AI in Credit Unions: Using AI to Create a Competitive Edge
Are robots taking over the world? Is your credit union considering using AI to gain a competitive edge, or are you still undecided? These are real questions that many credit union executives are currently debating. The idea of robots “taking over” is more science fiction than reality. Current AI is far from the autonomous, sentient beings often portrayed in movies and literature. But beyond the buzzwords and technical jargon, there is a pressing need to distill the vast amounts of data AI generates into compelling, actionable narratives that resonate with stakeholders.
This is where the true potential of AI lies—not just in the data itself, but in the stories it enables. AI, with its ability to analyze vast datasets can be a powerful tool for uncovering insights that can drive decision-making. However, the real challenge for many credit union leaders is how to transform these insights into stories that are consistent, relatable, and aligned with their institution’s goals.
In a recent podcast, Robb Gaynor, a financial services executive, banker, and founder of Searching for AI, emphasized that sifting through data to find the “real story” is crucial for realizing AI’s full potential. Gaynor’s research aims to uncover live AI examples in financial institutions. Interesting top AI use cases he’s already identified across 65 AI providers, 50 features, and over 12 different departments across financial institutions include:
1. Define the Challenge
Clearly identify and articulate the problem or challenge your organization faces. Ensure that the challenge is specific, actionable, and tied to measurable outcomes.
2. Quantify the Impact
Make sure the challenge is quantifiable. Establish metrics and data points that can be used to measure success and guide decision-making. This helps in setting realistic goals and tracking progress.
3. Educate Employees
Invest in employee education to prepare them for the integration of AI and other advanced technologies. Establish AI knowledge centers or similar initiatives to keep your team informed and engaged with the latest developments.
4. Take Action
Once the challenge is defined and quantified, and your team is educated, move forward with implementation. Create a vendor list, identify partners who can help you achieve your goals, and push for enhancements where necessary.
5. Engage Employees
Encourage all employees to think about and engage with AI and other innovative technologies. This can foster a culture of continuous improvement and innovation across your organization.
6. Continuous Improvement
A unified platform for member services centralizes all interactions, offering a 360-degree view of member relationships. This enhances personalized service, improves onboarding processes, and increases overall service quality.
These practices can provide a comprehensive framework for integrating AI and other advanced technologies into your credit union, ensuring that your team is prepared and that you are making measurable progress toward your goals.
While It’s clear that AI offers immense potential, its true value is unlocked when credit union executives can tell better stories—stories that are data-driven, yet human-centric, and aligned with their institution’s mission. As the financial services industry continues to evolve, those who master the art of storytelling through AI will be best positioned to succeed.
Listen to this podcast and others to learn more about VisiFI and our modular and connected solutions. To sign up for Bankers Bake Off and more AI news, visit searchingforai.com.
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