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Artificial Intelligence Innovation Culture

Generative AI: How Credit Unions Can Adopt Gen AI to Benefit Employees and Members

*25-minute read—Generative AI could transform the way that credit unions provide financial services. In this brief you will learn how credit union leaders are approaching Gen AI, from thinking about their organizational structure and culture to prioritizing use cases and implementation strategies.

Executive Summary

Generative AI (Gen AI) emerged on the public stage with the release of ChatGPT in November 2022 and, over the last two years, the use cases have quickly grown. While conversations are pervasive about the benefits and the need to keep on top of AI advancements, credit unions of all sizes are struggling to lean into this rapidly evolving technology. A recent survey of credit unions revealed a diverse range of progress in the development of AI strategies. About half of credit union respondents are in the early stages of developing an AI strategy, while the other half have made significant progress. No matter where your credit union is in your AI adoption journey, we hope that this brief will help you successfully adopt Gen AI to accomplish your strategic objectives. 

Credit Union Implications

Integrating Gen AI into credit unions' overall strategy offers a game-changing opportunity to boost operational efficiency, elevate member services, and foster innovation. Insights from our study reveal that 66% of credit unions plan to leverage AI for credit decisioning, highlighting its growing importance in operational strategy. Looking beyond credit unions, over 60% of financial institutions are using AI for fraud detection and prevention, while 58% use AI for risk assessment and management. This highlights the growing importance of AI in bolstering security and improving decision-making processes with the industry. 

In this brief, we build on our previous work by focusing on Gen AI and giving you practical suggestions for implementing Gen AI within your organization. Download the full brief to find answers for these fundamental questions:

  • Where, and how, should Gen AI live within a credit union?
  • What Gen AI use cases should credit unions consider starting with?
  • What data infrastructure is needed to take full advantage of Gen AI?
  • What is the best way for a credit union to implement Gen AI?
  • What kind of culture is needed to ensure Gen AI thrives?

Filene's Center for The Credit Union of the Future is generously funded by:

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