Lorentz: At the risk of perpetuating the media hype in 2024, the rapid advancement of practical AI capabilities that have the realistic potential to add substantive levels of efficiencies to everyday practices and operational procedures represent the largest advancements in not only credit union technology, but in technology across all business segments.

AI has been around for years, but it is finally in 2024 that the power of the capabilities can now broadly be seen and used by anyone using a computer. There are small time savings capabilities like using Microsoft’s Copilot to do things like summarize a lengthy document so that you don’t have to read the full text, to using Copilot to create an entire PowerPoint presentation from a simple text outline, to automatically transcribing Teams meetings and identifying follow-up tasks as an outcome. And then there are massive capabilities that have the potential to fully automate currently manual jobs.

At Origence, we have a number of proofs of concept (POC) in flight right now, that cover everything from making our massive store of data easily searchable, with quick and flexible reporting and distribution options to our clients, to rapidly automating, or significantly augmenting current manual process steps in areas from accounting, to full service loan originations, to software engineering and security.

I am truly astounded by the rate of advancement that we have seen in AI in the last 18 months.

• Competing with digital-first banks: Digital-first banks like Chime will remain a significant challenge as they continue to set new standards for digital onboarding and member experiences. Credit unions’ top priority will be closing the gap by delivering fast, intuitive onboarding workflows and ensuring their digital tools match rising consumer expectations.
• Composable platforms for greater flexibility: Credit unions embraced modular, composable platforms that seamlessly integrate with core systems, loan origination systems and digital banking platforms. This flexibility enabled faster deployment of new products and workflows tailored to member needs, improving overall operational agility.
• Decision intelligence and automation: Automation took center stage, streamlining account opening, onboarding and approval processes. Decision intelligence tools allowed for real-time insights, enabling credit unions to approve loans faster while improving member satisfaction and reducing manual effort.
• Enhanced fraud prevention: As fraud threats became more sophisticated, credit unions adopted advanced fraud detection tools with behavioral analysis, real-time monitoring and secure identity verification processes. These solutions provided an extra layer of protection while maintaining a frictionless experience for legitimate users.
• Improved personalization through AI and sata: Artificial intelligence and machine learning enabled credit unions to leverage member data for hyper-personalized experiences. Whether recommending financial products, tailoring onboarding journeys or delivering predictive insights, AI helped credit unions build trust and deepen member relationships.
• Omnichannel consistency: Recognizing that members expect seamless transitions between digital and in-branch experiences, credit unions focused on creating unified workflows. This included embedded account opening tools, ensuring members could begin their journey on one channel and complete it on another without losing progress.

Howell: In 2024, credit unions demonstrated innovation by selecting technologies that prioritize inclusivity, security and member-centric service. Together, these advancements demonstrated the industry’s commitment to fostering greater financial inclusion, ensuring accessibility and protecting members in the current landscape.

To address banking inequalities among underserved members and better serve diverse communities, credit unions adopted inclusivity-focused banking platforms designed to accommodate the unique needs of neurodiverse members and those with disabilities. Many credit unions implemented user-friendly platforms with enhanced accessibility features, such as customizable visual settings for members with visual impairments, intuitive navigation for those with cognitive differences and expanded language options to better serve non-English speakers, empowering all members to engage confidently with their credit unions.

With the ongoing rise in digital banking, cybersecurity also remained a top priority in 2024. Credit unions moved beyond reactive measures by leveraging advanced threat detection technologies capable of identifying and neutralizing risks in real-time. These proactive strategies safeguarded member data, prevented fraud and strengthened trust in credit unions as secure financial partners.

What will be credit unions' biggest priorities heading into 2025 in the areas of fintech partnerships, AI and/or other areas of business related to technology?

Wynn: Credit unions will prioritize finalizing their data strategy and then yielding the benefits that come with a strong data framework. For example, as financial stress persists for many in the face of inflation and a high cost of living, having the right data in place can enable credit unions to offer meaningful, tailored financial resources and guidance – within the context of members’ existing user journeys. Having a personalized, digital-first approach to financial wellness makes it more impactful and meaningful, enabling members to improve their financial fitness and credit unions to build lasting loyalty.

The right data also helps build stronger strategic priorities. For example, as the payments landscape grows increasingly crowded and complex, having the right data to understand your member base and their needs allows credit unions to make a more accurate determination of which payment methods and tools to offer first.

