chief operating officer at PeoplesBank, said that providing good data is a skill that employees in every part of a bank should learn.
This content was automatically generated and/or translated by AI. It may contain inaccuracies. Please refer to the original sources for verification.