Leading the fintech world, Canadian credit unions are successfully using artificial intelligence (AI) to cut costs and streamline operations, according to a recent GFT report. Instead of replacing staff with AI, these financial institutions focus on upskilling their workforce.
They view AI adoption as a proactive step to remain competitive and efficient in the changing financial landscape. The report shows that credit unions enhance their performance with AI, without resorting to layoffs or downsizing.
Instead of replacing their human resources with machines, Canadian credit unions invest in training programs. These programs equip their staff with the skills to work with advanced technologies. This approach ensures employees become integral parts of the AI-driven transformation, rather than becoming redundant.
Upskilling Staff to Work with AI
Upskilling staff to work with AI benefits both credit unions and their employees. Credit unions can maintain a human touch in their services, something AI cannot replicate. This leads to improved customer experience and satisfaction.
Employees, on the other hand, gain new skills and learn how to work with AI, placing them at the forefront of the fintech industry. This not only makes them more valuable to their current employers but also widens their career prospects.
By focusing on upskilling instead of replacing, Canadian credit unions set a new trend in the fintech industry. They show that the integration of AI and other advanced technologies doesn’t have to result in job losses. Instead, it can create opportunities for employees to grow and adapt.
The GFT report highlights how AI can be used effectively and ethically in the financial sector. It stresses the need to balance technological advancement with workforce considerations. This approach could guide other financial institutions worldwide in their digital transformation journeys.
