tech
This bank CEO let his AI clone handle an earnings call
It's part of Customers Bank CEO Sam Sidhu's effort to get ahead in the industry's race to transform itself using AI agents as a new digital workforce
TL;DR
- Customers Bank CEO Sam Sidhu employed an AI clone for an earnings call to demonstrate the bank's AI adoption.
- The bank has a multiyear partnership with OpenAI to embed engineers for automating lending and client onboarding.
- The goal is to transform core banking processes, reducing loan timelines from weeks to days and improving efficiency.
- AI agents are expected to be rolled out across lending, deposits, and payments within six to 12 months.
- Commercial loan closing could be reduced to seven days, and account openings for complex clients to under 20 minutes.
- Customers Bank believes smaller banks have an advantage in AI implementation compared to larger, more complex institutions.
- The bank already uses AI for software code generation, saving significant labor hours.
- This AI integration aims to reduce risk, improve investor returns, and enhance customer service.