- “Using artificial intelligence and automation to digitize and upgrade banking processes is the new imperative for banks and credit unions. They have come to realize that becoming truly digital institutions requires much more than offering a mobile banking app, or turning paper files into digital files. Digital transformation requires a much more comprehensive approach.
- To infuse artificial intelligence technology into a bank’s underwriting process requires knowing which profitability models work (and which don’t). Done properly it can be a competitive advantage for community and regional banks and credit unions.
- In the shift to digital processes, the two primary issues many banks and credit unions are trying to upgrade are loan pricing and loan profitability. Connelly points out that many banks still do this manually, which makes it difficult to grow loans at scale.”