The rise in popularity of ChatGPT has intensified interest in the widespread adoption and use of text-generative AI (TextGen AI)—which uses algorithms trained with vast datasets that have the capability to automate complex tasks—in the financial services industry. Key considerations for credit unions covered in this report include:
- TextGen AI tools like ChatGPT are language models that have been trained and optimized to talk and not to think, reason, or even know things.
- The most promising future of TextGen AI is in ChatGPT-like technologies, not as an end service but as a component for existing IT systems.
- Upholding trust is critical, and careless use of new technologies will come at the expense of members' data security and privacy.
Credit Union Implications
TextGen AI promises to be a revolution for just about every industry, and credit unions are not an exception. From the promise of fully automated service chatbots to self-running social media accounts that engage with your members 24/7 to hypercustomized financial advice for your customers that is given instantly at almost no cost . . . well, we are not there yet.
The implications of a machine that communicates meaning by forming words and sentences in human languages are tremendous. The transformations in everyday efficiency for credit unions can be enormous because tools like ChatGPT may “only” talk, but they do it well, and they do it with a degree of creativity that resembles human standards.
The excitement is justified, but it should be tempered with skepticism and renewed attention to data privacy and security. Credit unions have the trust of their members to uphold. The legal and policy environment is likely to change radically in the following months, but the rights to public data of tech giants or the copyright implications of AI generated content are still unsettled territory.
Download the full report to explore ways that credit unions can implement TextGen AI tools and technologies now.