Future-Ready Excellence: Bangor Savings Bank and Northeastern University’s Roux Institute’s Partnership Strengthens Customer Connections through Data and Artificial Intelligence

Published on : 10/11/2024

At Bangor Savings Bank, success is built by investing in people–its customers and its employees. In a world driven by data and transformed by the integration of artificial intelligence (AI), we’re deepening customer relationships and equipping our employees with the right skills to participate and contribute to this change. By prioritizing data literacy and the responsible and ethical use of AI, Bangor Savings Bank stays ahead of industry trends. As technology rapidly evolves, we’re focused on one key question: How can we empower our employees to be future ready and lead the charge.

In our partnership with Northeastern University’s Roux Institute, Bangor Savings Bank has launched Accelerating Insights, a two year initiative that equips the bank’s employees with cutting-edge training, data fluency, and responsible AI education. This upskilling accelerates work and productivity, creating a win-win for both the Bank and its customers.

 

Why Workforce Development Matters in Financial Services

As today’s organizations rapidly change, especially financial institutions, it's essential to equip employees with the right tools to succeed. In financial services, the fast pace of change is undeniable. New technologies, regulations, and customer expectations are reshaping how banks operate. By ensuring our employees are highly skilled, they are in the best position to serve evolving customer needs, whether it's the latest products, most personalized service, or the most advanced tools and techniques for data privacy and protection.

At Bangor Savings Bank, investing in our employees isn’t just a priority—it’s a strategy to stay ahead while attracting, training, and retaining our workforce.

Key benefits of workforce development include:

• Staying current with industry technologies: From banking software to AI-driven processes, employees need regular training to stay proficient.
• Supporting continuous learning: Employees who regularly upskill are better equipped to adapt to new tools and processes.
• Exceed customer expectations: Well-trained staff are more agile, able to meet customer expectations, and position the bank as an industry leader.

At Bangor Savings Bank, workforce development means preparing employees to value the importance of data and using tools, like AI, effectively and responsibly. This includes:

• Data literacy for decision-making and customer service: Employees can better analyze customer data, leading to more personalized services and improved customer experience.
• Technology and cybersecurity training: With banking increasingly online, employees must stay ahead of cyber threats and ensure customer data is protected.
• Leadership development: Leadership programs prepare employees to integrate AI tools into bank projects, equipping them with the skills needed for management roles.

By focusing on these areas, we ensure that our workforce is equipped for today’s challenges and tomorrow’s opportunities.

 

Accelerating Insights with Northeastern University’s Roux Institute

Recognizing the need to upskill its employees in a world of growing technological complexity, Bangor Savings Bank partnered with Northeastern University’s Roux Institute. Through Accelerating Insights, employees gain technical and practical skills in AI and data literacy that allow them to optimize efficiency and offer more personalized solutions to customers. It blends cutting-edge technology with a human-centered approach, allowing employees to automate routine tasks while focusing on deepening customer relationships.

Talent Access

Bangor Savings Bank has the opportunity to draw from the innovative talent pool at Northeastern University’s Roux Institute. These students and graduates bring specialized knowledge in data, AI, and emerging technologies to support the Bank’s operations and workflows, helping ensure it remains at the forefront of industry innovation.

Embedded Expert Knowledge

Northeastern University’s Roux Institute operates as an embedded partner. Roux’s experts work closely with Bangor Savings Bank, offering customized guidance and expertise in the responsible and ethical use of AI. This integration helps Bangor Savings Bank develop AI-driven solutions aligned with its "You Matter More" promise, allowing employees to offer personalized recommendations to customers and foster more meaningful interactions.

This collaboration represents a pioneering model for how institutions of higher learning can partner with businesses to foster workforce development. By embedding expert knowledge directly within Bangor Savings Bank, Northeastern University’s Roux Institute provides training and actively participates in the bank’s innovation journey. This integrated approach ensures the training is highly relevant and immediately applicable, bridging the gap between academic theory and practical business needs.

 

The Impact of the Accelerating Insights Partnership

Accelerating Insights has already made a noticeable impact, providing employees with advanced training in data and tools in AI that translates into better service for customers.

• Employee upskilling: Custom courses and workshops help employees gain practical skills they can immediately apply. Whether it’s data analysis or operational improvements, this training enables them to offer more personalized services.
• AI integration: AI tools streamline routine tasks, giving employees more time for high-value customer interactions that go beyond routine transactions to create a deeper, more beneficial relationship. This responsible approach makes operations more efficient without sacrificing the personal touch that customers expect.

Beyond just internal benefits, Bangor Savings Bank is also leveraging Northeastern’s co-op program to bring new talent into its workforce. This infusion of fresh ideas and innovation helps the Bank stay ahead of industry trends and position its workforce to meet future demands.

 

What This Means For You, Our Customers

For Bangor Savings Bank’s customers and partners, Accelerating Insights translates into tangible benefits that go beyond employee training:

• Customer-centered service: Enhanced technical and AI skills mean employees can resolve issues more efficiently, providing a seamless banking experience and spending more time with customers.
• Improved financial product recommendations: Employees trained in data literacy are better able to analyze customer needs and offer more personalized solutions designed to fit the unique needs of each customer’s financial journey.
• Enhanced security: With ongoing cybersecurity training, employees can better protect sensitive customer data, ensuring that trust and security remain at the forefront of every interaction.
• Community and economic impact: By developing a tech-savvy workforce, the Bank is contributing to Northern New England's economic growth. The partnership with the Roux Institute brings real-world innovation to the region, creating a pipeline of skilled talent ready to take on the challenges of the modern economy.

Moving Forward: Our Commitment to Future-Ready Talent

Our commitment to deepening customer connections and developing our workforce goes beyond preparing for the future of banking—it’s about investing in people and the broader community. Through partnerships like Accelerating Insights with Northeastern University’s Roux Institute, Bangor Savings Bank is creating a pipeline of tech-savvy talent that drives innovation within the Bank while contributing to the region’s economic vitality. This focus on long-term workforce development ensures that as the Bank continues to evolve for its customers and employees and remains a leader in delivering personalized, secure, and meaningful financial services.

To learn more about our services and partnership with Northeastern University’s Roux Institute through Accelerating Insights initiative, visit Bangor Savings Bank’s Promise or read our latest press release for more details.

Authors: Sandra Klausmeyer, SVP, Director of Strategic Initiatives, and Amber Heffner-Cosby, SVP, Director of Business Technology, Bangor Savings Bank