The strategic planning season presents an opportunity for all credit unions to identify and incorporate new initiatives that can mitigate risks and transform member engagement. However, many CUs face the challenge of crafting long-term plans in a rapidly evolving environment, particularly in lending, where strategies may become outdated before they even take effect.

AI offers a powerful solution.

AI offers immense opportunities to gain a competitive edge, streamline transformation, and utilize underused data for personalized member experiences. Its role in credit decisions and lifecycle management underscores the need for a comprehensive AI Roadmap. Adaptive AI helps credit unions shift to a more agile and responsive framework.

However, implementing AI goes beyond merely adopting new technology, it requires a shift in mindset. Discover how top leaders and early adopters have successfully navigated this transformation.

Key Takeaways:

• Developing an AI-Driven Framework: Learn how to create and implement a robust AI strategy that supports comprehensive credit decisioning and operational efficiency.

• Establishing cross-functional predictive capabilities to elevate decision-making.

• Optimizing Data and Resources: Discover strategies for aligning your data infrastructure and internal resources to enable effective AI integration.

• Enhancing Member Engagement: Explore how AI can improve member retention, diversify your portfolio, and provide tailored solutions for underserved members.

• Fostering an AI Culture: Understand the role of leadership in cultivating an AI-focused culture that embraces innovation and drives strategic change.

From a simple google search to amazon recommendations to Netflix browsing to Uber rides - AI is already embedded in our lives and shaping our experiences. However, AI in lending is still far from becoming mainstream. Credit experience and availability for members did not significantly improve despite advances in technology and data availability.

We hear of instances where an individual with $700,000 of cash sitting in his bank account is being offered a $500 credit line. These are instances where despite the seeming intelligence of financial systems, they don’t seem intuitive enough.

This is where AI offers exciting opportunities. Approving more members, providing them with the right credit products, and providing guidance as they move through their financial lives - from buying cars to saving and investing - lines up perfectly with any lender's mission. For credit unions wanting to lend deeper in the personal, direct and indirect auto loans segment, it is crucial to consider underserved members whose unique financial needs and challenges deserve a holistic lens that traditional scoring methods may not adequately capture.

In this session, we'll unravel the vast benefits AI offers in credit underwriting. Join us to gain insights from AI experts and Credit Union leaders who will share firsthand experiences on how AI has revolutionized their loan decision processes, enhancing the overall member experience for those often left at the margins.

Key Takeaways:

• Demystifying AI: Gain practical knowledge on AI's role in auto lending.

• Understand how AI can shed light on AI decision-making, building trust and transparency

• Harnessing alternative data: Explore its power in building comprehensive member profiles.

• Safe growth strategies: Learn how to increase approval rates and automate processes responsibly for the consumer lending portfolio (personal, auto, credit cards)

• Member-centric benefits: Discover how AI empowers you to offer greater value and personalized credit experiences.

• Launching your AI journey: Get practical guidance on successful implementation.

Economic uncertainty can daunting and demands agility and innovation. In these challenging times, AI has emerged as a powerful tool in credit decisioning, enabling recession-resistant lending for early adopters. In our upcoming webinar, we will delve into 5 things you should consider to leverage  AI into an opportunity to offer robust support for members and build recession-resistant portfolios.

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Key Takeaways:

• Credit union AI readiness: Understand what is needed to assess your credit union for AI readiness.

• AI strategy  - Learn best practices in AI strategy and how it should fit into your overall data strategy and enterprise strategy.

• AI as an Early Warning System: Uncover how AI’s advanced capabilities in simulating scenarios and predicting credit behavior can serve as an early warning system against potential financial distress.

• Build recession-proof walls: Learn how AI and alternative data strengthen your lending practices, promoting financial inclusion and stability for your members.

• AI as a Growth Catalyst: Discover how explainable AI, armed with the right safeguards, can fuel growth even amidst economic uncertainties.

• Getting started: Discover practical ways to integrate AI into your existing processes, streamlining decision-making and boosting efficiency.

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Please join Howard Heinrich, Vice President of Consumer Lending at CoVantage Credit Union, George Sellitto, CLO at WyHy Federal Credit Union, Anne Legg, Founder of THRIVE, an industry leader, author, educator, and award-winning data strategist and Eric Steinhoff, EVP - Client Impact at Scienaptic, as they help you not only survive but Thrive in 2024.

Register for this webinar and equip your credit union with AI-powered tools to navigate economic uncertainty and build a brighter future for your members.

