First Citizens used AI to retain SVB customers
The firm’s retention efforts involved using AI to monitor customer behavior and sentiment—including profanities.
Silicon Valley Bank suffered the fastest deposit run in history in March 2023. Its acquirer is using artificial intelligence to try and ensure history doesn’t repeat itself.
First Citizens Bank acquired SVB out of bankruptcy on March 27, 2023. After closing the deal, the bank realized that many of its newly acquired high-net-worth customers were still on edge.
“One of the key challenges that we had was customer retention,” said Junaid Farooq, the former head of data management and strategy at
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