CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Credit Union Magazine
    • Buyers' Guide
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » Marketing with AI
Marketing

Marketing with AI

Experts explore top use cases for powerful technology.

March 24, 2021
Ron Jooss
No Comments
Credit unions can map the member journey using artificial intelligence
Credit unions can map the member journey using AI, says Hilary Reed, EmpowerFi.

As consumers evolve with advances in technology and computing power, credit unions must also evolve in how they collect and employ data to serve their members.

Artificial intelligence (AI) provides a powerful tool for leveraging that data, as outlined in a breakout session during the CUNA Marketing and Business Development Council Virtual Conference.

“AI works because computers are faster and smarter than humans at solving problems with a massive amount of data,” says Cory Albert, director at IntelliFi Powered by Faraday.

Some credit unions use data-driven “personas” created by AI to target members on their preferred digital channels. These personas deliver customized products to increase engagement among members.

Using “lookalike models,” for example, AI can predict which members are most likely to churn before they act, allowing the credit union to strengthen the relationship.

Credit unions can also map out member journeys with AI to better understand future opportunities for engagement and to improve empathy.

“If you know what members are going through in their journey, you can be much more empathetic,” says Hilary Reed, CEO/chief strategist of EmpowerFi.

“Although there are thousands of individual journeys members can take among products, there are clearly established trends that AI can identify,” Albert adds.

Reed provided examples of how credit unions have used AI to employ targeted campaigns to increase deposits and loans with targeted programs that identify members and nonmembers most likely to opt in for select products.

“This is also great for onboarding and reboarding, and automated platforms,” Reed says. “It shows the progression of products that identify the next best opportunity for cross-selling a product.”

What’s more, the AI models provide ongoing intelligence, Albert says.

“The models continue to grow and become more intelligent over time,” he says. “They get better over time and keep up with changes in the market. The algorithms allow credit unions to evolve as their member base changes.”

►Visit CUNA News for more conference coverage and view event highlights on Twitter via the #MBDVirtual and #MBDCouncil hashtags. Learn more about the CUNA Marketing & Business Development Council, a member-led professional society for credit union executives, at cunacouncils.org.

KEYWORDS artificial intelligence CUNA MBD Council

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Winter 2023

Winter 2023

The Winter 2023 issue of Credit Union Magazine explores award-winning marketing, board training on a budget, developments in instant payments, service to small businesses, and NCUA’s final rule on member expulsion.
Digital Edition •  Subscribe

Trending

  • CFPB continues to avoid following mandated rulemaking process

  • CUNA, NAFCU applaud CDFI Fund for adopting credit union-sought changes to certification application

  • CFPB fines Atlantic Union Bank $6.2M for overdraft practices

Polls

How do you feel about the economy in 2024?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us