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Skip to content OFFICIAL PUBLICATION OF THE INDEPENDENT COMMUNITY BANKERS OF COLORADO * Home * Current Issue * Archive * Contact Menu * Home * Current Issue * Archive * Contact Purchase Ad Space PUB. 3 2024 ISSUE 1 ISSUE HOMEPAGE SOFTWARE’S NEXT FRONTIER (AI) AND HOW IT BLENDS WITH COMMUNITY BANKS: GENERATIVE AI’S IMPACT ON CHANGING THE ROLE OF SOFTWARE IN YOUR BANK * January 23, 2024 BY DAN BRUDER, CEO, CO-FOUNDER AT BLENDIFICATION, INSTRUCTOR OF STRATEGY AND ENTREPRENEURSHIP AT CU, BOULDER, ICBC ASSOCIATE MEMBER Software has been pivotal in enhancing productivity in the ever-evolving banking landscape. For instance, advanced CRM systems have streamlined customer interactions, while data analytics tools have improved decision-making processes. These innovations have not only bolstered efficiency but also significantly boosted the financial performance of banks. However, the COVID-19 pandemic underscored a crucial lesson: Productivity diminishes when connectivity is compromised. According to Gallup, in 2021, the percentage of engaged workers in the U.S. experienced its first decline in over a decade, dropping from 36% in 2020 to 34%. This decline continued into early 2022, with only 32% of employees engaged and a rise in active disengagement to 17%, up from 16% in 2021. One of the factors causing this was the ability to work from home using various technologies such as video conferencing and project management systems. While technology-enabled productivity to continue, connectivity declined. Enter Generative AI — a technological game changer. This new wave of software transcends traditional productivity tools, emphasizing connectivity. Generative AI offers a more dynamic, interactive experience with natural language processing and machine learning capabilities than traditional business software. A prime example is Conversational AI. This facet of Generative AI enables engagement between employees and the company through an AI Virtual Consultant. This consultant functions like an experienced human consultant, asking dynamic, context-aware questions. The benefit? Every employee can access personalized, professional-level consultation regardless of their role. A specific use-case of Conversational AI’s ability to connect more employees to the company and each other is the process of strategic planning and execution. The chart below uses a two-sided funnel to show how Conversational AI conducts professional strategy interviews with multiple employees and synthesizes the data in minutes. This allows the leadership team to make informed decisions and engage employees in strategy execution. AI not only acts as a consultant available to everyone to generate ideas, it analyzes and synthesizes the information and supports strategy execution. Such technology is particularly impactful in community banks. Through in-depth AI-driven interviews, banks can obtain valuable insights from their employees about current operations and future strategies. This fosters a more participatory work environment and aligns the bank’s community impact initiatives with employees’ aspirations to make a difference. Community banks are integral to local economies, often amplifying the impact of capital through localized lending and investment. By leveraging Conversational AI, these banks can bridge the gap between individual employees’ goals and the organization’s overarching mission. Employees seeing their work contributing to meaningful community development enhances their sense of ownership, satisfaction and overall life fulfillment. While AI is not a cure-all for societal and corporate challenges, it offers an enhanced approach. Its integration into community banks exemplifies this. This ensures that, as these institutions are woven into the fabric of their local communities, their internal operations and employee relationships are equally interconnected. GET SOCIAL AND SHARE! Search Search SEARCH TAGS Search for: RECENT POSTS * ICBC Tour de Colorado * ICBC 2024 Independent Community Bankers of Colorado Endorses BHG Financial * Burnout! Keeping Your Best Employees * Software’s Next Frontier (AI) and How It Blends with Community Banks: GENERATIVE AI’S IMPACT ON CHANGING THE ROLE OF SOFTWARE IN YOUR BANK * ICBC 2024 Conference Calendar RECENT COMMENTS ARCHIVES * January 2024 * December 2023 * September 2023 * July 2023 * June 2023 * February 2021 CATEGORIES * 2022 New Post Template * Pub. 2 2023 Issue 1 * Pub. 2 2023 Issue 2 * Pub. 2 2023 Issue 3 * Pub. 2 2023 Issue 4 * Pub. 3 2024 Issue 1 META * Log in * Entries feed * Comments feed * WordPress.org SIGN UP TO RECEIVE THIS PUBLICATION IN YOUR INBOX Email Submit MORE IN THIS ISSUE ICBC PREFERRED PROVIDERS By the Independent Community Bankers of Colorado January 23, 2024 ICBC TOUR DE COLORADO By The Independent Community Bankers of Colorado January 23, 2024 ICBC 2024 INDEPENDENT COMMUNITY BANKERS OF COLORADO ENDORSES BHG FINANCIAL: TOP SOURCE FOR HIGH-QUALITY LOANS By The Independent Community Bankers of Colorado January 23, 2024 NAVIGATION * Home * Archives * Contact Menu * Home * Archives * Contact 6732 West Coal Mine Avenue # 640 Littleton, CO 80123 Phone: 303.832.2000 4049 South Highland Dr. Holladay, UT 84124 Phone: 801.676.9722 Fax: 801.742.5806 Copyright © 2024 Independent Report Created and Managed by The newsLINK Group LLC Privacy Policy