Tips for getting started with artificial intelligence predictive modeling

The fact is: as of 2021 only 10% of small to mid-sized banks and credit unions identified as using AI data frequently. Last year, despite 75% of surveyed banks with over $100 billion in assets actively using and implementing AI, only 46% of surveyed banks with less than $100 billion in assets said they were actively using AI strategies. That is likely because in the past, for an FI to successfully implement AI predictive modeling, an in-house team of data professionals would need to endeavor for months in development. This perpetuated the common misconception in smaller banks and credit unions that AI modeling was too costly or too complicated of a project for them to take on.