Bankwell is investing in its data infrastructure in order to achieve the best returns from its AI deployment. 

“We are investing in building a robust data infrastructure,” Ryan Hildebrand, executive vice president and chief innovation officer, told FinAi News. “Having clean, high-quality data is the foundation that will allow us to adopt AI more broadly and more effectively across the entire organization.” 

The bank did not disclose the amount spent on data infrastructure.

The $3.2 billion bank is developing a comprehensive data strategy to ensure it has the clean, quality data foundation necessary to accelerate AI adoption, Hildebrand said. 

Financial institutions have huge data sets that they have collected over decades, Ned Carroll, head of data and automation at PNC Financial Services Group, said during FinAi Banking Summit on March 3. 

Some of that data is structured, or in rows and columns in Excel sheets, and some remains unstructured, or in handwritten notes or physical forms filled out by clients, he said. 

“With gen AI in particular, we need to start looking at unstructured data,” Carroll said, adding that unstructured data must be digitized before being fed into gen AI models for optimal use of the technology. 

New Canaan, Conn.-based Bankwell is working with Microsoft Azure for its data and gen AI needs, Hildebrand said, adding that the tech giant is helping the bank in structuring its data and layering gen AI models on top of it to make operations more efficient. 

The bank is also working with third-party AI vendors, including lending solution service provider Casca for lending workflows, and capital market tech provider Crux, Hildebrand said. 

AI training 

Deploying AI tools and workflows are just half the battle, Hildebrand said, adding that training employees on how to use the tools is equally as important as the tool itself. 

“AI training is under way at Bankwell, primarily through the Microsoft Copilot ecosystem,” he said. “A core part of that training is ensuring employees understand how to use AI tools responsibly.” 

Employees are learning how to use the tools effectively while maintaining the security standards customers expect, he said. 

“What AI does is free our team from time-consuming manual tasks so they can build relationships,” Hildebrand said. “Bankwell is a high-touch, relationship-driven commercial bank, and that client relationship is something AI can never replicate.” 

Register here for the upcoming FinAi Lending Summit, set for Oct. 7-8 in Las Vegas.