What do we do next?
That’s a question heard in most credit union executive suites and boardrooms and what it is focused on is AI.
Artificial intelligence suddenly has become the tech that matters among credit unions but there’s just one problem: few actually have concrete ideas about how and where to use AI.
Enter Kirk Drake, CEO of the digital consultancy CU 2.0, author of the 2020 book FINANCIAL which put an early spotlight on AI and credit unions. He now has joined with Tansley Stearns, CEO of Orsa Credit Union, a $1.47 billion institution, to create a CUSO with a singular focus of helping credit unions adopt AI tools and put them to meaningful, good uses.
The CUSO already is working with 10+ credit unions, says Drake, who expects the total to hit 20 by year-end. Sizes range from around $500 million in assets to $7 billion.
A key is that the CUSO already has developed a range of AI tools that are available for members to use – and it also provides coaching on how best to put the tools to use.
Here’s the reality: the advent of AI may turn into an extinction event for many credit unions. But it doesn’t have to be that way. Indeed AI has the potential to help credit unions of all sizes to match the efficiencies of even the biggest banks. It’s potentially a great equalizer. The key is getting credit unions up and running with AI and Drake’s team has accepted this mission.
In the show he tells in some detail what credit unions can expect – and how to prosper with AI in hand.
