Kirk Drake’s New Book ‘FinAncIal’ Investigates Artificial Intelligence in the Credit Union Space

By W.B. King

Originally published by Finopotamus – Fintech News for Hungry CUs

While most credit unions are using machine learning (ML) and artificial intelligence (AI) in some form, the industry lacks a cohesive strategy. This premise is among themes covered in FinAncIal: Helping Financial Services Executives Prepare for an Artificial World, a new book by Ongoing Operations’ CEO Kirk Drake.

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AI Case Studies: Posh Technologies

This is an excerpt from FinAncIal: Helping Financial Executives Prepare for an Artificial World. Grab your copy here!

This case study covers the leading player in AI-based credit union chatbots. Posh Technologies’ conversational AI includes capabilities for web, SMS, social, mobile, IVR, and home digital assistants, such as Amazon Echo and Google Home.

Stay tuned to the CU 2.0 blog while we feature more excerpts from our financial guide to AI!

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AI Case Study: Grain Technologies

This is an excerpt from FinAncIalHelping Financial Executives Prepare for an Artificial WorldGrab your copy here! 

This particular case study was cut for space from the book. However, the book features more than a dozen explorations of AI-based fintechs. Stay tuned to the CU 2.0 blog while we feature more excerpts from our financial guide to AI! 

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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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