CUES 163: Augmenting People Helping People with AI

CUES Podcast

In this episode of the CUES Podcast, guest Lee Wetherington, senior director of corporate strategy at CUES Supplier member Jack Henry, discusses the impact that artificial intelligence is already having on credit unions. Two areas that will be improved by AI are member experience and service and fraud mitigation, he says.

“The top two use cases are member service—specifically, in short to mid-term, generative AI assist technologies to real people in the credit union who are fielding members’ moments of need in real-time through digital channels through the mobile app, etc,” Wetherington says. “The number two use case … is the application of machine learning to fraud detection, fraud prevention and fraud mitigation. Using new generative AI pattern detection technologies is being brought to bear and that space in more new and powerful ways.”

Lee is the senior director of corporate strategy at CUES Supplier member Jack Henry. He directs the development of actionable insights, forecasts and strategy for Jack Henry and the financial services industry at large. To this end, he guides a team of analysts who track the trends and implications of the emerging technologies disrupting and transforming the banking industry. You may have seen Lee at a conference as he delivers keynotes nationwide, focusing on opportunities and challenges in fintech, payments and digital banking.

In the show, Wetherington also discusses:

• What are the top use cases for AI right now?
• Where should credit unions start to dip their toes into using AI?
• What are the potential cost savings and revenue-generating opportunities for credit unions through AI adoption?
• Are credit union employees going to lose their jobs to AI?

“I see generative AI … as more of a leveler of the playing field, between credit unions and the biggest banks in the country,” he says.

Links for this show

• Transcript
• Jack Henry’s 2024 Strategy Benchmark
• Making AI Work for You: 10 Steps for an Organizational Approach
• Lee Wetherington’s LinkedIn profile
• What Is ChatGPT Doing ... and Why Does It Work? by author Stephen Wolfram
• jackhenry.com