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What Credit Unions Must Do Today to Pursue AI

The first step to preparing for AI is to work on data quality and data hygiene.

By Ray K. Ragan | May 24, 2019 at 09:00 AM
AI CUs prepare for the onset of AI.

It is not hard to find credit union leaders who are enthusiastic about artificial intelligence. Go to any conference or seminar and you’ll find vendors already promising the future of AI. The enthusiasm is well-placed, but depending on which AI thought leader one cites, the percentage of jobs that will be replaced by AI varies. Serial AI Venture Capitalist Kai-Fu Lee said 40% of jobs will be automated by AI. Oxford University’s researchers found the figure to be even higher, suggesting 47% of today’s jobs are candidates for AI obsolescence.

Jobs prime for automation are those heavily reliant on data, many of which are readily found in the financial industry. Among them are underwriters, loan officers, accountants and auditors, respectively ranked in likelihood of automation at 99%, 98%, 94% and 94% by the same Oxford study. Time to panic? Not exactly – the Oxford study suggested the invasion, or revolution, will take about 10 years, starting as early as 2025.

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