Looking ahead to AI in the credit union environment

Artificial Intelligence (AI) continues to infiltrate the financial world. I recently attended the 2019 BankAI conference, hosted by American Banker, which explored how AI is being deployed in banking today with efforts such as talent reskilling, ethics and data management. Speakers included leaders from Bank of America, Harvard, U.S. Bank and Javelin.

Jason Peach, president and CEO of West Community Credit Union, a PSCU Owner credit union, also attended the conference and said it presented great insight into how technology investment, specifically with AI, is being applied within many of the larger financial institutions (FIs).

“One of the key takeaways was to ensure that our business needs are considered first, and early on, when determining which AI technology investments to make,” Peach commented. “Additionally, it became clear that AI, in many cases, will not fully replace our human workforce, but adapt how we use our workforce to best leverage the AI solutions we deploy. This is an area credit unions should watch and begin to take action on from a strategic perspective, especially in recognizing the sheer financial resources being committed to it by the largest institutions.”

Throughout the conference, several trends began to emerge. Here are some key takeaways and highlights from my conference experience.

 

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