Some 70% of financial institutions use some level of AI. “Big banks have been doing this for years, and it’s our time,” says Hilary Reed, CEO at EmpowerFi.
AI’s predictive capabilities can be helpful for marketers. For instance, marketers can use machine learning models to identify which individuals are most likely to increase their deposits or who will complete mortgage applications.
“The more information you feed those models, and the more predictions they make for you, the more they will evolve and deliver better results over time,” says Cory Albert, account manager at Faraday.
These results can allow marketers to use “extremely personalized measures and mediums,” to reach consumers, says Reed.
Kelly Hellickson, president/CXO at EmpowerFi, uses the example of a personalized URL that goes to a customized landing page prefilled with a consumer’s information.
“Everyone’s favorite word is their own name,” Hellickson says. “I love to see my name on something because it’s hypertargeted and it means they got it right.”
The presenters stressed the importance of data and leveraging it in a continuous way. “Look at the data you have and make it ready for AI models to act upon,” says Albert.
Reed suggests that marketers work with other departments to build AI into strategic plans and budgets as soon as possible. “Share research with your CEO and board or have them attend a demo,” she says.
“Everybody needs to be involved in the conversation because it can help every department,” Hellickson says.
Credit Union Magazine’s Summer 2023 issue highlights the lending outlook for the rest of the year, how credit unions leverage fintech companies to boost digital lending, the power of lending partnerships, common Bank Secrecy Act violations, and the shift board members must make when becoming chair.
