Almost all traditional banks and credit unions have been hampered by legacy technology that has made it difficult for them to compete with new tech-driven competitors. But options are now available -- and being used, in a few cases -- that free up institutions to compete in a far more agile, consumer-focused manner. The change could be liberating -- but only if banks and credit unions embrace it and make the necessary staff and cultural adjustments to take advantage of more modern technology platforms. Other than the largest financial institutions, to date very few banks and credit unions have deployed advanced technologies such as artificial intelligence, according to Cornerstone Advisors research. Although the numbers are beginning to move, particularly among credit unions, modernized core platform technology now available should speed adoption.

Have you ever shopped online for a mattress? Then you know the drill. For weeks after you made a decision, and perhaps even after you took delivery, you still see ads following you around the internet, promoting this mattress manufacturer or that. You think, "if this is a sample of artificial intelligence, then where's the intelligence?" AI and efforts to make digital services more personalized remain "a fairly blunt instrument," says Alan McIntyre, senior managing director, Accenture Global Banking, in an interview with Banking Exchange.

Soon they will be sophisticated enough to fill certain faculty roles at traditional universities. But to make this revolution work for students, academic leaders at those traditional institutions will need to broker a peace between artificially intelligent teaching programs and their human counterparts, according to a new report written by the former presidents of two prominent traditional universities on behalf of the nonprofit Ithaka S R. Online education has enabled many colleges to transition into the prevailing modern medium while adding new sources of revenue in times of scarcity, according to the Ithaka report. However, these innovative colleges have shown less interest in using the novel medium to curb tuition charges and measure learning outcomes. The report, called "Barriers to Adoption of Online Learning Systems in U.S. Higher Education," was co-written by Lawrence S. Bacow and William G. Bowen, the former presidents of Tufts and Princeton Universities, respectively, along with several Ithaka analysts. It was bankrolled by the Bill & Melinda Gates Foundation.