Explore AI and AI-Related Use Cases for Credit Unions and Small Banks

Info-Tech can support you in AI roadmapping, data maturation, and ongoing bias mitigation efforts.

This AI use case library will help you:

• Identify potential sources of value to strategically operationalize use case capabilities.
• Jumpstart the idea generation process during the capability development phase.
• Implement AI-driven use cases.
• Integrate AI opportunities using the reference architecture.

AI Impact on Customer-Facing Value Chains in Banks

Use the retail banking reference architecture to reveal the areas that require change, to help you determine where you should deploy it within your bank.

Begin to explore AI vendors and uses cases, to maximize the return on your AI/ML investment.

Use the AI for Small and Midsized Retail Banks report to achieve exponential outcomes and returns.

Generative AI Use Case Library for the Retail Banking Industry

Info-Tech’s use case library provides practical guidance to help retail banks accelerate value-driven Gen AI use case adoption.

AI/ML for Small and Midsize Banks

• Apply the six core benefits that AI/ML can deliver to your customer experience to help you determine where you should deploy it within your bank.
• Understand the six capabilities that AI/ML can bring to your bank's internal operations to maximize the return on your AI/ML investment.
• Mature your AI/ML approach to combine both customer-facing and internal benefits to achieve exponential outcomes and returns.
• Use our AI/ML scorecard tool to evaluate the suitability of your use cases.

The Future of Retail Banking

Significant changes are required throughout IT in order to enable it to:

• Partner closely with the business. Successful new development will require IT to beclose and deeply aligned with with the business.Exceptional governance and project management skills will be essential to success when entering new markets.
• Create open and agile Infrastructure. New market developments require existing infrastructure to be agile and responsive to changing conditions. Invest in API management tools and pursue a service-oriented architecture to futureproof existing infrastructure.
• Security must be a top priority. Info-Tech security diagnostics can help IT service providers to evaluate current state of your client’s security management and governance areas, including security policies and processes.

Mainframe Modernization for Retail Banking

Mainframe systems are more relevant than ever in modern retail banking. They are ideally suited for modern banking, and recent innovations in mainframe hardware and software are helping to combine the inherent advantages of mainframes with modern architecture, development environments, software tools, and development methodologies. A modernized mainframe system featuring microservices and APIs can become a source of competitive advantage. Strategic investments can particularly transform your mainframe into a source of competitive advantage over smaller competitors.

API Management in Retail Banking

• The adoption of a mature API management capability will provide a flexible and integration-friendly infrastructure state that enables:
  • A structured way to achieve digital transformation.
  • Easier integration of external vendors.
  • A strategy to achieve a service-oriented architecture.

Retail Banking Legacy Systems/Transformation Report

• The Retail Banking industry is rapidly evolving. It is being influenced and reshaped by many factors. Customer bases are aging; younger, technology-savvy customers are becoming more important; and new competition is occurring.
• These forces are causing legacy technology to increasingly become a hindrance to successfully competing.
• Learn about the legacy systems/transformation trend, including challenges and opportunities, with expert assistance.

Retail Banking Increasingly Competitive Markets Report

• Customer expectations for financial services are increasingly redefined by non-financial/non-regulated competitors (e.g. Apple, Amazon, Uber).
• As the level of competitiveness continues to escalate, so does the pressure on financial services organizations to transform their business.
• Learn about how increasingly the competitive markets trend affects both your organization and IT specifically, including challenges and opportunities, with expert assistance.

Retail Banking Surveillance for Illegal Activity Report

• Banks are struggling to remain compliant with the rapidly evolving regulations, consuming significant resources as criminals are becoming ever more sophisticated.
• The risk is real, as compliance failures present huge reputational risks at a time when Retail Banking CIOs are often not seen as innovators by banking staff.
• Learn about how surveillance for illegal activity affects both your organization and IT specifically, including challenges and opportunities, with expert assistance.

Retail Banking IT Stakeholder Satisfaction Benchmarking Report

• IT leadership needs to understand where their clients are unsatisfied with the quality of service they are receiving from IT.
• While Financial Services as a whole is meeting stakeholder expectations, there is room for improvement when it comes to client-facing technologies and analytical capabilities, both key to competing in this rapidly transforming industry.
• Understand important focus areas to address and insights into how your team compares with other Retail Banking IT organizations.

Retail Banking IT Management & Governance Benchmarking Report

• Understanding your IT team’s perception of what’s important and how well they’re doing is central to identifying strengths, weaknesses, and potential misalignments with business priorities and expectations.
• Learn about how IT departments in your industry assess the importance and effectiveness of 45 IT processes to gauge your own alignment and identify select processes for targeted improvement.

Retail Banking IT Staffing Benchmarking Report

• Many IT departments are already running lean, struggling to keep pace with never-ending demands from the business. IT staffing is stretched thin.
• By taking the IT Staffing Assessment diagnostic and participating in our unique IT Spend benchmarking, you will gain critical information to position your team to be seen as strategic.

Benchmarking Report: A Cross-Industry Comparison of IT Stakeholder Satisfaction

• Every industry has unique characteristics that can hamper progress or facilitate success in satisfying IT stakeholders. Reimagine your strategy by shifting the definition of who your peers really are.
• Discover which industries achieve high stakeholder satisfaction across 13 core IT services.
• Learn the characteristics that different industries have that can help or hinder IT success.
• Understand what your industry has in common with others that you can leverage to improve stakeholder satisfaction and overcome your own institutional barriers.

Explore Next-Generation Core Banking Vendors to Unlock New Capabilities and Outpace Competition

• Aggregate the vendors into one landscape including a cross section of vendors to assure you are evaluating from a broad-based group of offerings.
• Define your bank’s key capabilities through cost and competitive advantages and map back the vendors’ capabilities to the retail banking reference architecture.
• Review the vendor functional criteria Info-Tech analyzed for ten key players in the core banking system market and summarized them.

Protecting PII When Using AI in Banks

You must implement several changes to your bank to secure PII and educate about AI:

• Employee training on AI and its use is essential within the bank and perhaps to influence overall culture.
• You must scan your existing systems and data to locate PII then encrypt or tokenize it. New tools have been created to scan your local, on-premises, and cloud storage to identify existing PII that needs to be retroactively encrypted or tokenized
• All new PII collected by your bank must immediately be encrypted or tokenized. Real-time encryption or tokenization will secure your future.

Retail Banking Core Banking Systems Report

• Core banking systems are ERP systems for banks. A wide range of products are available, with varying levels of digital maturity and modern code bases.
• Selecting the correct system is essential, and selection must consider the future plans of the organization.
• Learn about what a core banking system is, the state of the market, key features and functions, and leading vendors in the space to understand how it can transform your IT strategy and ability to deliver.

Retail Banking Robotic Process Automation Report

• Robotic process automation can be broadly applied to any process that involves a high level of human involvement, a low level of human judgement, and a high degree of repetitive tasks.
• Learn about what robotic process automation is, the state of the market, key features and functions, and leading vendors in the space to understand how it can transform your IT strategy and ability to deliver.

Retail Banking API Integration Report

• APIs ensure seamless communication between various applications and services that operate within a bank, laying the groundwork for successful legacy renewal.
• Learn about what API technology is, the state of the market, key features and functions, and leading vendors in the space to understand how it can transform your IT strategy and ability to deliver.