Using artificial intelligence (AI) is making a big impact in helping credit unions - like Great Lakes Credit Union (GLCU) – meet member needs with the same ability of larger financial institutions.  GLCU’s Chief Operating Officer Elizabeth Osborne testified Tuesday during the House Financial Services Committee hearing on financial services technology. Osborne spoke on behalf of America’s Credit Unions and also participated earlier this year in the committee’s financial services AI working group that released its report last week.

“AI is an important tool for credit unions that helps us enhance service to our members and provide services that economies of scale may not otherwise allow us to do so,” she said, noting that GLCU uses “Olive” an AI conversational assistant that has “transformed the way staff interact with members, and the way GLCU operates as an organization,” through improved member experience, call center efficiency, and employee satisfaction.

“Olive has also created new opportunities for growth, innovation, and inclusion,” she added. “Our use of Olive is a prime example of how the credit union industry can effectively deploy the use of AI to improve the lives of the members we serve.”

Osbourne added that it is important the committee recognize the need for clear rules of the road to protect participants but also ensure rules do not stifle and harm innovation.

“Credit unions expect that legislators and regulators will weigh the regulatory burden on credit unions against the benefit to consumers when implementing new laws and regulations that govern the use of AI,” she said. “To do otherwise may chill technological progress and the benefits that may accrue to consumers through the responsible use of AI.”

This is the fourth hearing this year with testimony from an America’s Credit Unions-affiliated witness.

Transition Board Secretary—and Commonwealth Credit Union President/CEO—Karen Harbin testified before a House Financial Services subcommittee in March and earlier this month.

America’s Credit Unions’ Small Credit Union Committee Chair—and Afena Federal Credit Union President/CEO—Karen Madry testified before the Senate Banking Committee in May.