AI Policy For Credit Unions

Developed in partnership with leading credit unions

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Edition 13: Now Anyone Can Make AI Videos

June 16 - June 22: How to make your first AI video from a simple text description, OpenAI Co-founder tackles Safe AI, Do's and Don'ts of AI strategy beyond Microsoft CoPilot, and Citi reports AI to impact over 50% of banking jobs, all this and more in Edition 13 of the AviaryAI Newsletter.

Welcome to the AviaryAI Newsletter!

Thanks for joining us as we explore the intersection of GenAI and finance with practical learnings and the latest relevant insights. Let’s get started.

This week you’ll learn:

  • 🎬 AI videos now accessible: New possibilities for member engagement
  • 🛡️ OpenAI co-founder's startup aims to build safer AI
  • 🎯 Beyond Microsoft Copilot: 5 crucial do's and don'ts
  • 💼 Citi report: AI to automate 54% of banking jobs
  • 🍟 McDonald's AI drive-thru experiment ends, what CUs can learn

Subscribe to the AviaryAI Newsletter here.

GENERATIVE AI THIS WEEK 
The coolest things we're watching and why you should care

AviaryAI generated this video using Luma with the text: "Smiling credit union teller serving a member"

Instantly Create Member Promo Videos from Simple Text
AI video generation is now available to anyone with Luma Dream Machine, a new tool making waves with its ability to transform text prompts into short video clips. While not perfect, it offers exciting possibilities for creating visual content quickly, with both free and paid tiers available for users to explore.

Try it out yourself! Generate a video with text here.

So What? 
With AI video creation, you could produce hyper-localized social media content for different member segments or branches, test concepts quickly, transform member education, or even create personalized video messages for high-value members – all at a fraction of traditional production costs. Start small and experiment.

OpenAI Co-Founder Launches Startup to Tackle AI Safety

Ilya Sutskever, OpenAI's former chief scientist, has teamed up with colleagues to create Safe Superintelligence Inc. (SSI). The startup aims to develop superintelligent AI systems with built-in safety measures, addressing one of the most critical challenges in artificial intelligence. 

So what?
As AI rapidly advances, credit unions should stay informed about efforts to ensure AI safety. This development highlights the importance of responsible AI use as the technology becomes more prevalent in financial services.

Read the full story here.

McDonald's Halts AI Drive-Thru Test, But Remains Bullish on Voice Ordering
McDonald's is ending its two-year partnership with IBM on automated order-taking (AOT) in drive-thrus, removing the technology from over 100 test locations by July 26, 2024. Despite this setback, the fast-food giant remains confident in AI-powered voice ordering solutions and plans to explore new partnerships for future implementation.

So what? 
This pivot demonstrates the importance of agility in AI strategy. For credit unions, it's a reminder that AI implementation isn't about finding a single perfect solution, but rather about continuous exploration and adaptation. Consider how you can foster a culture of AI experimentation that allows for quick pivots and learning from both successes and setbacks.

Read the full story here.


THE AI EXECUTIVE'S HANDBOOK

One simplified GenAI concept per week to build your AI Acumen

Beyond Copilot: Crafting an AI Strategy That Truly Serves Your Members

When we ask credit unions about their AI strategy, the discussion often revolves around use cases for tools like Microsoft Copilot. A month later we hear frustrations around rocky implementations and worry that the tool isn’t really addressing members’ needs. 

The most successful AI strategies we’ve seen are by CUs that prioritize member impact. Drawing on these experiences, here are some crucial do’s and don’ts to consider.

Do:

  1. Identify specific member pain points and needs that AI can address such as proactive service or streamlined loan applications.
  2. Invest in AI solutions that integrate seamlessly with your existing systems and processes, small lifts are great for both staff and members.
  3. Prioritize data cleanliness and security. High quality data and the ability to securely access it will be critical to success. 
  4. Train your staff to work alongside AI, enabling them to focus on high-value tasks and provide exceptional member service.
  5. Continuously monitor and evaluate the performance of your AI solutions, making data-driven decisions to optimize their impact.


Don't:

  1. Overlook feedback from your members and staff about the AI tools you implement.
  2. Rely solely on off-the-shelf solutions like Microsoft CoPilot, as they may not fully address the unique needs of your credit union and its members.
  3. Neglect the importance of human interaction in the member experience, as AI should augment, not replace, the personal touch that credit unions are known for.
  4. Implement AI without setting clear metrics to measure its success
  5. Be afraid to experiment; AI is evolving and finding the right fit will require fast adjustments. 


Credit unions that keep their members at the forefront of their AI strategy will win. Curious about how AI can make a difference for your members? Respond to this email or go to helloaviary.ai

GENERATIVE AI WORD OF THE DAY

Temperature

In generative AI, temperature is like a creativity knob. When set low (close to 0), the AI plays it safe and gives more predictable answers. This is great for tasks like providing direct answers to questions or generating code. When set high (closer to 1), it gets more creative and can produce surprising or unusual responses. This works well for creative writing or brainstorming ideas. Adjusting the temperature helps control how varied and imaginative the AI's output will be.

GENERATIVE AI IN FINANCE

The latest news at the intersection of GenAI and Finance

Citi Reports AI to Automate Over Half of Banking Jobs

A new report from Citi suggests that the banking sector will be significantly impacted by artificial intelligence (AI), with 54% of jobs having a higher potential for automation and another 12% potentially augmented by AI. The report highlights that digitally native, cloud-based firms like FinTechs and BigTechs may adopt AI faster than traditional banks, potentially shifting the balance of power in the finance sector. However, the move towards AI also raises concerns about compliance, security, regulation, and ethics.

So what?
The 54% automation potential in banking jobs isn't a threat; it's an opportunity to redefine your value proposition. Here’s why: While big banks might use AI reduce personal interaction, credit unions can leverage it to enhance their community-focused model. Most critically, the 12% of jobs that could be "augmented" by AI is your sweet spot. By strategically implementing AI in these roles, you could increase employee productivity by 35% while maintaining the human touch that sets credit unions apart. This report isn't just about job displacement—it's your blueprint for turning AI into a competitive advantage in member service and community impact.

Read the full report here

About AviaryAI

AviaryAI is the next evolution of financial interaction. Enhance your team with proactive outbound voice agents to welcome new members, encourage credit card activations, and drive non-interest revenue.

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