Every FinTech uses AI. Some gain competitive advantage. Others solve old problems in new ways. All see better results than their non-AI competitors.
FinTechs are creating the future.
Yet most banks and credit unions aren’t even thinking about AI.
Why is that?
Simple: We don’t change because change is hard.
To adapt to change, we have to disconnect from our fears and conquer them.
Our fears are mostly unfounded anyway. They’re just our reptilian brain ratcheted back to the caveman era, where we’re designed to react to certain environmental stimuli that don’t exist anymore.
Remember that fear stands for:
We can combat fear with awareness — a sense of where we’ve been, where we are, and where we’re going next.
Now, the whole credit sector is not going to shift tomorrow to AI. But over the next 5-15 years, it’s going to change quickly and quietly.
Here’s how to prepare for it:
Invest in the cloud, robotic process automation, and analytics.
Kirk Drake, author of CU 2.0: A Guide for Credit Unions Competing in the Digital Age, joined James Robert Lay Banking on Digital Growth. In this podcast they discuss helping financial service executives prepare for an artificial world.