AI Is Ending Data Entry in Commercial Banking

No more redundant data entry. Make sure that we’re able to be out in front of our clients and not tied to a desk.

Hey, GonzoBankers. Tony DeSanctis back with another hot take. Commercial banking has always been an exciting business. Lots of fun things to do, but a lot of heavy lifting, a lot of back-office administrative mess.

I’ve asked Joe Proust to join us because he’s got some great news about some of the automations that are happening in the space.

Yeah. Finally, we’ve got the technologies kind of coming to life for us here in the commercial lending space and overall commercial banking. It’s finally allowing us to bring all the resources together, bring all the data together, so that we’re not keeping it in these individual silos. It’s all centrally located, and we’re able to leverage it so much better.

No more redundant data entry. We’re able to plug into other third-party providers. Everything allows us to make sure that we’re able to be out in front of our clients and not tied to a desk, just constantly doing data entry day in, day out.

So the vendors are automating some of the back-office functions. How does AI fit into all of that?

Part of this is having well-coordinated resources so that everybody knows where the deal is in the process, who’s working on it and what steps they have to take in order to complete it.

Then the automation is coming in to take over some of that. AI is incorporating the generative creation of the narratives, and the agents are then cranking the numbers through and applying them against credit policy in order to identify some of the exceptions.

So again, it takes the person out of doing the mundane activities and keeps them focused on only what’s really important. What’s the priority that needs to happen with that particular deal, that particular relationship, at that particular point in time?

So very much focusing on the important part of commercial banking, which is that client relationship, making sure we can spend the time with the client.

Exactly. And keeping it front of mind as far as, what’s that client going to need next? What are some of the insights that are going to look at that and say, “Hey, what’s the next particular solution that I can provide that’s going to be of true value to my commercial customer?”

And not just constantly throwing stuff at the wall, trying to see if it’s going to stick or not. Get the real insights into it and make sure that we’re delivering what they need at a price that’s really competitive, but also still very profitable for the bank or credit union out there.

I love it. We’re going to be spending a couple of days in September at the Commercial Banking Summit talking about how we can do this, bringing sexy back to commercial banking. I’m all about it.

I love it.