Bangor Savings Bank
10/01/2024 | Press release | Distributed by Public on 10/01/2024 06:17
Bangor Savings Bank and Northeastern University’s Roux Institute Announce Two-Year Partnership to Expand Data Literacy, Strengthen Workforce, and Enhance Customer Experiences
Published on : 10/1/2024
Bangor, ME -Bangor Savings BankandNortheastern University's Roux Institutehave announced the launch of the "Accelerating Insights" initiative. This two-year partnership aims to further enhance customer connections through data fluency and equip Bangor Savings Bank's workforce with critical skills for a future where data and the responsible use of artificial intelligence (AI) play an increasingly important role. The program focuses on how using data and AI tools can accelerate and support organizational goals, enhance customer experiences, and unlock deeper understanding and insights to improve business processes. It also aims to strengthen relationships between the organizations, their employees, customers, and the community.
Image: Bangor Savings Bank Employees During "Accelerating Insights" Training at Northeastern University's Roux Institute
The "Accelerating Insights" partnership model marks the next phase in a long-standing relationship between the two leading organizations and prioritizes the responsible use of AI to streamline processes and strengthen the workforce. The initiative includes a course on the future use of AI and understanding the data ecosystem, ensuring that AI supplements tactical projects while allowing employees to spend more time with customers. Accelerating Insights aims to enrich the employee experience while strengthening connections with customers.
"Our relationship with the Roux Institute is grounded in a shared commitment to the development and success of our workforce and the communities we serve," said Bob Montgomery-Rice, Bangor Savings Bank President and CEO. "By expanding the Bank's capabilities, we are ensuring that our You Matter Morepromise remains at the heart of everything we do. Providing employee education focused on data fluency and the responsible and ethical use of AI enables us to continue delivering the exceptional experience our customers across Northern New England expect."
Bangor Savings Bank has already taken steps to integrate forward-thinking solutions through its collaboration with the Northeastern's Experiential AI (EAI) Solutions Hub. As one of the first partners to participate in the "AI Solutions Hub" program, the Bank has worked closely with the Institute for Experiential AI and the Roux Institute to develop a customized recommendation engine. This engine supports Bangor Savings Bank's strategic initiatives and operations by empowering employees to deliver personalized recommendations and enhance customer engagement. It uses AI-driven insights to support employees in their roles as trusted advisors, offering guidance tailored to individual customer needs.
"Our work with Bangor Savings Bank advances the bank's business and community objectives while helping to strengthen our own capabilities," said Chris Mallett, Chief Administrative Officer of Northeastern University's Roux Institute. "By deploying Northeastern University's unique capabilities to help partners such as Bangor Savings Bank to innovate and succeed in this fast-moving, AI-driven environment, we gain real-world experience and develop practical solutions that can be applied throughout our own business and community. Ethical AI use is central to our approach, and we're excited to continue working with Bangor Savings Bank to develop tools that not only improve processes but also create tangible value for their customers."
As Bangor Savings Bank and the Roux Institute move forward with "Accelerating Insights", the focus will be on enhancing their customer-focused culture by blending technology and education, and fostering a commitment of continuous learning. Beyond using these new skills in the workplace, the partnership hopes to support greater community and workforce development in Northern New England. The Bank plans to infuse fresh talent into its operations through Northeastern's co-op program and student projects, ensuring that the right skilled people and innovation continues to be at the core of the Bank's growth strategy.
Learn more about the "Accelerating Insights" partnership and meaning behind it.
About Bangor Savings Bank
Bangor Savings Bank, with over $7 billion in assets, offers retail banking, business and comprehensive commercial banking, payment and corporate services, HR and payroll technologies and merchant solutions. Wealth management, investment and financial planning services are offered through Bangor Wealth Management, a division of Bangor Savings Bank, and Bangor Wealth Management of New Hampshire, LLC, a New Hampshire trust company and wholly-owned subsidiary of Bangor Savings Bank. Investment information can be found at bangor.com/wealth.
Headquartered in Bangor, Maine, the Bank was founded in 1852 and is in its 172ndyear, and currently has 69 branches in Maine and New Hampshire and business and/or loan production offices in Maine, New Hampshire, and Massachusetts. Bangor Savings Bank and The Bangor Savings Bank Foundation invested more than $3.5 million into the region through sponsorships, grants, and partnership initiatives last year. Bangor Savings Bank is an equal-opportunity employer. To learn more, please visit us at bangor.com. Member FDIC | Equal Housing Lender.
Wealth Management Products: Not FDIC Insured | No Bank Guarantee | May Lose Value
About Northeastern University
Founded in 1898, Northeastern University is a global research university with an R1 Carnegie classification, and the recognized leader in experiential lifelong learning. Northeastern's global university system includes 13 campuses across the U.S., U.K., and Canada, and serves as a platform for scaling ideas, talent, and solutions. Students study, conduct research, and work on co-op in 149 countries and on all continents. The university has 300,000-plus alumni and more than 3,500 industry partners worldwide.
Media Contact:
Jaclyn Fish
Bangor Savings Bank
207.974.2555
[email protected]