Mike Storiale Featured in Independent Banker Magazine

Jun 13, 2018 |

Excerpt from an article that originally appeared on independentbank.org.

 

Mike Storiale, vice president and digital banking manager of Guilford Savings Bank, a $725 million-asset community bank in Guilford, Conn., is especially intrigued by the ability of AI to predict loan defaults. "For a bank like us that's focused on customer experience, that type of machine learning would allow us to leverage predictive analytics to reach out to the customer and have a soft conversation about how things are going before an issue arises," he says.

 

AI can also turn up new business opportunities. For example, mobile banking applications have already started sending out alerts when a customer's balance goes below a certain level. Or if a bank's AI-powered technology discovers that a customer uses their debit card regularly at a certain fast food restaurant, the bank can offer a 10 percent coupon for the customer's next visit. The bank gets part of the interchange fee from the coupon and has reinforced its relationship with the customer. 

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