What's Happening?
Global Credit Union, a $12 billion financial institution, is leveraging artificial intelligence and automation technologies to improve services for its 770,000 members worldwide. Under the leadership of Lori Moore, Senior Vice President of Technology Engineering, the credit union is focusing on 'people-first automation' to enhance rather than replace human services. The institution's robotics program has generated $250,000 in value over the past year, with expectations to double this figure in 2025. Additionally, their integration platform processes 300 million transactions annually, delivering $1.2 million in value back to the credit union. These efforts are part of a broader strategy to improve member experience by reducing routine tasks and enabling proactive service.
Why It's Important?
The implementation of AI and automation by Global Credit Union highlights a significant shift in the financial services industry towards technology-driven solutions that prioritize customer experience. By focusing on augmenting human capabilities, the credit union is setting a precedent for how financial institutions can use technology to improve efficiency and service quality. This approach not only enhances operational efficiency but also ensures that surplus value is returned to member-owners, aligning with the cooperative principles of credit unions. The reduction in routine tasks and improved service delivery can lead to increased member satisfaction and loyalty, providing a competitive edge in the financial sector.
What's Next?
As Global Credit Union continues to expand its automation initiatives, the focus will likely remain on enhancing member services and operational efficiency. The anticipated doubling of value from the robotics program in 2025 suggests ongoing investment in technology. Other financial institutions may observe and potentially adopt similar strategies, leading to broader industry changes. Stakeholders, including members and employees, may experience improved service interactions and job roles that focus more on complex problem-solving rather than routine tasks.
Beyond the Headlines
The ethical implications of AI in financial services are significant, as the technology must be implemented in ways that respect member privacy and data security. Global Credit Union's approach to automation, which emphasizes human augmentation, could serve as a model for ethical AI deployment in the industry. Additionally, the reduction in call center volume by 26% due to automated information delivery highlights the potential for AI to transform customer service dynamics, freeing up human resources for more value-added tasks.
