By Ray Birch
BROOKFIELD, Wis.—Look for artificial intelligence (AI) to be tested in some form by credit unions next year, according to one expert who sees AI first being used in staff support roles.
“Artificial intelligence is being tested today, and I’d say the larger banks are leading the way. They are looking to imbed it into consumers’ banking activities,” said Matt Wilcox, senior vice president, marketing strategy and innovation, Fiserv, who thinks that credit unions will enter the market with artificial intelligence solutions at the same time as banks. “I’d say, as an industry, maybe next year we will begin seeing some proof points around how artificial intelligence can be utilized, probably more on the investment banking side.”
Wilcox’s observation 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.
Aggregate Account Holder Info
Wilcox believes AI will be used to quickly aggregate account holders’ information regarding what they are stopping into the branch to do, calling about, or searching the website to accomplish. AI would then share some sort of advice to assist the consumer, and if that is not enough would facilitate a “warm handoff” to an employee.
“I think we will definitely see artificial intelligence used first for general financial advice,” said Wilcox. “Members today have a lot doff questions and needs. So if they are thinking about saving for school or college, AI will then gather the necessary inputs and serve up answers in an automated way.”
Wilcox sees artificial intelligence supporting staff by handling basic inquiries to free up the team to do other things. But it can also set up staff by quickly collecting pertinent member data, making the conversation with the member more effective.
Will AI ever replace credit union employees?
Wilcox does not think so.
“I don’t see AI replacing credit union employees, but I have to say you never know where this might head,” said Wilcox. “But I have the same philosophy about AI as w
Matt Wilcox
e have had with digital. It has been asked for years, ‘Will digital replace bank and credit union employees?’ But what we have seen with digital is that it is being used in a supporting role, augmenting and adding value to a consumer’s experience. Digital has added more touch points for the member. And that, I believe, makes the relationship stronger and even warmer. I think we will see AI evolve in a similar manner.
“I don’t think AI will replace people for the complex transactions, but I do see it making staff more efficient,” continued Wilcox. “So it won’t be a cost-cutting initiative, more of a member experience effort. I do think it may reduce the need to hire additional staff, as existing staff will be able to do more with assistance from AI.”
Siri Paving The Way
Wilcox sees iPhone Siri and the Amazon Echo paving the way for the use of AI by banks and credit unions.
“These things are getting people more comfortable and familiar with artificial intelligence,” he said.
Regarding AI efforts within Fiserv, Wilcox said the company is currently exploring applications for AI across its many platforms.
“We are looking at how AI can support and help our platforms,” said Wilcox. “We are doing some work with Amazon echo now, connecting the amazon echo to one of our online banking platforms to do a proof of concept there.”
Other stories in the AI series: