The article discusses how credit unions can leverage Gen AI tools to improve operational efficiency and competitiveness, particularly in lending decision-making. It highlights the case of Commonwealth Credit Union, which implemented Zest AI's LuLu Pulse to integrate diverse data sources, enabling more informed strategic decisions. By utilizing these advanced analytics tools, the credit union aims to reduce turnaround times and enhance its ability to compete with larger institutions that swiftly respond to market demands. The partnership with Zest AI showcases the importance of technology in addressing analytical challenges faced by financial institutions.
When it comes to analytics, 61% of lenders find the large swathes of customer and lending data available in the market overwhelming and 73% report that their limited ability to leverage data impacts their competitiveness.
Our competition isn't waiting weeks for data. They're making decisions today on data that they got today, said Jaynel Christensen, EVP, at Commonwealth Credit Union.
The recent integration of LuLu Pulse builds on the Commonwealth's long-standing partnership with Zest AI, through which the CU has also utilized underwriting resources and fraud protection tech.
The biggest value prop for the CU is the turnaround time and efficiency.
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