Independent Banker - December 2022 - 22
PORTFOLIO
ā—ˇFOCUS VENDOR MANAGEMENT
Can AI tame vendor
management
challenges?
As community banks grow, their vendor partnerships usually also do,
which can lead to challenges with organization, data security and
more. To address these issues, some community banks have turned
to artificial intelligence. By Elizabeth Judd
he dazzling possibilities of artificial
intelligence (AI) have captured
the public imagination. Think Scarlett
Johansson's voice as an AI-assisted
virtual assistant and romantic interest
in Her, or Janet on The Good Place.
In finance, too, AI has been held
up as the answer to any number of
challenges that community bankers
face. And yet, some industry experts
have observed that AI is not yet being
used to its full advantage in vendor
management-one of the thornier
problems that community banks are
wrestling with today.
If a community bank has just a
handful of vendors, managing those
vendors is fairly straightforward.
Keeping track of vendor relationships
through emails, spreadsheets and
client relationship management
(CRM) software is adequate for a small
vendor ecosystem.
But because each vendor has its own
set of contacts, contracts, processes
and approaches to data security,
the challenges of overseeing third
parties mushroom as the number of
vendors grows.
" Today's banks may have many
vendors, and each vendor has to
submit a large number of documents to
comply with [bank requirements], " says
Robert Johnston, founder and CEO of
Adlumin, a Washington, D.C.-based
cybersecurity technology firm.
The true power of AI makes itself
known when " extracting conclusions
from large data sets, " he says. " Data
science can make an impact in
every industry segment, including
vendor management. "
Improving communications
Natural language processing (NLP),
an offshoot of AI and machine
learning, can be an effective tool for
vendor management, says Johnston.
That's because NLP can analyze
text based on knowledge of how
T
22 Q ICBA Independent Banker Q December 2022
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Independent Banker - December 2022
Table of Contents for the Digital Edition of Independent Banker - December 2022
Table of Contents
Independent Banker - December 2022 - Cover1
Independent Banker - December 2022 - Cover2
Independent Banker - December 2022 - Table of Contents
Independent Banker - December 2022 - 2
Independent Banker - December 2022 - 3
Independent Banker - December 2022 - 4
Independent Banker - December 2022 - 5
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Independent Banker - December 2022 - Cover3
Independent Banker - December 2022 - Cover4
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