The meaning of Artificial Intelligence has changed over time, but in its essence, it has always remained around a simple idea: to build machines that are capable of thinking like humans.
In the world of financial services, it is a very competitive world. To stay current, credit unions must keep abreast of emerging trends and capitalize on them before other players in the market. Artificial Intelligence is the most promising of the technological trends in finance and with the greatest power to influence the industry.
Financial institutions were among the first to incorporate computer systems into their operation, databases but are still a bit behind in passing the next level of computational power. Artificial Intelligence allows copiers to process and generate value from larger, more diverse and deeper databases than ever before.
- Define your goal
You must choose what you need to achieve with this before you’re able to get anywhere with AI. AI could be applied to some range of banking jobs — analyzing data, automating back office operations, and managing customer care, to mention a couple — so step one is to decide on which program(s) your lender should concentrate on first.
The best way to do this is to analyze and compare the cost of the benefit of using Artificial Intelligence or perform that task manually.
You must define which aspects are affecting the ROI of your institution to a greater extent. After this, be clear about which tasks can be better carried out through automation and assigning that personnel to tasks of greater value. Also consider whether an AI solution against the user can add value to existing partners to attract new ones.
When you have answered these questions and are clear about which Artificial Intelligence solution best serves the needs of your financial institution, you will have a clearer way to resolve them.
2. Choose the right AI partner
AI is a state-of-the-art technology and therefore not yet widely implemented, which means that most institutions lack in-depth knowledge of the practical aspects of how it works, let alone have the necessary tools or resources to implement it Before launching AI at your institution, you must first take stock of the resources and staff of your institution to determine if you can develop artificial intelligence solutions internally or if you should hire a team of external experts.
First, you must consider your innovation and technology budget. Do you have enough funds to cover the cost of developing, hosting and maintaining an artificial intelligence solution internally? What about scaling up the technology after its initial launch? Is it an internal long-term sustainable Artificial Intelligence solution?
The second major factor to consider, but no less important is your team. Does your institution have engineers capable of developing and maintaining an artificial intelligence project, or would you have to hire some? Depending on your answers to these questions, you may want to consider partnering with a third-party AI technology provider to implement your AI project. Consider all budget and personnel factors before deciding what is best for your institution.
3. Start easy
It can be tempting to jump fully into the Ai boat, but it can be dangerous because you can be overwhelmed by the many aspects you have to take care of.
First, you have to start with one priority project that can be tested and implemented easily. This will give your institution and your customers the confidence in AI. A good first option is a customer support chatbot.
4. Develop a Clear AI Implementation Plan
So you have laid the foundations for your Artificial Intelligence project. Now you need to create a concrete plan to develop your AI, deploy it and measure your ROI. Start by determining the desired term of your project and setting realistic goals with the stakeholders for the development and launch of your project.
Before the project launch, determine how you are going to measure the ROI of the project. Which of the performance metrics of your institution do you expect to change as a result of your artificial intelligence solution? How will you measure these changes? Establish a clear roadmap of the project to ensure the success of the project and get the most out of your artificial intelligence solution.
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