North Island Credit Union is offering members a new generative AI-powered chatbot in an effort to keep pace as the emerging form of machine learning takes hold in financial services.
The San Diego-based credit union, a division of
The chatbot uses
Banks have aggressively added generative AI for internal purposes such as helping with coding and programming, and external tasks including customer service and producing marketing content. More recently, financial institutions have started investing in
Large fintechs such as
"By investing in advanced AI technologies, we're giving members greater convenience, faster answers and more control without compromising the trusted relationships we've built over decades," North Island Credit Union President Steve O'Connell said in a statement. "While Georgia enhances digital convenience, we remain equally committed to providing in-person and phone service for members who prefer a more traditional experience — ensuring that every member can interact with the credit union in the way that works best for them."
Like other AI-powered chatbots, this tool will be available to members 24/7 and expands customer support for the credit union's members outside of standard business hours.
Credit unions are increasingly embracing AI-powered chatbots. Nearly 20% of the credit unions surveyed in American Banker's
Smaller institutions also face cost challenges when countering larger banks in adding AI. American Banker's
Market Insights senior strategist Jim Perry previously told American Banker that prioritizing AI use cases for both employees and members should be a
"In terms of systematizing the use of generative AI especially, [credit unions] are not getting far past chatbots … or automating what they perceive to be safe uses of AI," Perry said.
