In this contributed article, Uday Akkaraju, CEO of BOND.AI, discusses how AI can help CFIs (community-based financial institutions) meet the needs of their consumers. In 2020 and 2021, 98% of community banks offered mobile banking, yet new account openings dropped as much as 51% to 25% for community banks and credit unions. Instead of competing head on with the big banks on product offerings, CFIs should strive to understand their unique community needs.