The integration of AI into the credit evaluation process has the potential to be a game changer for credit unions aiming to support their members. Instead of adopting more conservative lending practices, credit unions can harness AI to refine their risk assessment procedures. By leveraging AI, credit unions can gain a more comprehensive understanding of their members and offer them speedy, transparent, and inclusive access to credit. This includes tailoring loan options to individual needs, ultimately creating a more meaningful and personalized credit experience.

In this upcoming webinar, we will explore the numerous advantages that AI brings to credit decisioning. You'll have the opportunity to hear directly from AI experts and leaders of Michigan's Credit Unions as they share their transformative experiences with AI. They will shed light on how AI has revolutionized their loan approval processes, ultimately benefiting their members in significant ways.

Key Takeaways

• Gain practical insights into demystifying AI in credit through real-world experiences.

• Explore the pivotal role of alternate data in building a comprehensive member profile.

• Uncover a roadmap for safely increasing approval rates and automating processes.

• Discover the benefits of using AI to benefit your members.

• Learn how to initiate your AI journey effectively.

• Foster proactive engagement with AI.

With 73% of millennials and 66% of Gen Z living paycheck to paycheck, it's crucial for credit unions to adapt and play a role in improving their financial health. However, currently, only a small fraction of the younger generation, 5% of millennials and 4% of Gen Z individuals are credit union members.

Advancements in AI present a game-changing opportunity for credit unions using MeridianLink. By automating loan application assessments, AI technology liberates underwriters' time, allowing them to establish personalized relationships with members who have unique stories.

Using AI, MedianLink users can gain a deeper understanding of members and adopt fair, transparent, and regulatory-compliant AI-powered underwriting. This approach enables the provision of a hyper-personalized digital lending experience that fosters trust.

Discover the transformative power of AI in credit unions, specifically catering to the financial needs of Gen Z and millennials.

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In our webinar, we had delve into:

• How AI revolutionizes credit unions' ability to serve Gen Z and millennials.

• The automation of loan decisions through AI

• Real-world examples showcasing how MeridianLink users increased approvals and automation

• How AI works for credit unions of all sizes

In today's fast-paced digital lending landscape, traditional fraud detection methods are no longer sufficient. Identity theft remains a significant cause of losses for credit unions, and synthetic ID Fraud is a growing concern, with recent studies revealing 1.8 million consumer credit accounts potentially linked to fraudulent synthetic identities within a year. Alarmingly, over 30% of these accounts were at risk of major delinquency or charge-offs, resulting in average losses of $8,000 - $10,000 per incident. Credit unions need comprehensive solutions to effectively detect and prevent fraudulent applications during origination while ensuring genuine members' experiences are unaffected.

Join Scienaptic and SentiLink for an insightful webinar on how deep understanding of these tactics coupled with technology can be a game changer in credit origination fraud prevention. Together, let's combat synthetic ID fraud and identity theft, and create a safer and more secure credit origination environment.

Our discussion will include: 

• Evolving fraud landscape: Understand the changing fraud techniques and regulatory challenges in credit origination. 

• Human insights powered by machine learning in fraud prevention: Discover how this union can accurately detect and prevent fraud, leveraging vast data analysis and complex pattern recognition.

• Streamlined operations with AI: AI-powered solutions automate manual processes, reduce false positives, and provide a frictionless credit origination experience.

• Real-world success stories: Gain insights from credit unions that have achieved reduced fraud losses, improved detection rates, and enhanced compliance through AI implementation.

• Best practices for AI fraud tool adoption: Understand key considerations for implementing AI-driven fraud prevention systems, including member experience, and false-positive considerations.

• Q&A engagement: Get specific answers to your questions about credit origination fraud prevention and AI adoption.

Many financial institutions are turning to AI for recession-resistant, fair, and inclusive lending strategies to support their customers. Financial institutions that have implemented AI-enabled platforms have seen 70-90% increases in automated decisioning with gains of 30-50% in automated approvals. In addition, overall approval rates improved by 15-40% while decreasing loss rates by 10-25%.

Our discussion will include:

• The benefits of leveraging AI for financial institutions and their customers

• Strategies for financial institutions and lenders to build recession-resistant portfolios powered by AI

• How to use AI to increase credit access for underbanked and marginalized customers

• Examples of successful implementation of AI in lending

• Methodologies to manage the Internal and external challenges in bringing AI into a lender’s risk organization

This webinar is designed for senior risk leaders and lending professionals who want to learn how to use AI to mitigate recession risks. 

In an effort to support their members, many credit unions have turned to AI for recession-resistant, fair, and inclusive lending strategies. In this webinar, we will dive deep into the specific ways that fair and inclusive AI can be used to assist deserving members and improve credit access safely.

