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Credit unions that take the lead in implementing AI and machine learning today will reap massive benefits down the road.

By Richard Paxton | Updated on October 27, 2017

Artificial intelligence and machine learning are impacting our world in a myriad of ways. According to a research report published by Accenture, if the 12 developed countries highlighted in its report implement AI and its associated technologies now, they could double their annual economic growth rates by 2035. The impact of AI on business is projected to increase productivity by up to 40%, simply by making workers and workflow processes more efficient. What does this mean for you? AI and machine learning tools now offer credit unions huge efficiencies that are simply not available with the legacy technology offerings that have traditionally dominated the banking industry. Those credit unions that take the lead in implementing AI and machine learning today will reap massive benefits down the road.

Most Americans are familiar with AI, at least from a peripheral perspective, through consumer environments using Apple’s Siri, Amazon’s Alexa and Google’s Home. Since a recent survey suggests more than 11 million Alexa-enabled Echos and Dots have been sold in the U.S., it seems safe to assume that American consumers would also welcome AI-based solutions implemented by credit unions. These solutions could be services tied to Alexa/Siri-like applications designed to speed up the banking process, or AI and machine learning-based implementations creating new efficiencies that can be passed on to members in the form of lower fees, better ATM access and more. Some members might even see these implementations as a selling point. It wouldn’t necessarily matter to them if the use of AI was visible, or even part of the online member experience, so long as the credit union made a public commitment to implementing AI tools.

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