First BanCorp is advancing its digital and AI-led transformation strategy, leveraging automation, cloud, and data platforms to enhance customer engagement and operational efficiency across Puerto Rico, Florida, and the Virgin Islands.
The bank has moved beyond foundational digital upgrades into large-scale AI deployment. Around 85 percent of routine back-office operations, including loan processing and account reconciliation, are now handled by robotic process automation and AI systems, significantly improving productivity and reducing manual intervention.
Brad Martin is the Chief Information Officer (CIO) of The First Bancorp.
AI-driven growth, fraud reduction and efficiency gains
First BanCorp is using predictive AI models to anticipate customer financial needs, resulting in a 15 percent increase in cross-selling efficiency for its digital-first personal loan products. At the same time, advanced AI monitoring tools have reduced digital transaction fraud losses by 20 percent year-over-year, even as online transaction volumes continue to rise.
The bank estimates quarterly AI-driven efficiency gains of approximately $15 million, highlighting the financial impact of automation and intelligent systems.
“1n” platform powers cloud and digital transformation
The core of First BanCorp’s digital strategy is its unified “1n” (One Network) platform, designed to deliver seamless services across all operating regions. Digital adoption has reached record levels, with 75 percent of all retail transactions now conducted through digital channels.
Cloud migration is nearing completion, with about 80 percent of critical applications already moved to cloud infrastructure. This transition has contributed to a 10 percent reduction in IT maintenance costs during Q1 2026, improving overall cost efficiency.
Digital hubs and branch transformation
While maintaining its physical footprint, First BanCorp has modernized 40 percent of its branches into digital hubs. These locations replace traditional teller services with digital kiosks and advisory-led interactions, aligning with the bank’s hybrid digital-first strategy.
Strong mobile and online engagement metrics
Digital engagement continues to drive growth and customer retention. The bank reported 1.2 million active digital users, representing a 10 percent year-over-year increase and establishing a strong base in its regional markets.
Mobile channels are playing a critical role in transaction migration. Around 65 percent of all consumer deposits are now made through mobile check deposits, significantly lowering service costs compared to branch-based transactions.
Digital lending is also expanding rapidly, with more than 50 percent of new personal loans in Q1 2026 originated through the mobile app. Overall digital loan volumes increased 25 percent year-over-year, reinforcing a high-growth and high-margin revenue stream.
Strategic outlook: AI integration and data-driven banking
First BanCorp’s technology investments have reached what management describes as a plateau of productivity, where digital and AI capabilities are delivering measurable financial returns.
The next phase, under Project Synergy, will focus on integrating data ecosystems across Florida and Puerto Rico using AI to create a unified wealth management platform for high-net-worth clients. With 75 percent digital transaction mix, 80 percent cloud workload migration, 1.2 million digital users, and $15 million quarterly AI efficiency gains, First BanCorp is positioning itself as a technology-driven financial institution, where AI, cloud, and automation form the backbone of future growth.
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