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The webinar is designed for credit unions and lending professionals who want to learn about using AI to mitigate recession risks and improve credit access for underserved members. It will showcase examples of lenders who have successfully implemented fair and inclusive AI-powered lending and its positive impact on their members and loan portfolios.

Our discussion will include the following:

• Benefits of fair and inclusive AI in increasing access to credit for underbanked and marginalized members

• Strategies for credit unions and lenders to use fair and inclusive AI to mitigate risks

• Examples of successful implementation of fair and inclusive AI in lending

• How fair and inclusive AI can help credit unions and lenders weather a recession

Nobel-winning economist Paul Samuelson had once quipped that Wall Street had predicted nine out of the last five recessions. While the markets may be touted as cautiously pessimistic, it is evident that we are on the cusp of an economic downturn.

The use of AI in credit decisioning can be a game changer for credit unions looking to support their members, especially in light of recessionary trends. Instead of tightening their belts, credit unions can use AI to tighten their underwriting. Through the use of AI, credit unions can provide members with fast access to credit, customized loan options, and transparent and inclusive credit decisions.

But this transition to AI requires careful planning. We must understand and learn from the experiences of risk leaders so that we can take this evolution to fruition.

In this webinar, we bring you perspectives from seasoned risk leaders on how to make this transition. We will cover the following:

• Creating a sustainable, recession-resistant lending toolkit

• AI-enabled fair, transparent lending for enhanced customer relationships

• Differentiating between credit-worthy members in need vs. high-risk ones

• Building early warning systems

• Help realign risk strategies as per the changing economic climate

A recent survey of borrowers across the USA revealed that only 47% of Gen Z respondents in the USA claimed to have an account with a traditional bank, neobank, or Credit Union.

The above stat reflects the emerging disconnect between traditional lenders like Banks and Credit Unions, and point to the generational differences in banking habits and banking expectations. With Gen Z and millennials set to become the most important consumer groups in the next 10 years, lenders need to take into account the fact that new age borrowers have expectations of personalized recommendations, instant decisioning speed, and an easy application process.

The answer to these expectations boils down to two words: Artificial Intelligence.

The way we lend is evolving so quickly that those lenders that try to understand the lending landscape better, and go beyond normal data sources and lending models to gain a deeper insight of who they are lending to, are the ones who are able to grow sustainably. Leveraging and consolidating multiple sources of seemingly unstructured data into actionable credit decisions that help lend to more deserving borrowers and personalize offers in line with modern day expectations is what AI strives to achieve.

In this webinar, we will be deconstructing the expectations of the new generation of borrowers, and how traditional lending methods may fall short in fulfilling these expectations. We’ll showcase how AI has had on transforming lending infrastructure for traditional lenders, and elucidate the impact of AI-enabled lending through real-life examples by lending leaders and AI lending practitioners.

Points to be Covered

• The evolving lender demographic: Advent of Gen Z

• Expectations from the modern lender: Personalization, Instant Service, and much more

• What’s taking so much time? The bottlenecks in the current lending ecosystem

• Looking at lending from the AI lens:

• A blow by blow comparison with current lending methods

• Solving the personalization expectation with richer data

• Solving the Instant service expectation with self learning custom models

• Beyond expectations: How AI is changing the growth story for traditional lenders

• Measuring the impact of AI for modern lending with real stories

The conversation around fair lending has gained traction in the background of resurgent campaigns for an end to racial and gender bias in recent times. Fair lending in its truest sense requires lenders to adopt the least discriminatory alternatives when it comes to processing or decisioning a loan application. 

AI models hold great promise for identifying and enabling traditionally underserved groups.

Through them, we can minimize subjectivity and bias, generate more consistent outcomes, increase efficiency, and make better decisions. Algorithmic and AI-based systems, when properly conceived and managed, can expand opportunities. 

That said, transitioning to AI-based algorithms requires the right regulatory lens and framework. An Advisory from the Consumer Financial Protection Bureau on digital redlining and its impact on fair lending practices highlights the urgent need for the right regulatory framework.

This webinar will attempt to address the questions around the usage of AI to enable fair lending, elucidate how explainable AI supplemented by the right safeguards will serve to supplement compliance guidelines around AI in lending, and get insights from the impactful stories of practicing lenders who have implemented AI in their lending processes.

We will also be attempting to answer questions on fair lending testing and disparate impact analysis done by Scienaptic, demonstrate how Scienaptic is making an impact on fair lending practices, and discuss in detail the recent advisory by CFPB on AI usage in lending, and how it does more good than harm for the AI lending landscape. 

