Artificial intelligence, or AI, is already revolutionizing the way some credit unions and other financial institutions converse with their members. But according to some industry professionals, soon AI may also give credit unions more power to influence exactly when, where and how members actually spend their money.

It may sound ultra-high-tech, but AI is already taking hold in some parts of the industry. According to a survey of credit unions and banks by financial technology company Infosys Finacle and global trade group Efma, for example, last year 46% of the respondents did not use conversational AI services such as chatbots or voice-based interface to talk to members – but planned to offer those things in the future. Financial institutions have also started using AI for risk and fraud management, the organizations recently noted.

One of AI's less common uses, however – one that's rife with opportunity, according to some experts – involves sifting through credit union card transaction data in order to uncover what members like to buy and where they like to shop, and then offering members customized rewards that encourage certain card behaviors.