As a credit union leader, you may be asking yourself, Can I afford to implement artificial intelligence (AI) applications now? Is it a must-have? Is it going to have a measurable impact on my business? You’re not alone. Many CEOs are trying to determine its value before leveraging AI.
The top reasons companies today are using AI are for speed, efficiency, lower costs, and to make better decisions – in short all of the things you need to be competitive in the modern financial services market. How competitive you are will determine whether you retain your member relationships or lose them to newer, faster, sexier models, like fintechs. AI offers a great opportunity to get deeper product penetration by correctly matching products with member needs and so much more.
If you consider members’ behaviors online, they are logging this information for us. They’re on social media and they are connected with friends, family, and former schoolmates, buying products and gaming. They use online calendars for their scheduling and track where they are via Fitbit. Whether members like it or not, how they interact with the world is being captured, cataloged, measured, and analyzed every day by marketing and technology companies, governments, financial institutions and AIs. In fact, Google is training its AI with full access to everything Google captures. It’s scary and mind boggling.
continue reading »