How One Credit Union Spreads AI Across the Whole Organization
Credit unions are expanding their memberships and increasing assets, necessitating a shift towards advanced technology and mobile banking services. To remain competitive, credit unions must integrate the personalized experience they are known for into their tech-driven applications. Embracing artificial intelligence and innovative technology is crucial for credit unions to stay relevant in the financial services industry. It is essential for credit unions to adapt and evolve to meet the changing demands and preferences of their members. By spreading AI and advanced technology across the organization, credit unions can enhance efficiency and better serve their members.
Credit unions can grow with new members, and assets swell from the millions to the billions of dollars, but when it comes to technology and mobile banking, what got you “here” won’t get you “there.” The personalized experience that’s the hallmark of these smaller financial institutions (FIs) must be embedded into the mobile, tech-driven app interactions that members have with credit union (CU) employees, growing and changing alongside members’ needs.
Advanced Technologies Driving Growth
For Florida-based VyStar Credit Union, with 1 million members and $14 billion in assets, advanced technologies — including artificial intelligence (AI) — have positioned the FI for continued growth, Lisa Cochran, chief information officer told PYMNTS.
Focusing on Ease of Use and Data Security, it’s a firm-wide effort, ranging from the C-suite to customer service. In the bid to make its app and digital engagement stand out, she said, “we’re not competing just with banks; we’re competing with retailers, because everybody is so used to the ease and the simplicity of technology.” They want that simplicity from their credit unions, too, she said.
Information security is a key focus area, with Cochran emphasizing the importance of protecting member data against malicious intent. AI has been instrumental in securing member data, with the use of WitnessAI to monitor and ensure effective AI usage within the credit union.
VyStar leverages technology to ensure service reliability and uses AI to facilitate productive interactions with members through various channels. Cochran highlighted the significance of front-line employees in member communication, and the success of the app is a testament to meeting members’ needs.
Future Plans and Initiatives
The technology roadmap for VyStar includes insourcing mobile and online banking applications through licensing agreements to enhance capabilities and provide faster services to members. The focus on technology and security extends throughout the organization, with extensive training programs and gamified initiatives aimed at promoting information security awareness.
Employee training in data security is wide-ranging, with annual tests and engaging activities like virtual escape rooms and contests. VyStar's emphasis on teamwork and tech-savviness has been recognized, with the company named one of the top three places to work in IT.
Additionally, VyStar is actively involved in educating students and promoting tech-based knowledge among younger generations within the communities it serves. Partnerships with organizations like STEM2Hub and initiatives like high school technology internships and summer camps aim to foster interest and understanding of technology.
Cochran emphasized the importance of embracing new technologies while ensuring data security and protecting member information. The goal is to capitalize on the value that AI brings in a safe and secure manner.