Lecture Notes: Transforming Credit Unions with AI and Automation

Introduction to Guest Speakers

• Gerald Leverett: Enterprise Solutions Director at FileInvite
• James Sampson: Founder and CEO at FileInvite

Overview of the Presentation

• Focus on AI and automation in improving member experiences and processes.
• Challenges of maintaining personal touches while adopting technology.

AI and Automation in Credit Unions

• Concerns about process automation affecting personal relationships.
• AI and workflow tools handle repetitive tasks, freeing staff for personalized interactions.
• Focus on AI for process automation, not generative AI.

The Impact of Automation

• McKinsey Report Findings:
  • Financial sector can automate tasks consuming 40% of worker time.
  • Main areas: data processing (90% of loan officer time) and stakeholder actions.
• Automation supports efficiency without sacrificing personal interactions.

Enhancing Member Experience

• Three Main Pillars: Personalized Service, Transparency and Trust, Speed and Convenience.
• Importance of tailored solutions and proactive service recommendations.
• Transparency through process visibility to enhance trust.
• Speed in service matching modern consumer expectations.

Benefits of Technology in Member Experience

• Strong member experience leads to loyalty and referrals.
• Continuous improvement is necessary.
• Start with areas with the most friction for greatest impact.

Back Office Optimization

• Automating repetitive tasks to improve efficiency.
• McKinsey Insights:
  • Tedium takes 60% of staff time.
  • RPA (Robotic Process Automation) can significantly reduce process time and errors.

Accelerating Lending Processes

• Faster document verification and communication ease loan processing.
• Impact: Quicker approvals mean more loans processed, adaptability to market changes.

Practical Tools for Automation

• Loan checklists, e-signatures, automated follow-ups, and decisioning.
• Important considerations for AI-powered decisioning.

Data Security in Automated Processes

• Three Pillars: Encryption, Access Control, Compliance.
• Importance of proper security measures to maintain member trust.

Integration of Technology

• Importance of seamless integration in automation.
• Integration Methods:
  • Native integrations and APIs for system communication.
• Ensuring consistency across member experiences.

FileInvite Overview

• Enhances document collection, streamlines operations, and accelerates lending.
• Offers robust security and seamless integration capabilities.

Conclusion

• Emphasized the importance of maintaining security and integration.
• Encouragement to prioritize ongoing enhancement of member experience.

• Poll Results & Observations:
  • Equally balancing cutting operational costs and boosting member satisfaction.
  • Biggest back-office challenge: Document tracking and retrieval.
  • Integration top priority: Achieving consistent member experiences across channels.