How credit unions can put artificial intelligence to work for security and fraud prevention

Artificial intelligence in banking (AI) has rapidly evolved from being an emerging trend to a potential driver of transformation within financial services. Banks and credit unions are testing use cases and now realizing the immense potential AI offers in streamlining operations, enhancing security, and improving account holder experiences. Yet, despite the enthusiasm for AI’s potential, there remains a gap in how financial institutions and account holders perceive its impact on consumer banking solutions.

To separate market myth from reality, Alkami recently surveyed 150 regional and community financial institutions (RCFIs) to assess how they are currently using or planning to use AI across various digital banking use cases, their attitudes towards the opportunities and challenges AI presents, and their outlook on its potential future impact to their business. Over the same time period, 1,500 digital banking consumers were asked the same to compare and contrast their attitudes, perceptions, and beliefs to the RCFIs that serve them.

According to the research study, while 96% of financial institutions see AI playing a critical role in the next five years, only 61% of consumers expect it to significantly influence their banking interactions​. This divide highlights a challenge for financial institutions: how to harness AI in ways that not only improve efficiencies but also build consumer trust.

 

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