The pros and cons of AI in credit union lending

by Preston Packer, FLEX

You are undoubtedly aware of the artificial intelligence revolution we are all living through. Even though popular tools like ChatGPT have only been out for about a year, they’ve already made a major impact—to the point where the global AI market size is expected to reach a staggering $407 billion by as soon as 2027. ChatGPT itself had over a million users within the first five days of going live.

Of course, this demands the question: is AI a good thing or a bad thing for the world of lending in the credit union industry? Answer that question by keeping a few important things in mind about the pros and cons of this innovative technology.

PRO: An improved member experience

From a bird’s eye view, the number one advantage of implementing artificial intelligence in digital lending has to do with all the ways it can potentially improve the member experience.

 

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