Hapax and Cornerstone Advisors Release AI Playbook to Boost Productivity in Community Banks and Credit Unions
Hapax, an innovative AI solution provider for financial services, in partnership with Cornerstone Advisors, has released The Playbook for Generative AI-Driven Productivity Improvement for Community Banks and Credit Unions. This report arrives as AI adoption in banking accelerates, with projections showing significant uptake of chatbots and machine learning tools by 2025, promising major operational cost reductions.
Insights from the Playbook
- Current AI Adoption Landscape:
While AI’s potential to automate up to 50% of banking tasks and reduce operational costs by 20-30% over five years is clear, deployment remains limited and fragmented. Only 20% of financial institutions currently use or plan to use generative AI in key areas like IT, compliance, credit services, finance, or legal. - Focus on Human-Level Frustration:
Employees in banks and credit unions waste hours navigating disparate documents without centralized information. AI-powered assistants that manage knowledge and deliver accurate answers instantly can alleviate this frustration and boost decision-making efficiency. - Enhancing Compliance:
Compliance remains a critical challenge due to fast-evolving regulations. AI tools that analyze regulatory changes in real time help financial institutions maintain compliance with less manual effort, reducing risk and workload. - Empowering Workforce Productivity:
Instead of replacing jobs, AI integration enhances employee workflows, enabling staff to focus on higher-value tasks and improving job satisfaction. This approach is essential amid a shrinking labor pool in financial services.
Expert Commentary
Ron Shevlin, Chief Research Officer at Cornerstone Advisors and report author, states,
“AI is about unlocking new growth opportunities for financial institutions. Banks that treat AI as infrastructure can exponentially scale customer personalization without proportional increases in headcount or IT costs. Success lies in balancing innovation with responsible AI governance.”
Kevin Green, CMO at Hapax, adds,
“AI adoption is a journey, requiring the right tools and strategies for ongoing optimization. Banks and credit unions must focus on long-term AI integration with platforms offering industry-grade security, robust controls, and transparent data management, rather than short-term point solutions.”
The Hapax and Cornerstone Advisors playbook highlights that generative AI can transform community banks and credit unions by improving productivity, strengthening compliance, and empowering employees. As AI adoption shifts from experimentation to deployment, financial institutions poised for long-term success will be those embracing comprehensive, secure, and strategic AI solutions.