Finally, AI will continue to be a big priority. However, this year expect AI to shift from hype to an actionable tactic for credit unions to enhance member service and boost efficiencies. It will become evident that not all AI is created equal, and savvy credit unions will ensure they are comprehensively evaluating potential partners and establishing solid AI policies from the onset.

Internally, they should be closely reviewing their processes, to determine the low hanging fruit for the implementation of tools like AI Agents (commonly referred to as ‘bots’). In the past, bots were technically difficult to deploy and maintain, and their successful use was very fragile, with an extremely high sensitivity to change in process or software. Now, the AI Agents are much easier for a non-technical group to deploy, and they use different logic paths to accomplish their ‘job’, and as a result they are much more resilient and less expensive to maintain.

Credit unions should be carefully looking at third party vendors and partners that are also embracing the new capabilities that AI brings, and seeking to understand where the most value sits for their institution. AI holds significant potential in everything from automated underwriting, to loan and account servicing, to marketing, to originations and in-branch services.

At this point, I have quite a tenure in the industry, and I have seen many technologies that professed to be ‘life changing’ come and go, but nothing has held as much potential across as many segments of the credit union industry as AI. This is something to take seriously.

Paul: Looking ahead to 2025, credit unions will focus on building upon the successes of 2024 by prioritizing the following areas:

• Competing with digital-first banks: Digital-first banks like Chime will remain a significant challenge as they continue to set new standards for digital onboarding and member experiences. Credit unions’ top priority will be closing the gap by delivering fast, intuitive onboarding workflows and ensuring their digital tools match rising consumer expectations.
• Deepening fintech partnerships: Credit unions will seek closer collaborations with fintech providers to enhance their ecosystem and ensure seamless integration of services. Modular platforms will enable credit unions to scale rapidly, adding new features like fraud prevention, AI-driven personalization and embedded finance capabilities. Partnerships will drive innovation and allow credit unions to deliver modern, competitive offerings.
• Scaling AI for hyper-personalization: AI and machine learning will become central to delivering tailored experiences across digital and in-person channels. Credit unions will use AI to analyze real-time data, offering financial products, personalized savings plans and predictive insights that align with each member’s unique goals and behaviors.
• Balancing fraud prevention with seamless CX: Fraud prevention will remain a top priority as cyber threats evolve. Credit unions will focus on deploying advanced tools that monitor behavioral patterns, verify identities securely and mitigate fraud risks – all while ensuring members experience minimal friction in their journeys.
• Enhancing omnichannel experiences: Members will continue to demand seamless experiences across digital platforms and in-branch interactions. Credit unions will prioritize unified workflows that connect every touchpoint – ensuring members can open accounts, access services or complete applications effortlessly, whether online, in-app or in person.
• Expanding into adjacent markets: Credit unions will explore new opportunities beyond traditional banking, such as wealth management, insurance and health care savings accounts. Embedded finance solutions will allow credit unions to distribute their services through third-party ecosystems like retail platforms or employer benefits, helping grow their reach and wallet share.
• Combining automation with the human touch: As automation continues to reduce repetitive tasks, credit unions will focus on balancing efficiency with a personal touch. Intelligent chatbots and automated workflows will handle routine interactions, freeing up staff to engage members with empathy and high-value support.

Inclusivity will also remain at the forefront, as credit unions work to break barriers to service access for underserved members. By implementing platforms designing unbiased, transparent and accessible processes, credit unions can expand their reach and better engage diverse populations, including the neurodiverse community. With up to 20% of the global population experiencing neurodiverse conditions, tailoring services to meet these needs presents a meaningful opportunity to attract new members and deliver impactful banking experiences. Embracing diversity and inclusion enables credit unions to reaffirm their core mission of fostering stronger, more equitable communities while cultivating trust and loyalty for all members.

Cybersecurity will continue to be a cornerstone of these technology efforts. Credit unions will strengthen defenses through multi-factor authentication, secure network configurations and advanced monitoring tools. Technology capable of rapidly detecting unusual activity will become increasingly vital, ensuring that any suspicious activity is addressed before it escalates. As cyber threats become more sophisticated, credit unions must be prepared to amplify their digital defenses with cutting-edge technologies, ongoing risk assessments and a robust security strategy to safeguard member data.