A 201-year-old mutual bank has recently established an AI Center of Excellence in collaboration with a startup partner.

A 201-year-old mutual bank has recently established an AI Center of Excellence in collaboration with a startup partner.

      **TL;DR** Liberty Bank has established an AI Center of Excellence in collaboration with Flare AI to implement secure and compliant AI across its personal, commercial, and digital banking services.

      Liberty Bank, a 201-year-old mutual institution based in Middletown, Connecticut, has revealed the creation of an AI Center of Excellence in partnership with Flare AI. This center will act as the focal point for AI strategy, governance, and execution throughout the bank’s personal, commercial, and digital sectors.

      According to David Hadd, Liberty Bank's head of Business Transformation, the partnership focuses on results rather than software licensing. “Flare’s role is to design, build, and assist in deploying AI systems for Liberty Bank, shortening what traditionally requires years for technology development into mere weeks, all while ensuring the necessary security, compliance, and governance controls for regulated entities,” Hadd stated.

      With over $9 billion in assets, 51 retail banking locations across Connecticut and Massachusetts, and a workforce of more than 900, Liberty Bank is one of the oldest and largest mutual banks in the United States. The initial emphasis will be on implementing secure AI systems to improve productivity and customer experiences, automate complex core processes, and create reusable AI capabilities.

      David Glidden, President and CEO of Liberty Bank, commented, “For a bank of our size, our challenge has never been ambition; it’s been the time required to turn strategy into action.” The bank anticipates that the AI Center of Excellence will yield significant improvements in customer experience, operational efficiency, and growth. However, larger banks have cautioned that deploying AI at scale is often more costly and prone to errors than initial pilot programs suggest, underscoring the importance of governance and quality control from the outset.

      Scott Killoh, CEO of Flare AI, mentioned that the company adopts a different strategy compared to standard platform vendors. “Most banks have bought AI platforms and were left to sort out the rest,” said Killoh. “We collaborate with institutions to deliver operational AI systems that are secure, compliant, and customized to their business needs.” Flare AI’s new President and Chief Strategy Officer, David Mitchell, brings unique institutional insight, having previously served as an executive at Liberty Bank for six years.

      This announcement signifies a larger trend in regulated industries towards the adoption of AI, transitioning from experimental chatbots to structured deployments with built-in audit trails and compliance safeguards. For community banks looking to compete with larger institutions that have significantly greater technology budgets, the speed of deployment is as crucial as the technology itself.

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A 201-year-old mutual bank has recently established an AI Center of Excellence in collaboration with a startup partner.

Liberty Bank, the oldest mutual bank in the United States with assets amounting to $9 billion, has established an AI Center of Excellence in collaboration with enterprise AI partner Flare AI.