AI: Focus on ‘strategic optimism’
Technology will allow credit unions to better adapt to changing market conditions.
Artificial intelligence (AI) will enable credit unions to further their mission and improve members’ lives as long as organizations take a “strategic optimism” approach to deploying the technology, according to Kate O’Neill, author and founder of KO Insights, a technology and strategy consulting firm.
“We can use data and emerging technologies to further that goal and mission in ways that are far more powerful and meaningful because we’re doing it in ways that are more grounded in fact and insight,” says O’Neill, who addressed America’s Credit Unions’ 2024 Marketing & Business Development Council Conference Tuesday in Las Vegas. “Using data and technologies doesn’t have to deter or distract from that.”
The key is to take a “strategic optimism” approach to AI and intelligent automation, she says. That means using data to make decisions that lead to the best possible outcomes.
“This means planning for what we’d like to build out and what we’d like to see happen, and make sure we’re building the best and brightest future as possible,” O’Neill says. “Use technology in alignment with the purpose we bring to this world.”
The greatest opportunities for AI and intelligent automation include personalization, targeted offerings and messages, behavioral targeting, and the opportunity to be more resilient, adaptive, and relevant, she says.
“Relevance is a form of respect,” O’Neill says. “Knowing what people need in the moment is a way of saying, ‘I see you.’ You can only do that with data.”
AI will push organizations to be more adaptable and respond more nimbly to changing market needs, she says.
“We’ve got to think about how we can keep up with the technologies that are out there and that we’re in the loop regarding members’ expectations,” O’Neill says. “We need to do this in a way that’s most aligned with what our organization is trying to do, what our people are trying to accomplish, and how we can use technology to facilitate that. When we steer our solutions in that direction, we’re building a brighter future.”