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| AI Innovation results in Increased Member Service |
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Artificial intelligence (AI) is already changing many industries, and financial services are no exception. Credit unions that are embracing AI opportunities are seeing new ways to serve members, increased efficiency, and more, as covered in a recent America’s Credit Unions Blog post.
A PYMNTS Intelligence report produced in collaboration with Velera found that consumers who had left a credit union said it was because they wanted something the credit union did not currently provide. The same survey found those consumers were 122% more likely than the average consumer to want AI chat support.
The blog examines how:
• Pennsylvania’s Clearview Federal Credit Union uses AI for multiple workflows, including fraud monitoring, automated underwriting, and internal productivity;
• Suncoast Credit Union in Florida uses AI-driven fraud prevention and check processing to free up staff time and prevent losses; and
• Indiana’s Forum Credit Union has increased loan processing volume by 70% with no additional staff.
America’s Credit Unions continues to advocate in support of policies to give credit unions the flexibility to use AI to better serve members.
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