In a move rare for the industry, the bank bought a team of data scientists to bolster its artificial intelligence efforts in areas including product recommendations and fraud prevention.
Home equity lines could double over the next six years. Some banks are actively pursuing the consumer credit opportunity, whereas many still feel stung by the housing crisis, unimpressed by home equity’s comeback so far or fearful of nonbank competition and fraud.
Banks such as Citigroup, Regions and TD have decided they need to offer mobile customers truly customized experiences. They are experimenting with different ways of doing so that come across as helpful without being intrusive.
Some banks are looking at how to translate the complicated and document-heavy mortgage lending process into the digital world of voice-interactive personal assistants.
First Tennessee took a leap of faith to hire a young digital services company for its overhaul of mobile and online operations, and it says its decision has paid off.
Some banks are experimenting with virtual assistants that, going beyond the routine tasks they perform today, could offer investment advice or make mortgage loans 24/7. But will they ever be able to talk a nervous client through a market crash?
Community banks are less likely to close branch locations than their larger counterparts. But those branches should mix technology with the homespun local flavor customers have come to expect.
