AI(Artificial intelligence) concept. Source: Adobe Stock

Artificial intelligence (AI) is becoming the norm in both business infrastructure and consumers’ daily lives. AI is an intelligent and virtual resource that deploys data to replace and improve business functions previously completed by human capital. Artificial intelligence can be leveraged to expand business, lighten staff load and enhance member experience.

The Federal Reserve has noted a steady trend of financial institutions closing physical branches. The pandemic only expedited this trend with 5% of all credit union branches closing during or since the pandemic. While physical branches aren’t dead, smart AI is enhancing members’ experience outside of the branch through mobile banking, call centers and payment processing. The use of AI is now part of a digital-first strategy for credit unions. While AI is rapidly becoming routine, some credit unions are slower to adapt and implement AI.

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