AI sharpens focus on member needs

These four use cases for artificial intelligence in the financial services industry can clarify where and how to get started at your credit union.

Deploying technology to meet members’ needs these days—wherever they are in their financial services journey—increasingly means leaning into artificial intelligence and predictive analytics. But taking the AI bull by the horns isn’t the right approach for every credit union. AI requires a certain amount of care and feeding, and many organizations don’t have the necessary skills or resources to make an enterprise-wide AI approach live up to its full potential. That said, a pinch of pragmatically applied AI can help guide credit unions’ efforts to be more focused on meeting member needs.

Use cases for AI in the credit union industry

But how and where is AI best utilized by credit unions? There are a number of key AI use cases that are ideally suited to aid sales, marketing, operations and member service. Understanding the goals and benefits of these use cases can help credit unions determine where and when AI is best inserted in their tech stack.

1. Expand your service surface area while helping reduce the cost to serve. You’ve probably heard of AI-powered chatbots being deployed in the financial services realm, and there’s a good reason to do so. According to a June report from the Consumer Financial Protection Bureau, “approximately 37% of the United States population is estimated to have interacted with a bank’s chatbot in 2022, a figure that is projected to grow.” AI-driven chatbots are proving themselves to be MVPs on the front lines, providing an always-on, white-glove touchpoint for members while deflecting calls to the call center, reducing the cost to serve.


continue reading »