“Give me a dad joke about how prevalent AI is now in the news and technology.”
– Me
“Why did the scarecrow become an AI expert? Because he was outstanding in his field of data!”
-ChatGPT
AI not only dominates the news, but also enhances all kinds of consumer applications. OpenAI, Meta, Google, Apple and Microsoft are all vying for a dominant position in AI, and as a result, we’re beginning to see AI everywhere. If you’re beginning to feel AI fatigue, you’re not alone.
So, how do you cut through the noise to figure out how AI can benefit you and your credit union? Patty Corkery, President and CEO of MCUL, spoke at our MDT E3 conference about numerous use cases available for credit unions. When I consider use cases for credit unions, I think of two categories: external efficiencies and internal efficiencies.
On the external side, credit unions have been leveraging AI to detect fraudulent card transactions (thank you, Falcon Fraud), answer member questions via chatbot and approve loans using alternative credit data. Some of this functionality has existed for decades. While it’s getting a bigger spotlight now, it’s not exactly new. We anticipate that new generative AI solutions will profoundly impact these use cases, leading to higher quality results.
On the internal side, we’re all getting used to leveraging AI for various tasks such as writing emails, researching web content, analyzing data, summarizing meetings, writing code, troubleshooting software and answering process questions. We launched a proof-of-concept team at MDT a few months ago, and the results have been extremely compelling. Out of the use cases that have saved us time, we saw an average reduction of 75% in time spent.
One of the findings from our testing efforts was that simply turning on GenAI wasn’t enough – you have to also change habits and procedures. Have you ever tried to make a new workout routine stick? How about flipping the Outlook UI setting to the “New Look and Feel”? We’re in financial services; we love a good process and procedure. So, when we challenge that, it can be uncomfortable and difficult to figure out how to use new tools.
Another challenge with AI is its constant evolution, which requires flexibility. With frequent changes and numerous news stories highlighting the perils of AI, knowing where to start can be daunting. So, should you wait until the dust settles before embarking on your AI journey?
We don’t think so. We believe there is a way to dip your toes into the AI waters, build AI competencies in your team and improve your productivity without fully committing to one AI model over another. If you’re interested in support to help you across the AI threshold, we have limited consulting engagements available.
Please reach out to your CRM for more information.