For AI to Pay Off, Financial Institutions Must Avoid ‘Shiny Object Syndrome’

“Artificial intelligence is not just a fad, but implementing it wastes time and money if financial institutions don’t clearly identify what specific problem AI will help them solve. Define what’s wrong first, and then decide if applying this hot technology will really help.
Organizations must be careful not to fall in love with a solution before defining a problem. Technology on its own cannot be a priority. Banks and credit union executives must guard against falling for the shiny object.
Such an endeavor is particularly difficult for a community bank or credit union, where data and technology resources are stretched thin and executives in those areas must wear many hats. The most viable path is to look for partners that are solving the problems defined in step one above. The partnering approach allows community banks and credit unions to quickly leverage AI without building a discreet AI capability.”