ALPAHARETTA, Ga.—Where will rapidly developing artificial intelligence first begin to be seen in credit unions? Most likely inside credit union branches in the form of a “greeter” that will assess consumers’ needs and direct them to the proper employee for assistance.
That is the opinion of workforce analytics firm FMSI, which predicts that greeter will come in the form of an avatar within a kiosk at the front of the credit union’s lobby.
That prediction comes as part of a series being launched by CUToday.info that examines how artificial intelligence, often referred to as “AI,” will manifest itself at CUs.
“I think that makes sense as the way we may first see artificial intelligence used directly with consumers at banks and credit unions,” said FMSI President Meredith Deen.
Video Tellers
Deen said that consumers are already getting a taste of that type of assistance when they work with video tellers that are staffed by a central pool of employees.
“The personal teller machines are popular now. But instead of having the kiosks supported by a central pool of tellers, they would likely someday be driven by artificial intelligence,” said Deen about a next step for AI at financial institutions.
When banks and credit unions switch to using artificial intelligence to support the kiosks, Deen said the initial transactions will likely be simple ones.
Meredith Deen, FMSI
“Then, as the technology improves, I can see AI being used for more sophisticated transactions, such as lending,” she said.
But Deen does not believe AI will replace the need for staff in branches.
“You never know what is really coming in the future, but everything we see now with branch transformation is that financial institutions are leveraging technology to assist staff. For example, to take away some administrative tasks, keep employees from handling a large number of simple transactions, all to help them spend more high-quality time with their account holders,” Deen explained.
Consultation Centers
FMSI has been emphasizing that branches are becoming centers for consultation and advice.
“Take Millennials, who live on their smartphones and don’t use branches a great deal. When they get into their cars to come to a branch there is a reason for that trip,” said Deen. “They are looking for a personal interaction.”
For that reason, Deen finds it hard to believe that AI could someday completely replace branch staff.
“Never any human interaction at the branch at all? No, I don’t think so. I believe financial institutions will look to mix staff and the use of AI to get the best of both worlds,” she said.
Deen acknowledged that self-service branches, with sophisticated ATMs and video tellers, are in place today. But she reminded that those offices are generally locations for simpler transactions.
“There will always be the need for a personal connection when someone comes to the branch. If I want to interact with AI, there is a certain role for that,” said Deen. “I know I would be less inclined to get in my car and drive in the heavy Atlanta traffic to speak with artificial intelligence, when I could do that from my laptop or phone.”