WASHINGTON--What does the increasing use of artificial intelligence (AI) mean for the economy, and how can credit unions stay on top of the latest innovations?
Curt Long
America’s Credit Unions Chief Economist Curt Long shares answers.
“We do seem to be at an inflection point with AI. There’s still plenty of optimism about its potential, and investments in the technology are driving economic growth, but there is also a growing anxiety, both from AI skeptics who doubt it will live up to the hype, and from those who fear its potential power over the economy and society over as a whole,” he said. “Credit unions are generally not risking their members’ money on unproven, emerging technology, but that doesn’t mean the industry should be left on the sidelines.”
Long addressed how investments in AI and related categories are driving growth, while almost every other category is experiencing negative growth.
“In the last quarter, it’s estimated that AI and data center investments contributed more to headline GDP growth than consumers did,” Long said.
Long's Economic Update video is available online.