Artificial intelligence is redefining the banking landscape as community banks increasingly leverage technology to improve customer experience. With tools that automate repetitive, mundane tasks, banks are shifting their focus back to the core values of trust, advice, and local commitment.
Marco Bernasconi Jr., chief operating and innovation officer at Country Bank, recalls a time when bankers were deeply involved in every aspect of their work. “When I grew up through the industry, we had a seat in every chair and we were looking in the bowels of everything, at all the individual data,” he said. Today, however, bankers can utilize AI bots to handle labor-intensive tasks, allowing them to engage more directly with customers.
Dan Moriarty, president of Monson Savings Bank, notes that this evolution in technology allows for more meaningful customer interactions. “The heart of community banking hasn’t changed: trust, advice, and local commitment,” he said. “What’s evolving is the toolkit. Bankers use AI to prepare better, spot needs earlier, and personalize service.”
To effectively harness AI, banks must prioritize data. “A strong data strategy is certainly fundamental to any AI use and future AI use,” Bernasconi stated. While Country Bank is not yet fully utilizing AI, it is developing a “data lake” to consolidate core and third-party data for analytical purposes. This centralized approach aims to drive actionable value for the organization.
Looking ahead, Bernasconi anticipates that AI will autonomously engage with this data to facilitate decision-making processes, enhancing efficiency across the board. The newly formed Beacon Bank, a merger of Berkshire Hills Bancorp and Brookline Bancorp, is also exploring AI-powered behavioral analytics to identify employee and user trends, particularly in cybersecurity.
As AI continues to play a role in banking, Monson Savings has implemented AI-powered PositivePay to automatically detect check fraud, significantly reducing the need for manual reviews. “AI is taking over the repetitive tasks that might be voluminous,” Moriarty explained. “Tools like this allow our team to spend less time on manual review and more time on judgment, coaching, and customer conversations.”
However, preparation remains key for banks as they navigate AI’s integration into their operations. Institutions are adopting a cautious approach, with Bernasconi emphasizing the importance of establishing protocols before fully deploying AI technologies. “Institutions are cautious and are doing it like Country Bank – watching, looking, listening,” he said. “We’re trying to understand real-world use cases that deliver results for the organization.”
Both Bernasconi and Moriarty recognize that implementing AI is not a one-size-fits-all solution. “At the end of the day, our rule is easy to understand,” Moriarty said. “If AI doesn’t make banking easier, safer, or more personal for our customers, and more helpful for our employees, we don’t use it.”
With the progressive adoption of AI, banks are poised to enhance operational efficiencies, allowing personnel to concentrate on higher-value tasks. Bernasconi predicts that in the near future, AI could automate loan and mortgage processes while also monitoring transactions in real time to minimize fraud risks. “Instead of a credit analyst spending weeks culling through the financials, writing the credit memos and the like, let’s automate that,” he said.
This transformation may not only streamline daily operations but also shift the focus of bankers towards interpretation and complex problem-solving. “AI shifts the role of the bankers, with responsibilities now placing more emphasis on interpretation, coaching, and complex problem-solving, and less on data entry,” noted Melle.
As AI continues to evolve within the banking sector, Jim Hickson, the regional president at Beacon Bank, believes it will significantly enhance employees’ productivity. “AI will help the average banker augment their job, help them become more efficient in their day-to-day job,” he said.
Despite the promising advantages, the importance of human oversight remains crucial. “The risk is making sure the information is accurate … it’s pulling from everything on the internet and you have to make sure it’s relevant and truthful,” Hickson cautioned. Ultimately, while AI can assist with routine tasks, human bankers will still play a vital role in navigating complex financial situations.
As banks like Monson Savings continue to embrace AI, Moriarty emphasizes the need for personal service. “Personal service is what sets community banks apart, and it’s the most important part,” he said. “AI helps with the easy, routine tasks, but when a customer faces a real-life financial situation or decision, a real person should always take the lead.”
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