Are you offering the best possible journey for those borrowing from your credit union?
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You would have to live under a rock to have missed the news about AI. Between rhetoric about the end of the world, AI coming for your jobs and the boom to economic growth it’s hard to know where to turn for facts. Manual knowledge work that once defined our industry is becoming a thing of the past. Propelled by AI, this shift is more than adopting new technologies; it signifies a strategic embrace of innovative tools designed to redefine operational efficiency and elevate member engagement.
The tip of the spear for transformation is AI-Workflow-Automation, a platform that encapsulates the power of AI to streamline and automate complex processes. Through it, credit unions save time and money, empowering team members to dedicate more time to member-centric tasks. Complementing traditional process automation, AI-Workflow-Automation offers predictive analytics, helping credit unions to make informed, data-driven decisions. Between the two, this synergy is creating more flexible and responsive experiences.
With constant changes in our industry, credit unions are given 5 unique opportunities to redefine their role and value proposition:
1. Meeting Modern Member Expectations: Members expect digital-first experiences that meet them where they are and provide expedited access. By adopting new technologies, credit unions meet these expectations, offering the convenience and efficiency that members want.
2. Staying Competitive: With fintechs, tech giants, and big banks continually adopting innovative technologies, the need to remain competitive is ever-prevalent. Credit unions must keep up with these changes, ensuring they offer services that are on par with or better than their competitors.
3. Enhancing Operational Efficiency: New technologies, particularly AI-Workflow-Automation, automate repetitive tasks & reduce errors, enabling credit unions to operate more efficiently, reducing costs and improving service quality.
4. Risk Management and Compliance: As the financial landscape changes, so do the associated risks, including cybersecurity. With AI-Workflow-Automation comes the tools to combat these risks, ensuring compliance with regulatory requirements.
5. Data-Driven Decision-Making: Technologies like AI provide valuable data analytic insights crucial for understanding market trends and tailored services.
AI can understand and anticipate each member’s unique needs by analyzing extensive data sets. Having this level of personalization transforms member experiences and fosters deeper loyalty, driving PFI and higher retention. It’s a shift towards a more member-centric model, where services and products are not just delivered but tailored to each member’s financial journey.
Applying AI-Workflow-Automation in credit unions isn’t just theoretical; it’s practical and impactful. For instance, saving hours in loan processing and reducing errors to near zero. Bill Lynch, VP of partnerships at Origence says “Loan underwriting involves a myriad of tasks, from data entry to credit checks and document processing. Although essential, they are repetitive and prone to human error. AI can automatically identify documents, validate policies, calculate consumer incomes, and expedite service to members and indirect lending partners.” Thanks to AI, traditional banking models have become more:
- Efficient
- Responsive
- Focused
The benefit of this? Significant ROI!
Integrating technologies with existing legacy systems is a common hurdle for credit unions. Integration requires a strategic and phased approach, ensuring minimal disruption while maximizing potential. Alan McIntyre, a senior managing director at Accenture and head of its global banking practice, states, “The challenge lies in the banks’ legacy systems, which can impede the ability to improve operations and prepare for the future.”
AI-Workflow-Automation addresses this by bridging old and new systems, automating data migration, enhancing legacy capabilities, and facilitating implementation. By streamlining operations and making the system adaptable to future trends, AI helps reduce the complexity and costs associated with integrating new technologies.
Credit unions that embrace AI-Workflow-Automation are looking beyond today’s challenges; they’re gearing up for tomorrow’s opportunities. They’re not just staying relevant; they’re crafting member experiences that are engaging and personalized. Looking ahead, it’s clear that AI is a present-day necessity, turning digital dreams into everyday realities. Book your consultation today and take the first step towards a more efficient, responsive, and member-focused future!
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