With the addition and expansion of different kinds of technology, credit unions have more opportunities than ever to expand their offerings to members and enhance their services.
Credit unions can utilize new advancements in 5G technology through artificial intelligence (AI). The Foundation has partnered with the Financial Health Network and Members Development Company (MDC) to share research on how AI will have a positive impact on members and help credit unions and their employees by automating a number of services so manpower and time can be used more efficiently.
AI is intended to replicate how humans think so it helps with predictive analytics, which informs the decision-making process. According to the Financial Health Network, within the next few years, AI will cut costs for financial institutions by 22%.