Summary
Banks are using artificial intelligence (AI) to improve customer service and operations, even as they move cautiously due to concerns about compliance and accuracy. Middlesex Savings Bank, a 190-year-old bank, uses AI tools to support staff and maintain consistent customer service. AI projects are primarily seen as tools for enhancing business outcomes, not just cutting costs.
Key Facts
- Banks face challenges in adopting new technology due to compliance and organizational structure.
- Middlesex Savings Bank is using AI to improve customer service and identify potential issues proactively.
- There is skepticism and concern among bank leaders about AI accuracy and security.
- AI tools at Middlesex Bank help staff with training and provide quick access to information.
- The bank emphasizes that AI should enhance business goals rather than just reduce expenses.
- The bank has implemented process automation to improve efficiency, saving significant staff hours.
- AI is seen as a partnership tool to grow revenue, not to cut jobs.
- Robotics process automation has been part of their strategy for about eight years.
