BOSTON — A new report from PYMNTS Intelligence and Velera found strong consumer and small business demand for artificial intelligence-powered financial tools, even as many credit unions remain in the early stages of offering the services.
The report, titled “AI at the FI: Inside Credit Unions’ Demand-Execution Gap,” examined how consumers, small businesses, credit unions and FinTech firms are approaching AI-driven financial services.
According to PYMNTS Intelligence and Velera, 75% of small and medium-sized businesses and 59% of consumers said they would use at least one AI assistant feature offered by their financial institution.
Where Interest is Strongest
The companies said interest in AI-powered financial tools is particularly strong among:
- Gen Z consumers
- Millennials
- Former credit union members
- SMBs with more than $1 million in annual revenue
The report said many credit unions view AI as a potential growth tool, but adoption of member-facing AI capabilities remains limited.
According to PYMNTS Intelligence and Velera:
- Only 25% of credit unions currently offer AI chat support
- Fewer institutions offer AI-powered financial advice tools
- Even fewer provide AI-driven payment or purchasing tools
Fintechs Ahead of CUs
The report noted fintechs are somewhat ahead of credit unions in offering AI chat support but said they do not hold a significant lead in more advanced AI capabilities related to financial advice, payments or purchases.
The companies said consumers are seeking practical uses for AI rather than fully automated financial management.
According to the report, consumers expressed the strongest interest in AI tools that can:
- Track bills and subscriptions
- Offer savings and credit recommendations
- Help create budgets
- Compare financial products
Small businesses reported similar demand for AI tools that can:
- Track expenses
- Manage bills
- Compare financial products
- Provide cash-flow guidance
What Findings Suggest
PYMNTS Intelligence and Velera said the findings suggest AI could provide credit unions with an opportunity to strengthen relationships with existing members, regain former members and compete more effectively for younger consumers and higher-value SMBs.
However, the report said credit unions will need to integrate AI more directly into their innovation strategies instead of treating the technology as a secondary priority behind payments modernization, security enhancements and data infrastructure upgrades.
