Credit Unions Need AI Features – With the Right Interfaces – to Compete

Artificial intelligence. Source: Shutterstock

We have seen the ways in which artificial intelligence has impacted payments and mobile banking among large banks, whether through new machine learning fraud detection features or more conversational chatbots. AI technology holds the potential to transform global banking over the long-term, with McKinsey estimating it could deliver up to $1 trillion of added value a year for the industry.

Credit unions, however, have failed to keep pace with banks, lagging in their adoption of AI capabilities among payment and mobile banking functions. They are constrained by a lack of resources, but also sometimes hold onto the comfort of traditional banking services their largely older members have come to expect. Ultimately, this complacency hamstrings their ability to attract and retain younger members who demand more advanced digital capabilities.