Can Small And Midsize Banks Survive AI? [Forbes]
Bank of America Corporation (BAC)
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Source: Forbes
Many small- and mid-sized banks, once valued for their local connections and superior service, are finding it hard to stay relevant as customers prioritize seamless digital experiences above all else. Now, the pressure to adopt artificial intelligence (AI) poses another challenge for these banks, which are already struggling to keep up. Smaller institutions need to be proactive to compete with major banks, which are investing billions in AI and other technological upgrades. To compete in this new environment, it's essential to understand the evolution of the consumer banking experience to date and the opportunities presented by AI. The Recent Revolution: Digital Convenience Reigns The unbeatable advantage of smaller banks used to be their local presence. Your loan officer went to church with you, coached your child's Little League team or lived down the street. This put them in a position to recognize financial needs and proactively guide their community toward useful products.
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