Artificial intelligence (AI) landscape continues to evolve rapidly, presenting many opportunities alongside significant challenges. The integration of generative AI is transforming business operations, enhancing creativity, and reshaping industries. Here is a nice, easy primer on communicating to your board of directors.
Opportunities in Generative AI
For credit unions, AI is revolutionizing the member experience in credit unions. Credit unions are strengthening their relationships with members by prioritizing digital engagement and utilizing AI for personalized services. This includes the deployment of chatbots and advanced data analytics to better understand and serve customer needs.
Risks and Challenges
However, with great power comes great responsibility. The widespread adoption of AI technologies brings myriad risks, particularly related to data inaccuracy and security vulnerabilities. Surprisingly, many organizations still need to prepare for these challenges, with only a tiny percentage actively mitigating the risks associated with AI inaccuracies and cybersecurity concerns. The good news is that most credit Union data and technology policies should cover the roles and responsibilities. The operative word here is "should." This is a great time to review yours.
Strategic Integration of AI
For organizations to truly benefit from AI, adopting a strategic approach that aligns AI initiatives with business objectives is essential. High-performing organizations are distinguishing themselves by embedding AI across multiple business functions, driving innovation, and enhancing product development without solely focusing on cost reduction. This is a great time to share the high-level data strategy roadmap with your leadership. Wait? You may not have one. We can help with that.
As we look ahead, the integration of AI will necessitate a keen focus on ethical standards, data governance, and continuous adaptation to technological advancements. For credit unions, it is crucial to leverage AI not only for operational efficiency but also to ensure it aligns with long-term strategic goals, enhancing member services and maintaining trust.
Building a Member-Centric Data Strategy
Data Activation Series Case Study
"The foundation of our data strategy needed to be based around making our members’ lives better."
Michelle Hatton, VP at Solarity Credit Union
& Data Activation Series Alumni.
Discover how Solarity Credit Union transformed its data strategy by taking THRIVE’s Data Activation Series. This case study shares what the credit union learned and how it used its knowledge to significantly improve operations, including reducing wait times and creating a Member Center of Excellence to address member and staff friction.
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activate your data?
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Called a "must-read book for credit union management" by industry experts as a guide for those who are looking to improve their members' lives using data. This foundational primer on data transformation uses the metaphor of climbing Mt Kilimanjaro to provide clarity and a framework on this subject.
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Data Journey reached a standstill?
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These sessions offer an executive coaching program designed to help credit union leaders overcome obstacles in their data journey.
Elevation Sessions focus on:
Strategic Planning: Develop a clear, actionable data strategy that aligns with your credit union's mission.
Overcoming Obstacles: Identify and address the barriers holding you back from data excellence.
Navigating Landscapes: Create pathways to improving data usage, literacy, and activation.
What CU Leaders say about Elevation Sessions
"The long-term impact of the Elevation Sessions on our organization cannot be overstated. We've not only achieved our immediate data goals but also built a sustainable framework for continuous improvement. The sessions have empowered us to think bigger and aim higher."
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