Not only is artificial intelligence (AI) in its many forms going to be part of your future: It’s already being deployed at a surprising pace throughout financial services. 76 percent of banking executives agree that AI will be critical to market differentiation over the next five years and 83 percent already evaluating some form of AI for their organization.
As we consider the value of virtual assistants, advanced fraud detection, personalization through business intelligence, and AI-driven decision-making, we might also think about how AI can be used to build greater human connections with our members. Implemented correctly, AI has the potential to help credit unions to deliver on the promise of personalized, “people-helping-people” financial services in a digitally-dominated world.
Here are five different perspectives on why credit unions should be thinking of ways to leverage AI and machine learning to build stronger connections with members.
Product Differentiation Is Gone: It’s Time for Personalized Engagement
We know that personal engagement is the best way to demonstrate value to our members. The problem is, so does every other banking provider. If credit unions want to break through product commoditization and marketing overload, they’re going to have to provide personalized engagement to their members – and that’s going to require new levels of (artificial) intelligence.
AI: What’s in it for Banks and Their Customers?
Three million Bank of America customers have already interacted with Erica, the bank’s AI-driven virtual financial assistant. Is this the inevitable future of personalized service at financial institutions? And if so, what do we expect this kind of service to look like in our own credit unions?
A Blueprint for a Better Digital Society
This deep-dive into the ways AI is changing business and society may not be for beginners. But digital visionary and THINK 18 alum Jaron Lanier has co-authored a thoughtful piece about AI’s role in a changing business environment, and how these advances can be used for the betterment of us all.
Do Consumers Still Want a Human Touch from their Banks?
46 percent of consumers in an Accenture survey of North American banking customers said they were open to receiving real-time financial “robo-advice.” While technology may not be the cure-all for what members want from their credit unions, it can help translate faster, more personalized service across digital channels.
How Data-Driven Decisioning Helps You Acquire the (Right) Customers Faster
Acquiring new loans is an important first step toward building lasting member relationships. But in a changing competitive environment, reaching potential borrowers and providing a fast, frictionless experience is critical. AI and cloud computing can help solve that problem, according to Neil Stephenson, Global Vice President of Decision Analytics for Experian.
CO-OP is bringing AI and machine learning to the credit union movement through our new COOPER platform. Learn more about how COOPER can help your credit union fight fraud and personalize the member experience.
The original article 5 Must-Reads: Using AI to Build Better Member Connections can be found on Insight Vault.