Making Banking more Personal with AI

Overview

Locality Bank is a modern community bank built for South Florida business owners. Its edge has always been simple: know the local market better than anyone and use technology to deliver the most delightful banking experience possible.

But Locality’s growth introduced a challenge—staff were spending too much time searching for answers scattered across SharePoint and OneDrive documents. The information was there; it just wasn’t easy to find. And every minute spent hunting for a policy or procedure was a minute not spent helping a customer. Or worse - doing it wrong.

Locality Bank wanted to fix that. They wanted their team focused on people, not paperwork. That’s where Lamatic came in.

The Challenge

1. Knowledge Access: Staff needed a faster, more reliable way to find answers to operational questions.‍
2. Loan Approval: A key benefit of banking locally - fast loan approvals - was slowed by the traditional loan approval and underwriting.
3. Customer Onboarding: Migrating business accounts from other banks was slow and frustrating, especially setting up scheduled inbound and outbound transactions.
   

The Solution

Locality Bank used Lamatic's AI middleware to double-down on its personalized service mission.

Why Lamatic?

1. Fast: Lamatic's managed AI middleware deploys without any internal development.
   
2. Secure: Lamatic’s secure architecture aligned with Locality’s InfoSec and compliance requirements.
   
3. Scalable: Each phase paves the way for the AI-powered bank of the future without requiring Locality to invest heavily in an internal team or fast-changing infrastructure.

The first step was to eliminate the struggle staff had finding critical operational information that was scattered across SharePoint, OneDrive and Email. To do this, Locality deployed Lamatic to automatically refresh a secure Retrieval-Augmented Generation (RAG) system so staff could get the right answers to natural language questions instantly via Microsoft Teams.

The Impact

• Time-to-Value: 4 Weeks (from project start to delivery)
• Frontline Service: Better & Faster
• Employee Onboarding: Faster
  

Currently In Process

Automate Loan Approval Workflow

Problem: Manual loan processing slows decisions - consuming more resources and negatively affecting customer experience and close rate.

Solution: Locality's early-stage loan intake and eligibility analysis agent will ...

1. Extract and validate data from loan applications.
   
2. Run preliminary credit and risk assessments.
3. Route files for human review if required.
4. Provide the platform for post-funding processes like covenant compliance and loan review.
   

Expected Impact:

• Reduce loan decision turnaround time
• Increase customer satisfaction
• Increase loan close rate
• Dramatically increase loan processing capacity

What’s Next?

Streamline Account Migration and Onboarding

Problem: New customers face friction when switching to a new bank — a critical onboarding obstacle.

Solution: Locality's onboarding wizard will ...

1. Guide new customers through account migration.
   
2. Facilitate scheduled transaction setup.
   
3. Reduce manual data entry and errors.
   

Expected Impact:

• Faster customer onboarding
  
• Higher satisfaction (CSAT)
  
• Lower cost
  

‍

With Lamatic’s intelligence delivery platform in place, Locality Bank is on the fast path and finding new ways to smartly and safely deliver on its mission of exceptional personalized service.