Smart AI Budgeting for Credit Unions: Investing in Tomorrow, Today

Credit unions are all budget planning for AI.  But where do you begin?  How can you budget for this game-changing technology without overcommitting resources?  How do you know if AI will lead to efficiency and better member outcomes?  

Here's your guide to effective budgeting. 

ROI That Speaks Volumes

When it comes to AI, it's not about spending big with long implementation cycles – it's about investing smart with a specific focus on time to value and safety.  In other words, choose the right project that leads to meaningful ROI. 

To start, focus on projects with clear, measurable outcomes:

• Reduce member wait time by equipping MSRs with high quality policies and procedures.

• Reduce call hours by deflecting to self-serve channels. 

• Support content owners and compliance teams with standardized knowledge.

• Reduce handle time by training MSRs to make adjustments which lead to ROI.  

After a few weeks of strategic insights generated by AI, you’ll be equipped to execute in areas which lead to quick wins.

Remember, it's about leveraging technology to measure success metrics that benefit both your bottom line and your members while limiting your initial investment.

Crawl, Walk, Run: Building Momentum

Implementing AI doesn't mean overhauling your entire operation overnight.  Think big, start small, and develop a roadmap.  Start by identifying issues worth solving. For example, credit unions have used the Senso platform to uncover which specific topics have the highest call volumes or handle times. You can’t save hours until you know where those hours are being wasted.  More examples include:

• Automate document processing for loan applications

• Consolidate fragmented information stuck in silos to gain insight 

• Perfect member experiences with emotion and context aware AI

• Monitor the voice of your member to bridge insight between action and ROI

Each success becomes a stepping stone to the next. As you build confidence and expertise, you'll be ready to tackle more ambitious projects.

Empower Your Staff: Create AI-Native Experts

The true power of AI lies in how it empowers your people. As you budget for AI, prioritize solutions that turn your staff into AI-native experts. Imagine:

• Customer service reps resolving complex issues in record time

• Loan officers making data-driven lending decisions faster

• Financial advisors providing more personalized investment advice

Look for AI solutions that offer user-friendly interfaces, robust onboarding, and flexibility for workers to apply AI to their specific domains of expertise.

Strength in Numbers: The Collaborative AI Advantage

Here's where credit unions have a secret weapon: collaboration. Senso’s CUCopilot Network is redefining how credit unions share knowledge and collaborate on AI initiatives. By joining the CUCopilot Network, you can:

• Learn from other credit unions who have already completed AI implementations

• Access industry-wide metrics and AI-powered insights

• Tap into a unified standard of policies, procedures, and user guides

• Stay updated on real-time industry trends and innovations

Take the First Step

The journey to becoming an AI-first credit union starts with a single step. Learn from your peers and make smart decisions using Network Mode, a new capability within the CUCopilot Network which enables credit unions to interact with other credit unions and industry experts to collaborate on various topics, including approaches for effective strategic planning. Sign up here to join the CUCopilot Network for free, and/or book a call with us to discuss your AI budget plan and see how Senso can help you unlock a path to real ROI and higher member satisfaction.

With the right approach, Generative AI can be more than just a technological upgrade – it can be the catalyst that propels your credit union into the future of finance. 

Move forward collectively and let the best experts in the industry guide you to success.