Fifth Third Among Banks Using AI to Help Lure Customer Deposits

Fifth Third Bancorp, Huntington Bancshares Inc. and Valley National Bancorp are among regional US lenders that use artificial-intelligence tools to scrape customer data, helping them personalize deposit offerings as competition for customers’ money intensifies.

Increasingly digital-savvy consumers are hunting for better online alternatives and higher interest rates, and banks, which use deposits as their main source of funding for loans, have had to adapt to win and retain customers who can easily make a switch.