A few months back, I shared my first audio post. It was incredibly well received. In that I enjoyed it and other people (probably) listened to it. With such a successful start, how could I go wrong returning to the medium?
I read a lot of industry publications. Probably too many. But that means a win for you, my reader, since you glean the best of that time spent! If trending articles don’t mention Millennials or how to maximize your social media presence, they’re discussing the brave new world of AI, Artificial Intelligence. Even on my blog, the 2nd most popular post is about AI. Here’s the degree of impact it stands to make for the industry: Everything you research or decide with a person will be done, faster, more reliably, with a computer system. So, a big deal.
We’re not talking T-1000s in your branches (though they would be formidable security guards). Nor does it have anything to do with the AI advances you hear Elon Musk warning us against. For financial institutions, AI is simply a software system that can dive into a ton of data (that you already have) and make accurate risk and other determinations. It’s nothing new for your credit union, only doing the same thing better and faster. While serving your members anywhere, on their terms.
Of course, since this is an audio post, stop reading and just push play!
If, after listening, you have more questions about AI (which you should), feel free to leave them in the comments below or contact me directly. I can provide a number of references to companies doing all of these things today within the financial world. Are they a fit for your institution? That’s for you to decide. But I will say one thing with certainty: AI technologies will become the de-facto determination platforms for most company decisions in the near future.
PS – AI isn’t just for financial institutions. It’s going beyond and helping serve the unbanked around the world. Here’s an example of a company seeking to provide credit for the developing world. Their system uses 10,000 data points on each person, collected by their phone app only (texts, contacts, and much more) to determine if they are credit worthy in 10 minutes or less. No credit bureau, no credit risk agent, nothing. Can your credit union do that? Because if not, there’s an AI tech which might be a fit (Disclosure: I’ve interacted with one of their team members).
Image credit: Giphy (Terminator 2, but you, an honorable geek, already knew that!)