The idea of building a custom generative AI solution from scratch is alluring. The promise of tailoring every aspect to your exact needs to gain a competitive edge can be tempting. But, the reality of building an AI solution is far more complex. 

The rapidly evolving technology has complexities and pitfalls that can quickly turn a promising endeavor into a costly challenge without the right expertise. Not only do you need to keep pace with the latest innovations, but you also have to do so with the ability to scale. In fact, Gartner says that the top two barriers to AI adoption are finding ways to estimate and demonstrate value (49 percent) as well as a lack of talent (42 percent) to develop and maintain the solution. To top it all off, building AI solutions requires a high level of AI responsibility, meaning the development of AI in a manner that is accountable, ethical, fair, trustworthy, and transparent. You need to safeguard your reputation while striving to enhance customer experiences and boost operational efficiency.

In this high-stakes endeavor, the risks of building with a developer kit can often outweigh the potential rewards, making the decision to buy a pre-built solution a far more strategic and secure path to success. But not any just partner can give you the outcomes you’re looking for, while also doing so securely and with scalability in mind. Financial institutions have to partner with someone that knows the ins and outs of both AI and the financial industry.

7 Characteristics To Look For When Buying a Solution

Financial giants like JPMorgan Chase, Bank of America, and Wells Fargo are pouring billions into AI research and development with teams of hundreds of AI experts. But what about credit unions and community banks? From a budget and resourcing standpoint, larger industry players often have an advantage over community banks when it comes to developing internal, home-grown AI solutions.

As credit union and community bank leaders navigate the AI landscape, it is crucial to select a partner that embodies key qualities essential for success. Not only does the right provider protect your reputation through Responsible AI, but it should be innovative, configurable, and prioritize usability for both your employees and customers. Most importantly, ensure your partner takes an outcomes-based approach, delivering measurable results that align with your strategic goals. When researching and interviewing potential AI providers, look for seven key characteristics: 

1. Responsible AI. The right partner will specialize in responsible AI, ensuring transparency, fairness, and compliance with industry regulations. Building a solution from scratch not only requires knowledge of the regulations, but also the expertise and resources to develop and maintain ethical AI practices in-line with the financial industry.
2. Innovation. AI partners continuously invest in R&D, ensuring access to the latest AI innovations and features. In some cases, they may be pushing the envelope on those innovations. Harnessing innovation with responsible development can be much more challenging based on your resourcing and expertise, meaning you could fall behind.
3. Configurability. When building a solution from scratch, customization may seem beneficial on the surface. In reality, financial institutions need a high initial investment to customize solutions for specific use cases or departments, and in many cases require ongoing development efforts to sustain the product that eats up your team’s time. AI partners offer configurable solutions from the start, tailored to your requirements, without extra development time or costs.
4. Ease of Use. Purpose-built solutions from an AI partner come with a customer-centric design for end-user adoption tailored to a specific industry’s needs. They include user-friendly interfaces and comprehensive training, ensuring seamless adoption, onboarding, usage, and upkeep by everyone in your company. To top it off, these solutions provide ongoing, regular updates and improvements based on evolving technology and user feedback. On the other hand, building from scratch internally not only requires significant internal training, but also ongoing support for staff and customers.
5. Security. Where Responsible AI focuses on developing AI in a way that is accountable, ethical, and fair, a solution’s security focuses on protection from threats, vulnerabilities, and unauthorized access. AI security practices demand continuous monitoring and updates to protect against constant threats. An AI partner worth its salt will continuously monitor and implement robust measures to safeguard data and maintain compliance.
6. ROI. Implementing any kind of new solution should give you a high ROI. But with internal development, long-term ROI expectations are hard to set due to high initial costs and ongoing maintenance. Buying solutions from established partners gives you faster time-to-market and lower upfront costs, which translate to quicker ROI actualization. 
7. Cost of Building. As many of these characteristics have indicated, initial and ongoing costs for development, infrastructure, and maintenance will be much higher with an in-home build. Not only that, but the costs can flex unpredictably. An established company will have predictable, subscription-based pricing which minimizes your financial risk.

Partnering with AI solution providers like Posh isn't just a smart move—it's the key to unlocking a future of growth and success in the digital age. We understand the unique challenges and opportunities facing financial institutions, and we have developed cutting-edge AI solutions specifically tailored for your needs. By collaborating with Posh, credit unions and community banks gain access to a wealth of AI expertise and technology without the burden of building it from scratch. It's a cost-effective and efficient way to level the playing field, allowing you to not only keep up with but even surpass their larger competitors in delivering innovative, AI-powered services that meet the evolving demands of their customers. With over 160 product deployments under our belt, we guide clients through their overall AI transformation from start to finish.

Posh Knowledge Assistant for AI Success

Posh’s Knowledge Assistant provides employees at financial institutions with quick and efficient access to information thanks to generative AI. It securely connects to your database and ingests your internal documents to build an internal search base that answers any employee question in seconds in a simple, conversational interface. For more information, visit https://www.posh.ai/knowledge-assistant