By taking the time to determine how AI can support the credit union’s mission and key goals – whether that’s enhancing member experiences, streamlining operations or expanding offerings – credit unions can lay a solid foundation for growth. In doing so, the full potential of AI can be harnessed to make more informed decisions, more effectively personalize interactions and stay ahead of competition in an increasingly crowded landscape. A well-aligned AI strategy empowers credit unions to deliver tangible value that benefits both the organization and their members, fueling sustainable success.

Education is key. Once alignment with organizational goals is established, the next crucial step is education, which should include gaining a deeper, more concrete understanding of what an effective AI implementation looks like. Credit unions should do their homework, grasping the basics of AI and how the technology can enable more informed decisions to benefit their organizations.

This is also where key areas like infrastructure, communication, data management and compliance should be reviewed, ensuring that AI complements each, complies with relevant regulations or governed policies, and can be integrated seamlessly into existing processes – especially data infrastructures.

A strong foundation built for AI success. A robust AI policy is key, providing a clear framework for credit unions that outlines the principles, guidelines and procedures for deploying and utilizing AI systems. With this solid foundation in place, credit unions can ensure their AI initiatives are not only efficient but also accurate and aligned with organizational goals. By exploring various AI use cases, credit unions can also gather valuable insights into what works and what doesn’t, allowing them to make more informed, data-driven decisions on how to best implement the technology. This step is crucial in empowering organizations to fully unlock the potential of AI and scale effectively.

Trusted alliances to complete the journey. While credit unions need to establish their own strategic objectives and conduct their own research, it can be challenging to confidently determine next steps for implementation. Exacerbating the issue, the AI landscape has grown increasingly crowded with new players, making it more difficult than ever for credit unions to navigate the space on their own. That’s where the right partner can come in – one that can provide the support, expertise and strategic guidance to help credit unions gather the relevant information needed, explore the range of possibilities and then take action.

By tapping trusted partners for the guidance and expertise needed, credit unions can gain valuable clarity and insights into how AI can be harnessed to support their goals. Such a trusted partner can also help evaluate which use cases and providers will best align with the credit union’s unique needs and member base, ensuring that every step taken is purposeful and impactful.

As credit unions progress on their AI journeys, the path to success hinges on thoughtful planning, deeper education, a strong AI policy and strategic partnerships. Aligning AI efforts with organizational goals and member needs is just the beginning; education, thorough groundwork and reliance on trusted partners are vital to ensuring that AI is implemented efficiently and purposefully. Keeping these key areas in mind, credit unions will be well positioned to leverage AI to drive innovation, boost operational efficiencies and create exceptional member experiences.