Saeid Kian

AI adoption has been steadily increasing across the finance industry. Recent insights show that 72% of finance leaders are using AI in their operations. Banks and other financial institutions have been turning to AI to streamline operations, speed up resolution times, strengthen digital services for customers, and more. McKinsey reports that generative AI alone could provide a massive $340 billion a year in additional value for the banking industry.

At this point, it’s no secret that credit unions are playing catch-up to other financial institutions when it comes to their digitalization strategies. As per a recent report from McKinsey, credit unions could find themselves at a disadvantage amidst changing demographics. With the Great Wealth Transfer—where over $100 trillion is set to be inherited from Baby Boomers—there’s no room for hesitation in modernizing processes.

AI adoption has taken the finance world by storm. In my career, I have yet to see a technology with the pace and impact of AI. Not even smartphones match its impact. However, there’s one corner of the industry that’s still lagging behind when it comes to modernizing its services: credit unions. For a long time, credit unions set the gold standard for delivering service that made their members feel truly seen and heard.