Amid the COVID-19 crisis, credit unions should continue to incorporate emerging technologies into their business. Ongoing improvements of digital capabilities can empower credit unions to transform their member experience today and thrive well into the future.
AI and Machine Learning
AI and machine learning, which use data and computer algorithms to automate human-centered tasks, can facilitate better data management and more organizational efficiency. These technologies also can provide predictive analytics that give credit unions deeper insights into member behavior and uncover patterns and trends into how members engage with their products and services. This can increase their marketing effectiveness, allowing them to personalize their offerings and deliver more responsive customer service.
Credit unions collect an inordinate amount of member data. The cloud can drive cost savings and efficiency by reducing their data storage fees and enabling more integration and data sharing between systems. With these advantages, credit unions can speed their time to market and reinvest into other areas of their business that help them more swiftly respond to new customer behaviors and expectations.
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