A Better AI Outcome

Here is where credit unions can excel: By playing a role that allows members to understand how their financial institution uses their information, and serving as an advocate for transparency and inclusiveness so that this promising technology is used ethically and improves the lives of many. With this goal in mind, here's how credit unions can lead the charge in fair practices of AI:

Know your data and understand how it may impact the machine learning process before AI initiatives are launched. If we use past data to make autonomous AI decisions, and these could range from historical lending results to hiring and executive selection practices, we may infiltrate biases.
Develop an evaluation process for the adoption of AI-based initiatives and choose vendors carefully by discussing openly how the data is being used, and what the unintended consequences of the algorithms may be.
Be transparent. Educate credit union members about what AI means to them as consumers and leverage this information to protect and inform the larger credit union system through partnerships and collaboration.
Contribute to the development of regulations around the use of AI by financial institutions. As credit unions represent the interests of all people, help ensure that regulations protect the needs and rights of everyone in your community.

In the words of Ed Filene, in his 1931 publication, "Successful Living in This Machine Age": "… in times of great social change, long experience is the very thing on which we can not rely." Almost 90 years later, this warning resonates deeply and shines light on the nimble characteristic that credit unions must possess in embracing our role of helping all people through the tools and technology offered to enhance members' financial well-being.

Instant Insights /

Righting Course: The Credit Union Fix for AI's Unintended Consequences

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