3 ways AI and machine learning can boost your card portfolio

According to Forbes Magazine, the global AI market is expected to grow by more than $500 billion between now and 2030, according to various studies. IDC, a market research firm, predicted that the AI market will be worth over $500 billion by 2024.

While AI, machine learning, and related technologies are poised to transform the future of fintech, what do these tools mean for credit unions, and how can they be applied to unleash growth opportunities?

“AI presents an enormous opportunity for credit unions to transform the member experience on many levels,” said Dr. Kathy Snider, SVP Products Group Leader, Co-op Solutions. “By analyzing millions of data points about your members’ spending and transaction history, a sophisticated AI platform can help you uncover deep insights about your members and engage with them on a more personal level.”

Take card portfolios, for example. Credit unions can leverage the power of AI in varying degrees of complexity to gather and analyze member data points ranging from membership accounts, activation rates and number of transactions by category (PIN, signature and credit) to average ticket, revenue and expense. Benchmarking this type of data can help credit unions develop more informed penetration, activation and usage (PAU) strategies – and execute more successful marketing campaigns as a result.

 

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