How artificial intelligence and machine learning are being used by credit unions in 2023

by Adine Deford, CUSO Magazine

Artificial Intelligence (AI) and Machine Learning (ML) technologies continue to expand in their applications, uses, and benefits for credit unions. Because of this maturity and expanded adoption rate, AI/ML is helping to solve highly complex opportunities that generate positive ROI across business segments.

Credit unions are increasingly interested in deploying these technologies across their businesses to support areas such as risk management, reducing friction in loan origination departments, income and verification controls, fraud reduction, and compliance and auditing processes.

Ultimately, credit unions continue to strive toward lowering the cost of credit using AI/ML for real-time transparency, greater financial inclusivity, and improved compliance. Here are some critical use cases of how financial institutions are leveraging AI/ML in 2023.

Conversational chatbots

Conversational chatbots help lenders interact with customers in a more conversational way. Consumers desire the same level of customer service they receive from leading tech-forward companies like Amazon, Netflix, and Lyft.

 

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