Credit unions and AI: Filene looks at potential of text generative tech

The study highlights two ways in which credit unions can implement TextGen AI tools and technologies

The Center for the Credit Union of The Future run by the Filene Research Institute has published a report exploring how credit unions could make the most of text-generative artificial intelligence (AI).

The fastest-growing app in history, with estimated 100 million monthly users in the first two months of launch in late 2022, ChatGPT can be a useful tool for credit unions. But, the report warns, the technology has its limitations, including outdated data sources, unreliable accuracy, and noticeable biases.  

According to the report, text-generative AI can be a powerful tool to aid copywriting, translating or rephrasing, or combing through text – such as consumer reviews – harnessing its skill for language use. 

But, the report adds, ChatGPT and closely related GPT-based tools should not be seen as a replacement for human decision-making or as a knowledge repository.

The study highlights two ways in which credit unions can implement TextGen AI tools and technologies: for creative brainstorming tasks and to integrate TextGen AIs in their technology systems and have them communicate with other applications like social media apps, business insights tools, or decision algorithms. In this respect the report points out that 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.

Another important consideration for credit unions is that upholding trust is critical. The report warns that careless use of new technologies will come at the expense of members’ data security and privacy.

Co-ops and credit unions can contact Staci Duros, research manager at Filene Research Institute if you have any questions or require further details on this report.