spot_img

AI’s Role in Shaping Credit Unions

Date:

BY RENÉ CLAYTON

Improving the member experience is always a top priority for credit unions, but as technology continues to evolve, so have member expectations. Members often choose to join credit unions over larger financial institutions because they desire a more personalized experience, which can now be achieved at scale through artificial intelligence (AI).

Nearly three-fourths of business leaders (72 percent) believe AI will be fundamentally important in the future. Credit unions already have vast amounts of data available to fuel AI, giving them the ability to provide more meaningful interactions and relevant solutions at a moment’s notice. But what does the future of AI hold, and what does it mean for credit unions?

Modernizing credit union’s digital offerings

AI tools bring significant advantages to older legacy and traditional banking. Benefits include allowing machines to perform tasks that are repetitive or boring for humans, modernizing a credit union’s digital offerings in the process. Creating an interconnected member experience through AI and automation can also drastically change the way members transact in order to create more personalized experiences.

Enabling AI capabilities and benefits include:

  • Expanded self-service options with sentiment analysis
  • Efficiency and productivity gains
  • Heightened enforcement of compliance and regulation standards
  • Multi-modal approaches such as voice, gesture and bi-directional texting

Additionally, AI can be extremely effective for predicting, detecting and protecting members from cyber security threats in the ever-changing digital landscape.

This content is for CU BUSINESS eMagazine , Special Deal: 2 websites , and NEW! The Leadership Team Builder Group Subscription members only.
Log In Register

Share post:

spot_img
spot_img

Popular

More like this
Related

Rebecca White Joins Texas Trust as Vice President of HR

ARLINGTON, Texas – June 6, 2022 – Strengthening and...

There’s more to overdraft reform than just fees

The great overdraft debate has focused on fees. And...

Rising Inflation Impacting Non-Prime Borrowers Most, Though Many Consumers Proving to be Resilient under Challenging Circumstances

New TransUnion study explores consumer resiliency amid rising inflation Chicago,...