BOSTON — Credit unions could significantly strengthen their competitive position in artificial intelligence by focusing on implementing technologies already in development rather than pursuing entirely new innovations, according to a new report from PYMNTS Intelligence and Velera.
The report, “AI at the FI: Inside Credit Unions’ Demand-Execution Gap,,” concludes that many credit unions have already identified the AI capabilities members want most, but a gap remains between consumer demand and the availability of those services.
The report’s release comes at the same time the CU Daily has joined with Mitchell Stankovic to host a series of practical, 30-minute webinars on AI. Details are here.
According to the report, consumers and small businesses increasingly want AI-powered tools to help manage their finances, while many credit unions have yet to broadly deploy such offerings. Researchers said the industry’s greatest opportunity now lies in execution rather than experimentation.
The Findings
Among the report’s findings:
- 57% of top-tier credit unions expect to offer AI-enabled payment services by 2032, compared with 20% that do so today.
- 67% plan to provide AI-powered financial advice by 2032, up from 22% currently offering the service.
- 78% expect to provide AI-powered chat support by 2032, more than triple the 22% that currently offer AI-assisted customer service.
Practical Applications
PYMNTS Intelligence said the planned investments are concentrated in practical applications that members are likely to use regularly, including payments, personalized financial guidance and digital support, rather than experimental AI technologies.
The report also found that successfully deploying those capabilities could help narrow the current gap between consumer expectations and available AI services, potentially reshaping competition across the credit union industry.
According to PYMNTS Intelligence, AI adoption is expected to extend beyond the industry’s largest institutions. Emerging credit unions are projected to make some of the largest gains in AI capabilities by 2029, allowing them to approach the digital offerings currently available from more technologically advanced peers.
More Consistent Experience
Researchers said that broader adoption could create a more consistent digital banking experience across the credit union sector.
The report also found that consumers are primarily interested in AI tools that provide practical financial assistance rather than novelty features. Members expressed the strongest demand for AI applications that help with budgeting, spending monitoring, bill management and understanding financial products, offering credit unions a roadmap for prioritizing future technology investments, according to PYMNTS Intelligence.
