Between 2015 and 2025, the amount of data captured, created, and replicated globally will increase by 1,600%. Expecting community FIs to figure out what data to use in order to drive digital marketing/sales campaigns for profitability and growth is impossible without AI/ML. Yet, data driven marketing technology using AI/ML with vast data repositories is reserved for the largest FIs running IT budgets in the range of $6 to 12-billion! Thousands of community FIs need this capability too, but cannot afford to make such huge investments. Unfortunately, not doing so threatens their growth and existence.
Clearly, this industry must exit the formative stages of AI deployment to help enhance human intelligence. A recent article about AI maturity in banking states that FIs quickly operationalizing AI capabilities is imperative. Today, a mere 1% of financial institutions are AI Achievers. More concerning is the reality that 75% of financial institutions are still in early experimental stages. Another article states that only about 40% of financial and banking service providers are using AI in their processes, with far fewer are effectively harnessing the power of AI technologies.
Community financial institutions (CFI) face fierce competition in an increasingly data-driven landscape. AI can enable CFIs to quickly and efficiently manage huge volumes of data in a way that gleans valuable insights. The article “Why AI is no longer optional for community banks” specifies how changing practices change expectations, and community banks can’t afford to be left behind as businesses and customers move to new practices and develop new expectations: “Leveraging more advanced technology is a must—not a nice-to-have.”
Utilizing the data you already have allows each FI to understand what a customer wants and needs as (or perhaps even before) they do. However, many community banks haven’t made the leap into these digital solutions to their data problems. Even with the knowledge of what AI can offer, many CFIs are still unsure of AI’s capabilities or perhaps more realistically, very wary of the associated price tag.
DeepTarget has enabled community financial institutions (CFI) to gain access to AI and ML allowing them to take the guesswork out of campaigns and predict what consumers will buy with predictive campaigns for various lending- and fee-based products.
A recent announcement about DeepTarget teaming with AI powerhouse CognitiveScale, with their more than 110 AI-related patents, takes this to another level. By teaming together, DeepTarget’s DXP, for the first time ever, will make accessible and practically usable the deep, AI enterprise technology innovation and ML models to any community FI in order to reach their digital consumers at the right time with the right offer to power their growth and profitability.
Community FIs can:
- Utilize insights from market, social, government, institutional and proprietary data lakes to predict consumer propensity to buy within the upcoming 30-day duration
- Get to know all new revenue potential by product from the new AI/ML predictive models and never lose a sales opportunity
- Immediately deploy readymade predictive campaigns for 15+ lending and fee-based products and services across any channel
Most innovative of all is the ability and new, creative use of AI horsepower usually reserved for only very large enterprises being accessible to community FIs of all sizes for their growth and profitability - an absolute first for the industry.