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The strategic planning season presents an opportunity for all credit unions to identify and incorporate new initiatives that can mitigate risks and transform member engagement. However, many CUs face the challenge of crafting long-term plans in a rapidly evolving environment, particularly in lending, where strategies may become outdated before they even take effect.

AI offers a powerful solution.

AI offers immense opportunities to gain a competitive edge, streamline transformation, and utilize underused data for personalized member experiences. Its role in credit decisions and lifecycle management underscores the need for a comprehensive AI Roadmap. Adaptive AI helps credit unions shift to a more agile and responsive framework.

However, implementing AI goes beyond merely adopting new technology, it requires a shift in mindset. Discover how top leaders and early adopters have successfully navigated this transformation.

Key Takeaways:

• Developing an AI-Driven Framework: Learn how to create and implement a robust AI strategy that supports comprehensive credit decisioning and operational efficiency.

• Establishing cross-functional predictive capabilities to elevate decision-making.

• Optimizing Data and Resources: Discover strategies for aligning your data infrastructure and internal resources to enable effective AI integration.

• Enhancing Member Engagement: Explore how AI can improve member retention, diversify your portfolio, and provide tailored solutions for underserved members.

Fostering an AI Culture: Understand the role of leadership in cultivating an AI-focused culture that embraces innovation and drives strategic change.

From a simple google search to amazon recommendations to Netflix browsing to Uber rides - AI is already embedded in our lives and shaping our experiences. However, AI in lending is still far from becoming mainstream. Credit experience and availability for members did not significantly improve despite advances in technology and data availability.

We hear of instances where an individual with $700,000 of cash sitting in his bank account is being offered a $500 credit line. These are instances where despite the seeming intelligence of financial systems, they don’t seem intuitive enough.

This is where AI offers exciting opportunities. Approving more members, providing them with the right credit products, and providing guidance as they move through their financial lives - from buying cars to saving and investing - lines up perfectly with any lender's mission. For credit unions wanting to lend deeper in the personal, direct and indirect auto loans segment, it is crucial to consider underserved members whose unique financial needs and challenges deserve a holistic lens that traditional scoring methods may not adequately capture.

In this session, we'll unravel the vast benefits AI offers in credit underwriting. Join us to gain insights from AI experts and Credit Union leaders who will share firsthand experiences on how AI has revolutionized their loan decision processes, enhancing the overall member experience for those often left at the margins.

Key Takeaways:

• Demystifying AI: Gain practical knowledge on AI's role in auto lending.

• Understand how AI can shed light on AI decision-making, building trust and transparency

• Harnessing alternative data: Explore its power in building comprehensive member profiles.

• Safe growth strategies: Learn how to increase approval rates and automate processes responsibly for the consumer lending portfolio (personal, auto, credit cards)

• Member-centric benefits: Discover how AI empowers you to offer greater value and personalized credit experiences.

• Launching your AI journey: Get practical guidance on successful implementation.

Economic uncertainty can daunting and demands agility and innovation. In these challenging times, AI has emerged as a powerful tool in credit decisioning, enabling recession-resistant lending for early adopters. In our upcoming webinar, we will delve into 5 things you should consider to leverage  AI into an opportunity to offer robust support for members and build recession-resistant portfolios.

Key Takeaways:

• Credit union AI readiness: Understand what is needed to assess your credit union for AI readiness.

• AI strategy  - Learn best practices in AI strategy and how it should fit into your overall data strategy and enterprise strategy.

• AI as an Early Warning System: Uncover how AI’s advanced capabilities in simulating scenarios and predicting credit behavior can serve as an early warning system against potential financial distress.

• Build recession-proof walls: Learn how AI and alternative data strengthen your lending practices, promoting financial inclusion and stability for your members.

• AI as a Growth Catalyst: Discover how explainable AI, armed with the right safeguards, can fuel growth even amidst economic uncertainties.

• Getting started: Discover practical ways to integrate AI into your existing processes, streamlining decision-making and boosting efficiency.

