In 1994 Stanford Federal Credit Union was the first US financial institution to offer internet banking to all its customers. Since then, digital banking has rapidly adopted newer technologies to automate business processes and simplify customer interaction.
Topics: big data, advanced analytics, KYC, data analytics infrastructure, digital marketing, business insights, risk manangement, regulation, machine learning, risk management, financial risk, data analytics, community banking, customer analyitcs, digital banking, AI led digital banking
Community banks need to innovate. Most of us accept that. Too much is changing around us, too many other players are jumping on our turf. Regulators seem out to strangle us. And customers demand more and more.
Banks are dependent upon models of all kinds. This is because reality is much too complex for us to understand well enough for perfect predictions of the future. Models are used as a simplification of reality.