Credit Unions at the Crossroads: Embracing Generative AI

December 14, 2023

Technological innovation, as we know, moves quickly and transforms industries in its wake.

As artificial intelligence rapidly advances, credit unions stand at a crossroads. Credit unions must grasp the possibilities of cutting-edge generative AI tools like ChatGPT to boost member relationships and streamline operations, or risk falling behind the AI curve, said Ashish Garg, Co-founder and CEO of GoWest Solutions partner Eltropy. 

Generative AI represents a pivotal shift. Its lightning-fast language generation can power personalized recommendations, automated chatbots, virtual assistants, and more. Early adopters who strategically implement these AI applications can completely transform the member experience and gain a competitive edge.

Let’s explore five vital use cases showing AI’s vast potential within credit unions:

1. Personalized advice. Generative AI can create conversations adapted to member queries by analyzing data like loan histories. This personalized advice enhances engagement and relationships. As technology narrows the gap with banks, AI-powered personalization becomes a competitive edge.
2. Content creation. Generative AI can automate content creation for newsletters, marketing messages, etc. By generating quality content, AI ensures consistent member engagement while freeing up marketing teams. As trends show declining satisfaction, compelling content is key.
3. Service chatbots. With proper training, generative AI can power chatbots that effectively address routine member questions. Conversational capabilities improve interactions and reduce human support burdens. At advanced AI maturity levels, over 95% of inquiries may be manageable via bots.
   
4. AI assistants. Integrating AI solutions like ChatGPT to act as personal assistants, credit unions can engage members and schedule services around the clock. Appointment management integration can give CUs 24/7 assistance catering to changing preferences.
5. AI interpreters. By automating translation, generative AI can offer inclusive support to non-English speakers. Tapping diverse markets enables credit unions to better serve minority communities. As language barriers pose risks, AI delivers accessibility.
   

In the evolving ecosystem we’re moving toward, in which AI becomes ubiquitous, credit unions must sharpen their distinctive value beyond technology alone. While embracing innovations like generative AI, the human touch remains vital — building meaningful relationships and conversations with members that no algorithm can replicate.

Leaders must discern AI’s optimal role to complement teams and enhance experiences, not to replace the irreplaceable human element at their core. Following this compass, and navigating pitfalls along the journey, credit unions can integrate emerging advances while remaining true to themselves — distinctly people-centric.

At the crossroads of a true transformation, generative AI’s potential continues to expand. Credit unions hold the map to navigate this technological shift and reshape the way members digitally interact with their credit unions. The future is an open book, and visionary credit unions have the opportunity to write the next chapter. 

Contact your GoWest Solutions team to discover how Eltropy can connect your credit union with more AI solutions. You can also attend a webinar series available through Dec. 22 led by Saahil Kamath, Head of AI at Eltropy. 

Posted in GoWest Solutions, Top Headlines.