Independent Banker - January 2023 - 59

Tech meets touch
By partnering with fintechs, Union Savings Bank has rolled out an innovative digital tool that uses AI to help
customers achieve financial wellbeing. By Aileen McDonough
ommunity banks have long been
a bastion of relationship-focused
service. But what happens when a
community bank makes the decision
to put technology-specifically, AI-
at the heart of its customer service
strategy? For Union Savings Bank
(USB), a $3 billion-asset community
bank in Danbury, Conn., it's all about
helping customers on their journey
to financial wellbeing through
innovative solutions and a friendly,
supportive team.
USB recently launched Spending
Insights, a solution that integrates
with the community bank's mobile
banking app. It's designed to
automatically track and analyze
customers' spending habits, then
offer opportunities to budget and
save money.
So, how did a community bank
whose headquarters still occupy the
building where it was founded in 1866
become a tech-forward organization
in the AI space?
C
" We never want to lose sight of the
importance of good conversation.
The AI tools just make it a deeper,
more meaningful conversation. "
-RICK JUDD, UNION SAVINGS BANK
Name:
Union Savings Bank
Assets:
$3 billion
Location:
Danbury, Conn.
USB worked with fintech partners
FIS and Personetics on this project,
and chose their solution in large part
due to its ease of use, which generally
results in higher adoption rates for
personal financial management
(PFM) tools. " Nearly 95% of our
mobile customers are aware of
[Spending Insights] or are getting
insights, and 20% of those folks are
actually clicking on and engaging
on those insights themselves, " says
Chris Barlow, USB's vice president of
digital channels. " We're obviously still
looking to grow that. "
The community bank has achieved
nearly complete awareness and
almost five times the typical rate of
engagement for PFM tools, only six
months into its launch. Alongside
strong engagement numbers, the
The human factor
USB Spending Insights is part of a
larger educational initiative at USB,
FutureTrack, which offers goal-based
financial coaching free of charge
to USB customers. Customers can
schedule in-person appointments
with certified FutureTrack coaches
to receive advice and establish
independentbanker.org // 59
customer reaction to USB Spending
Insights has been positive, with many
leaving favorable comments, reviews
and ratings of their experience,
Barlow says.
Peter Scotch, director of the
USB innovation center, says, " Our
understanding of PFMs is that you
typically get 4% to 5% engagement
on them-again, because of the heavy
lifting the customer has to do. "

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Independent Banker - January 2023

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Independent Banker - January 2023 - Table of Contents
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