Please join Howard Heinrich, Vice President of Consumer Lending at CoVantage Credit Union, George Sellitto, CLO at WyHy Federal Credit Union, Anne Legg, Founder of THRIVE, an industry leader, author, educator, and award-winning data strategist and Eric Steinhoff, EVP - Client Impact at Scienaptic, as they help you not only survive but Thrive in 2024.

Register for this webinar and equip your credit union with AI-powered tools to navigate economic uncertainty and build a brighter future for your members.

The integration of AI into the credit evaluation process has the potential to be a game changer for credit unions aiming to support their members. Instead of adopting more conservative lending practices, credit unions can harness AI to refine their risk assessment procedures. By leveraging AI, credit unions can gain a more comprehensive understanding of their members and offer them speedy, transparent, and inclusive access to credit. This includes tailoring loan options to individual needs, ultimately creating a more meaningful and personalized credit experience.

In this upcoming webinar, we will explore the numerous advantages that AI brings to credit decisioning. You'll have the opportunity to hear directly from AI experts and leaders of Michigan's Credit Unions as they share their transformative experiences with AI. They will shed light on how AI has revolutionized their loan approval processes, ultimately benefiting their members in significant ways.

Key Takeaways

• Gain practical insights into demystifying AI in credit through real-world experiences.

• Explore the pivotal role of alternate data in building a comprehensive member profile.

• Uncover a roadmap for safely increasing approval rates and automating processes.

• Discover the benefits of using AI to benefit your members.

• Learn how to initiate your AI journey effectively.

• Foster proactive engagement with AI.

With 73% of millennials and 66% of Gen Z living paycheck to paycheck, it's crucial for credit unions to adapt and play a role in improving their financial health. However, currently, only a small fraction of the younger generation, 5% of millennials and 4% of Gen Z individuals are credit union members.

Advancements in AI present a game-changing opportunity for credit unions using MeridianLink. By automating loan application assessments, AI technology liberates underwriters' time, allowing them to establish personalized relationships with members who have unique stories.

Using AI, MedianLink users can gain a deeper understanding of members and adopt fair, transparent, and regulatory-compliant AI-powered underwriting. This approach enables the provision of a hyper-personalized digital lending experience that fosters trust.

Discover the transformative power of AI in credit unions, specifically catering to the financial needs of Gen Z and millennials.

In our webinar, we had delve into:

• How AI revolutionizes credit unions' ability to serve Gen Z and millennials.

• The automation of loan decisions through AI

• Real-world examples showcasing how MeridianLink users increased approvals and automation

• How AI works for credit unions of all sizes

In today's fast-paced digital lending landscape, traditional fraud detection methods are no longer sufficient. Identity theft remains a significant cause of losses for credit unions, and synthetic ID Fraud is a growing concern, with recent studies revealing 1.8 million consumer credit accounts potentially linked to fraudulent synthetic identities within a year. Alarmingly, over 30% of these accounts were at risk of major delinquency or charge-offs, resulting in average losses of $8,000 - $10,000 per incident. Credit unions need comprehensive solutions to effectively detect and prevent fraudulent applications during origination while ensuring genuine members' experiences are unaffected.

Join Scienaptic and SentiLink for an insightful webinar on how deep understanding of these tactics coupled with technology can be a game changer in credit origination fraud prevention. Together, let's combat synthetic ID fraud and identity theft, and create a safer and more secure credit origination environment.

Our discussion will include: 

• Evolving fraud landscape: Understand the changing fraud techniques and regulatory challenges in credit origination. 

• Human insights powered by machine learning in fraud prevention: Discover how this union can accurately detect and prevent fraud, leveraging vast data analysis and complex pattern recognition.

• Streamlined operations with AI: AI-powered solutions automate manual processes, reduce false positives, and provide a frictionless credit origination experience.

• Real-world success stories: Gain insights from credit unions that have achieved reduced fraud losses, improved detection rates, and enhanced compliance through AI implementation.

• Best practices for AI fraud tool adoption: Understand key considerations for implementing AI-driven fraud prevention systems, including member experience, and false-positive considerations.

• Q&A engagement: Get specific answers to your questions about credit origination fraud prevention and AI adoption.