Banesco USA: Cutting credit memo creation time from a week to minutes with Google AI
Meet the community bank that thinks like a tech company, embracing Google Workspace with Gemini to reimagine workflows that have remained unchanged for decades.
Banesco USA is a $5 billion asset community bank headquartered in Miami, Florida, with a presence across South Florida and Puerto Rico. With a reputation for innovation and customer-centric services, Banesco USA is dedicated to empowering its community through trusted banking relationships and leading technologies.
Meet the community bank that thinks like a tech company, embracing Google Workspace with Gemini to reimagine workflows that have remained unchanged for decades.
Google Workspace Results
“We pride ourselves on being early adopters of technology. When Gemini was introduced as part of Google Workspace, we immediately saw its potential to revolutionize our workflows and how we think about day-to-day productivity.” - Julio Valle, CIO, Banesco USA
Cut credit memo creation time from a week to minutes with Gemini
Improved the accuracy of reports by 89% with Gemini
Saved thousands of hours annually by automating repetitive tasks with Gemini
Boosted productivity by an estimated 10–15% across teams
While much of the banking industry has shown some hesitation when adopting AI, citing compliance concerns and regulatory uncertainty, Banesco USA has embraced it to reimagine what's possible. Headquartered in Miami with operations extending across South Florida and Puerto Rico, this $5 billion asset community bank brings innovation to processes that have remained largely unchanged for decades.
As the volume of Banesco USA's loans surged — more than $1.1 billion underwritten in the first 10 months of 2024 alone — the team discovered a significant roadblock in the loan approval process. Before a single loan could be approved, underwriters had to navigate a lengthy series of steps. Creating credit memos required them to manually extract, analyze, and summarize thousands of pages of documents for each deal, taking up over 7,000 hours annually and leaving little room for agility.
"It took about a week to process just one deal," says Julio Valle, CIO of Banesco USA. "If you multiply that across the 280 credit memos we annually process, the amount of time and effort becomes a major bottleneck."
That's when Banesco began to wonder how AI could help.
"We pride ourselves on being early adopters of technology," Valle continues. "When Gemini was introduced as part of Google Workspace, we immediately saw its potential to revolutionize our workflows and how we think about day-to-day productivity."
Automating time-consuming loan approvals with Google AI
“What's really transformational is how Google Workspace tools integrate so seamlessly into our existing workflows. Employees can simply upload documents, and the AI does the heavy lifting.” - Ainsworth Alexander, BI and Automation Manager, Banesco USA
With the growing demand for speed and accuracy in customer service, Banesco USA knew it needed to embrace AI to rethink its workflows. As an existing Google Workspace customer, the bank had already established a culture of collaboration and innovation, using tools like Google Docs, Sheets, and Slides to collaborate on files, and Meet and Gmail to stay connected from anywhere. Then, while attending Google Cloud Next, an annual Google innovation forum, the team discovered Gemini, which kicked off a chain reaction of productivity.
This inspired Banesco USA to create its Credit Memo AI Assistant. Built using the multimodal capabilities of Gemini, Document AI for extracting details from unstructured data, and Vertex AI to deploy at scale, this tool automates the most time-intensive components of the credit memo process. Underwriters no longer have to manually sift through thousands of pages or extract data one section at a time. Instead, the system can handle multiple file types and generate a draft credit memo in minutes instead of a week.
"What's really transformational is how Google Workspace tools integrate so seamlessly into our existing workflows," explained Ainsworth Alexander, BI and automation manager at Banesco USA. "Employees can simply upload documents, and the AI does the heavy lifting."
The direct integration of Gemini across Google Workspace further accelerates adoption. Once a draft credit memo is generated, underwriters can use Google Docs to review, edit, and finalize the output. Gmail aids in communicating seamlessly with all stakeholders, while shared folders in Google Drive ensure that every step of the process is archived securely.
"When we designed the system, we made sure it blended into the tools our employees already know and trust," Valle says. "The combination of Google Workspace and Google AI has allowed us to build something that feels intuitive, rather than disruptive."
Evolving from AI skeptics to Gemini champions
“When we designed the system, we made sure it blended into the tools our employees already know and trust. The combination of Google Workspace and Google AI has allowed us to build something that feels intuitive, rather than disruptive.” - Julio Valle, CIO, Banesco USA
Google Workspace and Gemini have touched nearly every corner of Banesco USA. Beyond the Credit Memo AI Assistant, teams are finding efficiencies with Gemini in their day-to-day work. For instance, many employees use Gemini to create or refine documents, whether summarizing meeting notes, generating policy drafts, or pulling key insights from data. Others use it to turn their ideas into professional, concise emails to communicate with executives.
"What used to take hours now takes minutes with Gemini," said Christian Mesa, an automation analyst at the bank. "It's great for brainstorming and helps me get straight to the point while keeping it polished."
Others rely on Gemini for its "Take notes for me" feature within Google Meet, which allows employees to focus on discussions without worrying about missing details. "We're no longer distracted trying to write everything down during calls," Mesa explains. "We can just engage fully, knowing the tool will summarize key points for us."
As each team member applies the tools in ways that fit their roles, Google Workspace with Gemini has sparked a cultural shift across Banesco USA. "At first, there was skepticism," Valle explains. "People worried AI might take over their jobs. But now, they see it as a tool that amplifies their skills. It's about helping people, not replacing them."
Building AI-driven tools that think like bankers
From underwriting loans to building intuitive training programs, Banesco USA has already proven how seamlessly AI can integrate into even the most complex processes. With the rollout of Gemini Enterprise and the growing potential of natural language queries, the bank is eager to use new technologies to drive further efficiencies.
"Imagine a banker being able to ask the system, 'What are my top 10 prospects for this quarter?' or 'Which accounts have the highest activity in the last month?' and getting immediate, reliable answers," Valle says. "That's where we're headed: using AI to empower employees to make smarter decisions and create exceptional customer experiences."
eSource Capital helps companies implement cloud-based technologies that support the transition, operation, maintenance, and optimization of their cloud services.
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