Is your credit union ready for the AI revolution?
We stand on the brink of a revolution, one in which artificial intelligence (AI) and machine learning will drive innovation and reshape the way we interact, conduct business and build technology.
In fact, according to research by Accenture, roughly 72 percent of today’s industry leaders recognize AI as a “business advantage” that increases efficiency and reduces costs. By 2035, AI is expected to increase labor productivity by up to 40 percent and generate more than 50 percent of the world’s economic output.
Already, AI and machine learning are having a dramatic impact on the consumer experience. Think about how computerized assistants like Siri and Alexa have changed the way we interact with technology or how the machine learning algorithms of Facebook and Netflix have revolutionized the way companies store and utilize user data. Even across the banking industry, providers are deploying chatbots for automating online support, and leveraging deep machine learning to gather insights about their users.
As the AI revolution expands, how do credit unions capitalize on this trend and avoid falling behind evolving consumer demands and the competition? The World Economic Forum identified nine different ways in which AI will disrupt traditional banking in the near-future, leaving credit unions with little time to deliberate. This will require new strategies, technology and partners in order to meet those incoming changes. Thankfully, credit unions are sitting on a trove of valuable data about their members that can be used to deploy AI and machine learning solutions in fascinating ways. Coupled with a member-centric strategy, AI and machine learning can unlock growth opportunities like never before.
CO-OP will be hosting a one hour webinar on Thursday, August 30 at 10:00am PT exploring ways that credit unions can accelerate growth through AI and machine learning. CO-OP SVP of Fraud Products and Data Scientist Fotis Konstantinidis along with Tim Sloane of Mercator Advisory Group will breakdown what AI and machine learning are and how to activate them at your credit union.
