Why Credit Unions Need to Implement Artificial Intelligence

The pillar of the Credit Union industry is member service. Credit Unions have strong relationships with their members and strive to do what is right. It is a common misconception that Artificial Intelligence will remove the human aspect from banking with a Credit Union. In reality, AI is an opportunity to deepen those already strong member relationships. Artificial Intelligence can automate and improve services delivered to members while also improving your Credit Union’s bottom line.

Implementing Artificial Intelligence at your Credit Union can allow you to:

  • Offer a new service to a member at an opportune time
  • Provide an even greater customer service experience when a member has an issue
  • Deliver the convenience members seek and delight your customers

These are the experiences members are demanding and that Credit Unions must provide in order to remain competitive in today’s banking environment. And, all this starts with data.

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Credit Union 2.0 Podcast 30: Brett King on Banking Tomorrow

Welcome to episode 30 of the CU 2.0 Podcast.

You don’t want to listen to this podcast.

But you need to.

What banking futurist Brett King paints is a dystopian picture of financial services tomorrow where, increasingly, consumers want frictionless money transactions, they don’t give a hoot about banks vs. non-banks, and they have no interest in a relationship with a one-stop financial services provider.

Credit unions still think they are special. Think again, warns King.

What matters today is digital. Period. Sure, King, as the founder of digital bank Moven, has a bias.

But he very probably is right.

Financial institutions are getting left behind as the biggest banks get bigger – lots bigger – and fintechs gobble up profitable slices of the financial services pie.

Along the way in this provocative conversation, King talks about the new Apple credit card, why Apple Pay has stalled, and the inevitability of real-time banking.

It’s a look into tomorrow.

And, yes, it may sound like a horror film.

But at least when you know what’s ahead you can start preparing for it.

Listen here.

Check out other podcasts in the series here!

CU 2.0 Podcast 29: Teresa Freeborn on Open Your Eyes to a Credit Union

Welcome to episode 29 of the Credit Union 2.0 Podcast.

$100 million. That’s the projected three-year budget for the CUNA “Open Your Eyes to a Credit Union” campaign.

Teresa Freeborn, CEO of Xceed Financial Credit Union, chairs the CUNA effort which she – make no mistake – sees as crucial in the long-term survival and prosperity of credit unions.

The campaigns blends research with marketing – much of it online – to reach out to a generation of consumers that simply may not even consider credit unions as a financial services option.

Ouch. It hurts to be ignored. But that is a credit union reality and that also is the why of the CUNA campaign.

A central mission of the campaign: raising consumer awareness of the benefits of credit unions as a different, better category of financial services providers. That’s ambitious. But it just may be critical in the industry’s survival.

In this podcast Freeborn tells the story of the campaign’s launch, it’s current status, and it’s hoped-for future. She also blends in her perspective as the longtime CEO of a large credit union.

Listen up – your survival may depend on it.

Listen here.

credit union podcast

Check out other podcasts in the series here!