Key Takeaways from Filene’s Latest Report: The AI Adoption Journey: A Survey of Credit Union Leaders
As AI continues to rapidly evolve in all areas of our lives — and especially within the financial industry — you might be wondering if your credit union is on pace with peers when it comes to AI adoption.
Filene’s latest report by Dr. Lamont Black, Dr. Jessica Gamache, and Addison Davis provides valuable insights into where credit unions truly stand in their AI journeys.
The study’s authors surveyed 110 leaders representing 78 credit unions to understand the current landscape of AI strategy, investment, and attitudes across the industry. Here’s what they found:
- We’re All Early-Stage Explorers
Nobody surveyed classified themselves as having "fully adopted" AI. Instead, about 80% of respondents placed themselves in the early stages — with scores of 2-3 on a 5-point adoption scale. Larger credit unions (those with over $1 billion in assets) are slightly further along but acknowledge there's still much to learn.
- Policies Exist, but Strategy Remains Limited
Nine out of ten credit unions have at least drafted an AI policy, yet only half report having a formal AI strategy. Among smaller institutions, fewer than one in ten describe their AI strategies as "highly developed." - People Power Is the Missing Link
Most credit unions have designated someone to monitor AI developments, but fewer than 5% report having "fully developed" AI leadership. Additionally, nearly 70% of respondents provide minimal to no employee training on AI tools and usage. - Efficiency & Member Experience Top Use-Case Priorities
When asked about near-term AI objectives, credit union leaders prioritized increasing operational efficiency and enhancing member experience equally. Specific AI applications such as member service chatbots, fraud detection, and credit underwriting emerged as top priorities, surpassing marketing and back-office automation. - Budgets Are Opening — Cautiously
Every respondent expects to allocate funds toward AI initiatives in the next budget cycle, though most described planned spending as moderate. Larger credit unions expressed greater readiness to invest significantly. Notably, 93% plan to utilize vendor solutions rather than developing everything in-house.
- Optimism Outweighs Fear — But Guardrails Stay Up
Approximately 85% of credit union leaders believe AI will empower rather than replace employees, and three-quarters are confident in their ability to deploy AI ethically. However, nearly half describe themselves as "optimistic with caution," highlighting concerns around bias and the need for explainability in AI decision-making, especially in the areas of regulatory compliance and risk management.
What This Means for Our Partners
The good news is that most credit unions are experimenting — not sprinting — to integrate AI into their operations. This makes it an ideal time to pilot AI in one or two impactful areas or to create and refine your AI roadmap. Above all, credit unions succeed by putting members first. The most successful AI strategies will leverage this transformative technology to reduce friction, deepen relationships, and enhance members' financial well-being — not just to reduce costs.
Ready to Start Your AI Journey?
To access the complete Filene report and dive deeper into the state of AI adoption within the credit union industry, click below.
State National is proud to have provided sponsorship for research in three of Filene’s Centers of Excellence: Emerging Technology, Innovation & Incubation, and our current CoE partnership, The Credit Union of the Future.
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