Data & Artificial Intelligence

Your credit union has access to data — and lots of it — but do you know how to use it? And is your data hard to access or only available to a small set of expert employees? Other credit unions, data experts and partners can all be helpful resources for data analysis.

Know Your Members

Credit unions have long been known for their highly personal member relationships, typically built on in-branch, face-to-face interactions. But what happens in an era when the average member never steps foot in your credit union? Fortunately, it’s still possible for you to form an emotional connection with members and to show members you know and understand them — perhaps even better than before — with data and artificial intelligence (AI).

AI is often perceived as eliminating or minimizing opportunities for human interaction. The reality? It actually can help enable personalized service.

Deliver the Help They Need

Automating tasks that don’t require a personal touch — like providing an account balance or using a chatbot to answer basic questions — frees up your staff to tackle more important assignments that do. For instance, a loan officer who formerly spent a lot of time fielding basic lending questions that could be answered on a website can now focus on helping a member with lower credit navigate getting to a future “yes” on a mortgage. AI can also play an invaluable role in delivering accurate, efficient fraud detection, member authentication, and underwriting.

Another way to think of automation: Every hour your teams no longer have to spend completing manual tasks is another hour available to spend on one-on-one member needs.

Powerhouse Combo

Data and AI will let you pinpoint member segments and deliver tailored messages to them. For instance, a targeted email could educate new parents about the difference between term and whole life insurance or show Boomers how life insurance could play a valuable role in their retirement planning.

Data and AI can also ensure your credit union is providing the right digital tools to attract and retain critical Gen Z and Millennial members. Though be careful not to assume only younger members want and like digital tools: There’s plenty of evidence to suggest Baby Boomers and seniors prioritize, trust, and use them too.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Corporate headquarters: 5910 Mineral Point Road, Madison WI 53705.