I am excited to present a special guest edition of the blog, featuring insights from Anne Legg. Anne explores the transformative power of generative AI in credit unions, a topic that aligns perfectly with the themes we covered in our Vegas Residency workshop.

Anne’s expertise offers a roadmap for leveraging AI strategically to enhance consumer engagement, streamline operations, and foster an AI-ready culture. As your understanding of Gen-AI deepens, you will be ready to implement actionable steps to integrate AI into your organization effectively.

Keep reading to discover how AI can be more than a trend. AI can be the driving force behind your credit union’s future success.

In the ever-evolving financial landscape, credit unions stand on the cusp of a revolution powered by generative AI. This innovation isn’t just a fleeting trend; it’s an inevitable transformation that will redefine our organizational operations at every level—from deepening employee engagement to replacing manual processes with intelligent automation.

The Impact of AI on Credit Unions

The immense potential of AI to enhance our understanding of member needs is allowing credit unions to innovate and create novel products and services. Imagine a world where virtual advisors deliver customized financial advice, making such services accessible to everyone, regardless of their economic standing.

To Leveraging AI, Start with a strategy

A strategic approach is essential for credit unions to fully embrace AI. We must conduct a thorough needs assessment, question why we are considering AI, identify the problems it can solve, and evaluate our culture's data literacy.

Need to identify the AI "why" to create ROI

Our “why” is the guiding star. It directs us to areas where AI can have the most significant impact—be it boosting member engagement, reducing costs, or expanding services. Success metrics, including member engagement and satisfaction, employee participation, and financial performance, must be in harmony with these objectives.

Foster an AI-Ready Culture

Creating an AI-centric culture involves defining clear roles—from leadership to frontline staff—and setting up a comprehensive communication plan with clearly defined milestones. Equally important are training sessions that cover ethical considerations and identifying quick wins that demonstrate the value of AI early on.

Manage  Risk and Ensuring Quality

Navigating through the complexities of regulatory compliance and risk management is paramount. We must have a governance process that tracks the use of AI and a risk mitigation plan that accounts for data privacy and security.

Explore Build, Collaborate, or Buy

We have inspiring examples like the AI-driven solutions at Schools First, where an AI chatbot is improving the member experience by searching hundreds of SOP in natural language to provide the correct answer in seconds.

Credit unions are also collaborating with CUCopilot, led by Senso AI, to help build out tools that will fetch incredible insights from broad credit union documentation repositories to improve efficiency and experience. This includes an AI tool that transforms members' conversations into real-time, cross-functional insights for multiple stakeholders.

With Aviary Ai, credit unions can have human voice agents to help virtual outbound calling efforts.

As we stand on the precipice of the next technological wave, it's imperative that we move forward thoughtfully and unwaveringly focused on our mission to serve. The best starting spot is the Mitchell Stankovic & Associates Underground Gen AI whitepaper.

Remember, the journey of AI innovation is not a solo sprint but a collective marathon towards a future where technology enhances human connection, trust, and financial well-being for all our members.

Once an organization makes the decision to move forward with AI as a means to revolutionize their member experience, the next action is to integrate the solution into their culture. Under the Cohesion Culture™ program, we offer a proven four-step process to discover, assess, tether, and accelerate the adoption and use of AI.

Click here to subscribe to Cohesion Corner™ with Dr. Troy so you never miss a newsletter.

To learn more, click here to purchase your very own copy of my book Cohesion Culture: Proven Principles to Retain Your Top Talent.

For more insight on this topic, please refer to these blog posts:

• Size Doesn't Matter: How Small Businesses Can Attract Top Talent
• Data isn't just numbers; it's the secret weapon your competitors are already using.
• Connecting HR and Technology

Interested in reading more from Dr. Troy Hall? Check out my books available for purchase on Amazon.