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Published: Dec. 22, 2023, 5 p.m.

b'In this episode of the Thoughtful Entrepreneur, your host Josh Elledge speaks with CEO of Mindspan Systems Inc., Rich Edwards.\\n\\n\\n\\nRich Edwards, as the CEO of Mind Span Systems, leads a team that specializes in helping community financial institutions with marketing automation, communication, and personalization using data. They focus on smaller institutions with assets below 10 billion, which may not be technologically advanced but are looking to leverage tools like machine learning and AI to improve their services.\\n\\nRich highlighted a phenomenon he called the \'barbell effect\' in the banking industry. This effect is characterized by the dominance of large and smaller local banks in the market activity, leaving a gap in the middle. He also discussed the attitudes and trends of banking consumers, emphasizing the fear of another financial collapse and the concentration of activity at both ends of the banking spectrum.\\n\\nRich explained that while AI is a powerful productivity tool, it won\'t immediately replace jobs but rather enhance the capabilities of professionals. He emphasized leveraging AI to focus on tasks that add value and differentiate a business.\\n\\nUnder Rich\'s leadership, Mind Span Systems helps clients with specific pain points, such as cost savings and support use cases. However, the real value of AI, according to Rich, lies in uncovering new opportunities and tasks that were previously impossible.\\n

Key Points from the Episode:

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• Introduction of Rich Edwards as CEO of Mind Span Systems
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• MindSpan\'s work with community financial institutions
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• Attitudes and trends of banking consumers
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• Potential of AI in the banking industry
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• Barbell effect in the banking industry
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• AI as a productivity tool that enhances capabilities
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• Specific pain points and value of AI in uncovering new opportunities
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• Potential of using interns or assistants to enhance business operations
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• MindSpan\'s resources on personalization in the banking industry
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About Rich Edwards:

\\nRich Edwards serves as the CEO of Mindspan Systems, specializing in empowering community financial institutions through data-driven strategies and technologies.\\n\\nWith a profound background in analytics, marketing, artificial intelligence, and machine learning, he guides organizations toward transformative growth.\\n\\nThroughout his career, Rich has collaborated with global clients in banking, insurance, and financial services, demonstrating his expertise in product strategy related to data center automation and artificial intelligence. Notably, he played a pivotal role in the launch of IBM Watson Developer Cloud.\\n\\nRich holds a Bachelor of Science in Engineering from Rensselaer Polytechnic Institute and a Master of Business Administration from the University of North Carolina at Chapel Hill.\\n\\nAdditionally, he served as an engineering officer in the US Army. Currently residing in Raleigh, NC, Rich Edwards and his family contribute to the local community.\\n

About Mindspan Systems Inc.:

\\nMindspan Systems assists mid-market insurance, banking, and financial institutions with data-related challenges.\\n\\nRecognizing the frustration stemming from limited insights, the company facilitates the execution of data-driven strategies, fostering transformative changes and securing a sustainable competitive advantage.\\n\\nMindspan Systems offers various services, including data science and data-driven technology solutions.\\n\\nThese empower organizations to construct personalized experiences tailored for each customer, utilizing laser-focused, trackable, and testable messaging to optimize marketing budgets for customer...'