We are at the dawn of driverless cars, and that means car ride services will soon replace many cars and their associated car loans. Lending services such as Rocket Mortgage, which says it can approve a mortgage loan in eight minutes, have forever changed consumer expectations on convenience and speed in the lending process. The rise of the importance of mobile platforms means any credit union that is behind that curve will lose members.

While all of these changes raise a very high bar for credit unions, they are nothing compared to the disruptive effect of artificial intelligence, which is coming soon. We already have robo-advisors for investment services and artificial intelligence has been shown to provide a more reliable medical diagnosis than doctors. If artificial intelligence can make a medical diagnosis, is there any job or profession that will be immune to some use of artificial intelligence, especially if the artificial intelligence can self-learn, such as IBM’s Watson? When artificial intelligence can seamlessly interact with people as another person would, gather and analyze data instantaneously, and provide highly customized advice and services to consumers, it will be a monumental game changer. Yes, I know Siri is lame, but her very bright big sister is just around the corner.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2022 ALM Global, LLC. All Rights Reserved.