Artificial Intelligence

As the digital landscape and emerging technology continues to evolve, credit unions must assess the potential benefits of using artificial intelligence (AI) as well as the potential risks.

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Why it matters

Over the last 50 years we’ve experienced a time of rapid growth and change when it comes to technology and how it has impacted not only our everyday lives but also credit union business models. Recently OpenAI released ChatGPT which according to UBS research, "is the fastest-growing consumer application in history." Generative AI like ChatGPT is a true game changer for the financial services industry when it comes to driving efficiency through talent and process automation, enhanced member experience, while also posing potential security risks.

Depending on where your credit union is in the AI journey, Filene has you covered. We invite you to explore our current research insights and trends on the topic of artificial intelligence to help give you the information you need to implement the right AI strategy at your institution.

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Research in this topic

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Report #632 | Nov 15, 2024
Artificial Intelligence Innovation

Year Two Lab Results: Vertice AI
- Megan Freshour
One of the seven solutions selected to test in 2024 was to explore the potential opportunities for credit unions to leverage AI technology to drive deeper engagement with indirect members. To tackle this issue that has been a chronic pain point for credit unions for decades, the lab* at Filene partnered with Vertice AI to test if their platform can offer more ways to deepen relationships with indirect members.
Report #590 | Aug 1, 2024 | Members
Artificial Intelligence Innovation Financial Well-being Diversity, Equity and Inclusion

Alternative Underwriting for Growth, Equity, and Well-Being
- Ellen Garnett Kladky
The ability to expand lending portfolios, remain competitive in the financial landscape and provide a quicker experience for the borrower are just a few of the reasons that adoption of alternative underwriting models has grown significantly among financial institutions and fintechs. In this report, we draw on survey and interview data to explore how alternative underwriting models can be implemented to improve financial inclusion without reinforcing existing inequalities.
Report #606 | Jun 27, 2024 | Members
Artificial Intelligence Innovation

Shared Services: A Growing Trend with Opportunities for the Credit Union Industry
- Lamont Black
- Don Taggart
*20-minute read—This brief serves as a valuable guide for credit union leaders who are interested in the benefits of shared services, either as a user of the services or as a provider of them.
Report #613 | May 13, 2024 | Members
Artificial Intelligence

The Evolution and Impact of AI in Credit Unions
- Lamont Black
- John Best
This brief outlines how credit union leaders can develop an AI strategy and begin taking practical steps toward further AI adoption.

More opportunities

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Blog | Oct 31, 2024
Innovation Artificial Intelligence

Thinking Forward: The Top 5 Biggest Frights Facing Credit Union Leaders
As the air turns crisp, pumpkins light our porches, and eerie costumes fill the streets, it's hard not to embrace the spooky spirit of Halloween! But for credit union leaders, the real frights aren’t found in haunted houses or ghost stories—they lurk within boardrooms, data centers, and the ever-changing financial landscape. Here are the top five challenges that keep credit union executives up at night—and they’re scarier than any Halloween horror.
Blog | May 23, 2024
Innovation Artificial Intelligence

the lab* Year 2 Tests Underway
In September 2023, the Filene lab sponsors convened to choose seven tests for the program’s second year. These initiatives have now been officially launched, and their outcomes will be disseminated to the marketplace by the end of the calendar year. Five of these seven tests are in close collaboration with fintech partners. The pilot projects center around leveraging AI to enhance credit union performance, foster payment and deposit growth, and anticipate industry trends on the horizon.
Blog | May 17, 2024
Artificial Intelligence

Webinar: Demystifying GenAI Applications
- Lamont Black
- John Best
- Chris Dierker
- Christie Kimbell
Review materials from "Demystifying GenAI Applications" hosted May 16th, 2024.
Webinar | May 16, 2024
Artificial Intelligence Innovation

Demystifying Generative AI Applications: How Credit Unions Can Harness GenAI for Efficiency and Growth
- John Best
- Lamont Black
- Christie Kimbell
In this webinar, you'll learn some fundamentals of the AI tech stack and about tools for employee productivity. You'll also get a broad perspective on how the credit union industry is approaching generative AI and how credit unions can adopt this technology to increase efficiency and serve their members more effectively.

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Artificial Intelligence

Why it matters

Research in this topic

Year Two Lab Results: Vertice AI

Alternative Underwriting for Growth, Equity, and Well-Being

Shared Services: A Growing Trend with Opportunities for the Credit Union Industry

The Evolution and Impact of AI in Credit Unions

More opportunities

Thinking Forward: The Top 5 Biggest Frights Facing Credit Union Leaders

the lab* Year 2 Tests Underway

Webinar: Demystifying GenAI Applications

Demystifying Generative AI Applications: How Credit Unions Can Harness GenAI for Efficiency and Growth

Related topics in action