Elizabeth Osborne, Chief Operations Officer of Great Lakes Credit Union (GLCU), presented a compelling case for the integration of artificial intelligence (AI) in credit union operations during a recent government meeting. Established in 1938, GLCU serves over 90,000 members in the Chicagoland area, emphasizing a mission rooted in the credit union philosophy of \"people helping people.\"

Osborne highlighted GLCU's commitment to leveraging AI technology to enhance member services while maintaining the credit union's traditional role as relationship lenders. The credit union has implemented AI primarily in three areas: underwriting support, fraud prevention, and customer service. A significant development is the introduction of \"Olive,\" a virtual conversational AI assistant developed in partnership with Interface AI. Olive is designed to handle a variety of member inquiries, including account balances and transaction histories, and is available 24/7 through multiple channels.

Since Olive's launch, GLCU has seen substantial improvements in operational efficiency. The AI assistant now manages over 60% of inbound calls during business hours and more than 75% after hours, a marked increase from the previous system that handled less than 25% of calls. This shift has not only improved member satisfaction but also elevated the roles of call center employees, allowing them to focus on more consultative tasks rather than transactional support.

Looking ahead, GLCU plans to enhance Olive's capabilities, including adding Spanish language support to better serve its diverse membership. Additionally, the credit union is exploring further AI applications, such as Microsoft Power Automate, to streamline operations and improve productivity.

Osborne also addressed the regulatory landscape, emphasizing that existing consumer financial protections and anti-discrimination laws remain applicable to AI technologies. She expressed optimism regarding the recognition of these laws in the context of AI by a bipartisan working group, underscoring the importance of ensuring that new technologies do not compromise member safety or rights.

In conclusion, Osborne positioned AI as a vital tool for credit unions, enabling them to provide enhanced services and maintain their foundational mission. The success of Olive at GLCU serves as a model for how credit unions can effectively utilize AI to improve member experiences and operational efficiency.