Independent Banker - November 2023 - 45

Banks are deploying AI within their
compliance activities, engaging in
some Know Your Customer (KYC)
and Know Your Business (KYB)
analysis as part of their customer
interactions. There is great promise
and potential for using some of the
AI tools out there to comb through
large amounts of data and assessing
patterns, anomalies and validation.
There is also the potential to make
compliance more efficient and/or
speed up the process for banks and
their customers.
AI case study:
Rockland Trust Co. + Agent IQ
AI also has great promise in
the customer service function.
We're seeing deployments behind
chatbots-AI technology that can
comb through mounds of bank
information and provide very efficient
interactions with customers. Banks
need to make sure the data they
allow those tech platforms to use is
very specific to their bank, and that's
where closed-loop AI engines are
finding great promise.
Back-office functions that have a
lot of consistently repetitive processes
are other good areas where we're
seeing some early-stage companies
playing in the AI field. Even with
things like audit functions-postclosing
audit and examination-AI
can comb through massive amounts
of information efficiently, and there's
great potential for AI in the back
office as well.
There are also some innovative tech
companies offering ways for banks
to deploy AI into the routine and
repetitive reporting for regulatory
call reports and even for their own
board packages that they put together
every month and quarter. And more
bankers are using AI to help them
draft presentations or a complex
email need, just like I do. AI can go
grab information that I need, and I
can edit and shape the document to
my own voice and perspective.
Rockland Trust Co. in
Rockland, Mass., deploys
AI-powered tools across a
number of bank functions,
says Patrick Myron, senior
vice president, retail network
strategy and sales analytics
for the $19.4 billion-asset
community bank.
Rockland Trust partnered
with fintech Agent IQ to
offer its customers YourBanker, a digital tool that allows
customers to chat and share documents securely with
their own dedicated banker from their mobile device
or computer.
" With YourBanker, " Myron says, " AI responds to
customers and gives them options on how to get an
answer for their specific question by allowing them to
connect or leave a message for their own dedicated
banker, choose self-service for answers to basic questions
or chat with a banker immediately. "
In addition, AI can generate automated responses and
Patrick
Myron
suggest answers for the YourBanker agents to use as they
have conversations with their customers. Since its launch
in 2021, customers have logged into YourBanker more
than 171,000 times.
" Customers can establish digital relationships anytime,
anywhere with their bankers, who will help provide them
with everyday banking support, " Myron says.
independentbanker.org // 45
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Independent Banker - November 2023

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