Fall is Here, and So is AI. What Now?

Back in June, I wrote about using the summer months to experiment with new ideas. The longer days gave us space to ask, “What if?” and try out things we may not have time for throughout the rest of the year. One of the potential things I talked about experimenting with was AI and automation tools. Well, whether we like it or not, summer is over. Fall is here, and according to American Banker, so is AI.

American Banker recently surveyed more than 150 bank and credit union leaders around the country to see how they’re approaching intelligent automation and AI — where it’s being used, how it’s working so far and what challenges they’ve run into. This is a topic that’s everywhere right now, and I know it can feel daunting to figure out where it actually fits into our day-to-day work. But what stood out to me most is the reminder that most organizations are starting out small.

The most encouraging thing credit unions should take away from American Banker’s research is how satisfied credit union leaders in particular have been with their use of new technology. It was a reminder that this isn’t just for the big players. The right tools can scale to your size and your members’ needs. To me, the question isn’t “if” credit unions should look at AI — it’s “where does it make sense to start?”

If Michigan resembles the credit unions surveyed in this research, roughly a third of you have already begun exploring intelligent automation in one or two areas of your operations. But if you haven’t yet, maybe it’s because you’re just trying to answer that question, Where do I start?

The early focus areas are unsurprising: fraud detection and customer service. These are practical places where technology can make an immediate impact, whether it’s using AI to help flag unusual transactions more quickly or make something like onboarding or card replacement less of a headache for members. And I know some people here in Michigan are really happy with their experience using AI chatbots to answer questions around the clock.

Of course, new technology also brings new challenges, and we can’t ignore that. Anytime you implement a new tool like this, you have to make sure it doesn’t create new risks. I suggest starting with clear goals and strong oversight. It’s okay to dip your toes in first — test something small, review the results and make adjustments as you go. The key questions to ask are simple: what problem are we solving, and how will this tool fit with what we already have? From there, you can build on what works.

Lastly, if you’re headed to the Executive Summit this week, we’ve put together a panel, Leading with Technology, that will give attendees a chance to hear firsthand from some Michigan credit union leaders about their experience navigating automation and AI changes. I hope to see you there!

Thanks for reading.

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