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Artificial Intelligence can Enhance Credit Unions' Performance
Artificial Intelligence can be leveraged by credit unions and their members for offering services at the right time and providing greater convenience to fortify member relationships. AI produces enhanced insights utilizing data that is drawn from member behaviors, patterns, and financial.
Flagging a credit union services to make the members aware at the right time is the current focus. Artificial Intelligence recognizes the opportunity to trigger a specific function that creates an offer, which addresses the particular need for personal credit, bonds, savings, or a home mortgage. In customer service operations scenario, AI can understand the emotional state of the caller or if the caller is in distress or becoming frustrated with the call. AI then enables intervention that transfers the caller from IVR to a live agent or even to a special desk.
Credit unions recognize that the artificial intelligence solutions available in the market are either built on already deployed or available software that are integrated into existing solutions. The implementation of an AI-based solution should be dependent on whether the organization could benefit from the application of AI.
Not every AI model is driven by facts and figures. A certain level of confidence is accompanied by every decision made by an AI model. As a result, any AI automated process can quickly decide the need for human intervention in a transaction. However, if the AI tool fails to meet the confidence level preset by the credit union, manual process can set in.
Fraud is a mainly a sensitive subject for credit unions. Financial institutions have launched advanced, AI-Driven platform to fight against fraud. This platform assists humans in identifying patterns to find and prevent fraudulent transactions. AI has the potential to recognize and respond to text messages. These tools can help employees in interacting with members and help new employees stay in the regulatory and credit union guidelines. The tool will assist managers to tackle complicated issues.
When a professional is teamed up with a human expert or an AI expert, the results increase substantially in a positive way. The reason behind this is that the trained professional does not expect the machine to be correct, but the possibility of the machine being correct is higher because the machine does not have an ulterior motive or personal judgment. However, it is clear that AI benefits the experts in an assistive role.
The next big question is when the credit unions are going to use AI-based solutions.