- “AI technology holds the potential to transform global banking over the long-term, with McKinsey estimating it could deliver up to $1 trillion of added value a year for the industry.
- Credit unions could use insights gained from member habits and financial histories to build AI features that, for instance, inquire about lending needs after an excessive spending spree or use someone’s bill payment history to time payment alerts.
- Credit unions may struggle to implement the in-house AI technology of large banks, but they can play a role in ensuring the third-party firms they hire maximize use of digital capabilities.
- The virtual voice assistant allows users to make payments entirely through a chatbot without navigating outside the interface to connect to a representative.
- No AI function, however, is likely to resonate without a clean, creative interface. If credit unions adopt these features, they also need appealing designs and presentation. Insights into financial behaviors, for example, should be visible and have interactive components. Credit union could highlight a few insights to catch the member’s attention.”