Executive Summary
The growing adoption of AI will not only transform the landscape of member-facing services, but also empower employees and leadership within credit unions to make more informed decisions and identify operational efficiencies. With AI's applicability reaching across almost all areas of operation, credit union leaders must now develop an AI strategy and begin taking practical steps toward further AI adoption. Although there are significant risks, leaders can navigate the regulatory and ethical considerations to position their credit union to use AI responsibly. This shift has the potential to improve employee productivity, streamline operational processes, and provide a more personalized member experience.
Credit Union Implications
AI can be used across the credit union, from the member to the board member. Here are some categories to broadly characterize how credit unions can use AI:
- Member-facing applications: AI can be used to personalize financial services, such as tailoring services to the person, understanding who members are, and starting to understand where their journey is headed.
- Employee-facing applications: AI can empower employees to serve members better by providing them with access to the knowledge base and members' data.
- Leadership applications: AI can help leaders identify frictions and address them by looking through audio transcripts from the contact center and identifying common traits and problems.
Download the full brief to discover seven practical steps for credit unions to consider when developing a roadmap for AI adoption.
Filene's Center for The Credit Union of the Future is generously funded by:
