MADISON, Wis.—Artificial intelligence is forever and irrevocably disrupting financial services, and credit unions will never be the same because of it, according to one person.
Speaking to the World Council of Credit Unions’ World CU Conference, Dr. Ayesha Khanna, co-Founder and CEO of ADDO AI, an artificial intelligence (AI) solutions firm and incubator, said AI can allow credit unions to serve hundreds of thousands of unbanked people through alternative credit risk modeling, improve their compliance and governance models, and provide better security to members.
“It can be a member of your team and it can help you make informed decisions; it can help automate processes that are grunt work, and you didn’t want to do anyway,” Khanna told the meeting. “You should really think of AI as, not a competitor to the task, but as a little personal assistant. If that’s the perspective you have, then you can stand on the shoulders of machines.”
Khanna recommended all attendees do their part by learning more about AI topics and mechanisms in order to be ready for the changes ahead.