The past few years have been filled with complexity and change in the banking industry, which has also triggered a shift in how credit unions use artificial intelligence. We have witnessed an incremental increase in the use of AI in all aspects of banking, as it can reduce labor costs, increase efficiency and productivity, and help credit unions provide better service for their members. Traditionally, credit unions only leveraged AI to automate routine internal processes, like compliance, underwriting or fraud detection, but recent technological developments have led to AI now also being used for front-office purposes, like member service.

This trend will continue this year, as members of credit unions will default primarily to digital channels when searching for solutions to match their financial needs. When it comes to AI, we have seen consumers get particularly excited about features like uniquely tailored services or offerings that anticipate their needs, such as chatboxes or 24/7 customer service bots that can proactively start conversations and provide relevant information and recommendations at any time. Customer relationship management in banking was previously mainly conducted by humans, but AI is now leading the way.