Banking on artificial intelligence

by The CU Lab

In this episode, we’re talking all about the value artificial intelligence is bringing to credit unions. We’re getting into the challenges credit unions are experiencing, and the solutions that AI can provide.

Key Takeaways:

  • [01:57] You are going to see a 20% increase in organic loan and converting loan apps.  If you do it across all avenues as a large credit union, you could have as large as a 500% improvement in organic loan application and completion. 
  • [05:46] Forester says, “36% of the time we get inaccurate information via a call center.” If I have to make up for the time the member is upset for getting the wrong information then we have a complete loss of efficiency.
  • [15:46] Start now, not later. If you push this off, you are already behind your competition. You can do this in such a simple way. This might be the most important initiative that you take on for your future, your balance sheet, and how your members rate you.

 

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