To Go Big with AI, CU's Should Start Small

In their insightful article, "Generate Value From GenAI With 'Small t' Transformations," MIT Lecturers Melissa Webster and George Westerman shed light on how organizations can harness the power of GenAI through incremental changes rather than overhauling entire business processes. This approach is especially valuable for credit unions aiming to enhance member services while managing risks effectively.

Understanding 'Small t' Transformations

The authors introduce the concept of "small t" transformations, emphasizing that businesses can achieve substantial value by implementing GenAI in targeted areas with manageable risks. This strategy involves focusing on specific tasks or processes that can benefit from AI capabilities without necessitating large-scale transformations.

Applying 'Small t' Transformations in Credit Unions

For credit unions embarking on their AI journey, adopting "small t" transformations can be both practical and impactful. Here are some actionable steps to consider:

Enhance Member Communications: Utilize GenAI to draft personalized emails or messages, ensuring consistent and engaging communication with members. This can improve member satisfaction and foster stronger relationships.
Streamline Internal Documentation: Implement AI tools to summarize lengthy reports or generate concise meeting notes, helping staff access pertinent information quickly and reducing manual workload.
Support Training and Development: Leverage AI to create training materials or simulate member interactions, providing staff with valuable learning resources and enhancing their service capabilities.
Assist in Regulatory Compliance: Employ AI to monitor regulatory updates and summarize changes, helping the credit union stay compliant without extensive manual research.

Building a Foundation for Future Transformations

By starting with these manageable initiatives, credit unions can build confidence in AI technologies and lay the groundwork for more extensive transformations in the future. This approach aligns with the authors' recommendation to work up the "risk slope," gradually incorporating AI into more critical and complex processes as the organization becomes more comfortable and proficient with the technology.

Embracing "small t" transformations allows credit unions to integrate GenAI thoughtfully and strategically. By focusing on specific, low-risk areas, they can enhance operational efficiency and member satisfaction while preparing for broader AI applications in the future.

Ready to take the first step in your AI journey?

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