From a simple google search to amazon recommendations to Netflix browsing to Uber rides - AI is already embedded in our lives and shaping our experiences. However, AI in lending is still far from becoming mainstream. Credit experience and availability for borrowers did not significantly improve despite advances in technology and data availability.

This is where AI offers exciting opportunities. Providing customers/ members with the right credit products, approving more members, and providing guidance as they move through their financial lives - from buying cars to saving and investing - lines up perfectly with any lender's mission.

These AI-enabled opportunities will help lenders enhance customer lives, build stronger relationships with their customers and capture a greater share of wallet for their financial products.

The webinar features insights from early adopters and visionaries who are powering their lending processes with AI to say more ‘yes’ to customers and create unique experiences for them.

Highly seasoned risk leaders will share their personal stories on how they are using AI to reduce friction, eliminate costs, and mitigate lending risks. More importantly, they will share recipes on preparing for growth.

Key takeaways: 

• Demystifying AI in credit through real experience sharing

• Roadmap to safely increasing approvals and automation

• How to improve the borrower experience

Hundreds of credit unions and auto lenders are adopting AI for lending. The value proposition is clear - AI allows superior loan decisions enabling more approvals and affordable credit. 

But there is an equally compelling case to use AI-powered intelligence at every touchpoint of a member's journey and drive better outcomes for them. As the world becomes increasingly digital, members expect personalized experiences throughout the engagement lifecycle.

The panel features insights from early adopters and visionaries who are implementing AI on  a broad range of use cases, including:

• Membership expansion

• Preapprovals

• BNPL offers

• Collections & servicing

The strategic planning season presents an opportunity for all credit unions to identify and incorporate new imperatives that can help mitigate risks and streamline critical processes. Through this leadership webinar we aim to offer insider tips on why AI-based credit decisioning should be a part of strategic planning for all credit unions.

AI has opened up a plethora of possibilities to gain a competitive edge, streamline organizational transformation and  put large volumes of underutilized member data to create meaningful and personalized experiences for members.  The current use of AI in credit decisions and lifecycle management makes it imperative to prepare a comprehensive AI Roadmap to enhance member experience. In the post vaccine world, AI based decisioning can leverage growth opportunities by improving access to credit while helping underserved members get back on their feet.

Viewers of this webinar will get insights into:

• Re-aligning organizational goals with an AI framework at its core

• Detailed facets of building an AI framework for your organization

• Structuring data and internal resources and aligning them into an AI based credit decisioning model

• Role of the Executives in driving AI culture 

A year ago, when most lenders tightened their belts, some tightened their credit strategies. They invested in technologies such as AI to grow relationships with their customers in their hour of need. Their wins from AI lending are compelling - they mobilized opportunities and credit access for thousands while eliminating every bit of friction associated with the process. 

In this panel discussion, we bring to you experiences of these early AI adopters and trend setters. Highly seasoned risk leaders will share their personal stories on how they are using AI to reduce friction, eliminate costs, and mitigate lending risks.  More importantly, they will share recipes on preparing for growth in the post vaccine world. 

Key takeaways:

• Demystifying AI in credit through real experience sharing 

• Roadmap to safely increasing approvals and automation

• How to improve borrower experience

In the post-vaccine world, lenders are looking for opportunities to accelerate growth. Borrowers on the other hand expect instant and more personalized decisions.

There’s a massive opportunity to use AI-powered credit decisions and increase approval rates, deliver personalized decisions in milliseconds, and price loans more accurately.

Why? Because it is simply better.

Key takeaways:

• Demystifying AI in credit, and what it means

• Roadmap to safely increasing approvals and automation

• How will this impact the borrower experience

SMBs have gone through an upheaval in the recent past. Only the "fittest" have survived, yet those who survived are in a critical need to manage change. Financial institutions have an opportunity to partner with SMBs, support their recovery, and position them for growth.

Key Takeaways:

• Ways in which financial institutions can partner with SMBs to drive their growth

• Innovations in AI-powered decisioning to help financial institutions assess risk and SMB's revenue potential more holistically

• Practical applications of how lenders can incorporate existing data into their scorecards

• Frameworks to improve credit tools and expand lending to SMBs

Key Takeaways:

• Ensuring credit quality as approval volumes return to pre-COVID levels

• Creating technologically intelligent journeys across loan life cycle to improve lending efficiency

• Providing the best customer experience using AI

Take advantage of the growth opportunities presented as we come out of the COVID-induced recession. The typical lender response to a black swan macro event is to slow marketing and tighten credit criteria. Opening back up often happens too slowly due to uncertainty with the credit outlook.