Beyond fraud: 5 ways machine learning makes your credit union smarter

first_imgFor credit unions today, machine learning is proving invaluable in the fight against card fraud. Moreover, the technology’s potential to enhance your service proposition extends well beyond the realm of member security.The sheer power of prediction delivered by machine learning has the ability to transform nearly every aspect of your business model. It’s hard to imagine a single area of a credit union’s operations that would not benefit from the ability to see accurately into the future. And your members will love it.Although artificial intelligence and machine learning are expected to be deployed throughout credit unions, there are areas in which the technology is likely to be implemented first. Below are five immediate use cases for how machine learning can help drive credit union success:#1 – Managing Risk More IntelligentlyWhen layered over strategies like credit card pricing and credit line management, machine learning can help credit unions boost card portfolio performance significantly. There is great potential for machine learning to more rapidly adjust pricing and credit lines according to emerging risks, which in turn will bring revenues into closer alignment with that risk. For credit unions, of course, it will be important to temper the recommendations of the technology with the people-over-profits philosophy.#2 – Inspiring Member Engagement and LoyaltyTop-of-wallet strategies are another area of promise for machine learning because the technology allows credit unions to better anticipate member needs and preferences.  Consumers demand highly personalized experiences, and they want service to be instantaneous. Predictive analytics delivered through machine learning can guide service models in a multitude of ways.For example, new machine learning-based financial apps can alert consumers to bills they are overpaying – and to readily available, relevant discounts. Imagine the surprise and delight your credit union could inspire by calling a member and saying, “We just found a way for you to save $50 every month on your cable bill, and we’ve already taken care of it for you.” #3 – Taking Support Up a LevelWhile informed sales and marketing strategies are critical to building member relationships, so is providing world-class support. To that end, new voice-enabled machine learning solutions can augment and help expedite service. But the real value machine learning brings to your support organization is its ability to analyze positive and negative outcomes from inquiries, and draw correlations between activities. With these insights, credit unions can better understand how members like to engage, which responses perform best and how to improve their performance over time.#4 – Staying in ComplianceKeeping current on regulatory compliance requirements is a massive job and one that should not be left to the compliance officer alone. Every staff member must be aware of how his or her actions impact the member. That’s what examiners expect.To help, new machine learning technology can be deployed to scan member interactions for trouble spots and provide real-time solutions that ensure compliance. Call centers today are already analyzing speech patterns in search of terms, words and phrases that trigger ‘requirements’ for how the call should be handled. These systems can even populate the screens of representatives with scripts and checklists to follow – and then note the outcomes, learning from each incident. #5 – Maintaining Your Competitive EdgeWhile it can be challenging for credit unions to change internal systems, practices and strategies to embrace machine learning technology, doing so is imperative to future success. Your competitors are absolutely deploying machine learning. Startups are using the technology to power cognitive financial planning and money management apps. And large banks are rolling out chatbots driven by machine learning apps to get their customers better answers quicker. All of this is feeding a consumer desire for fast, personalized and cognitive service, and for exceptional experiences from the brands they favor.Your credit union has the data. You have the member relationships, and you have the trust. Machine learning will only improve the experience you provide, helping you deepen relationships and earn new members. 35SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Shazia Manus At AdvantEdge Analtyics, Shazia Manus applies a futurist view to the field of analytics, helping credit unions discover new possibilities for exceptional member experiences. Prior to joining CUNA Mutual Group … Web: advantedgeanalytics.com Detailslast_img read more

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Political ads appear ‘active’ on Facebook despite post-Election Day ban

first_imgA number of elections-related ads were still listed as “active” in Facebook’s political ads library Wednesday morning, after the company’s post-election ban on political ads went into effect. The company said this can be because it can take up to 24 hours to reflect changes in the library, even if the ads are paused from being shown to users.- Advertisement – – Advertisement – The company told CNBC it’s possible the library will temporarily show some ads as active and spending on Nov. 4 even if they were paused as of midnight, and said the library should soon correct “any minor inconsistencies in how the data is presented.”Facebook’s handling of political advertising has been rocky in the days leading up to the election. Last week, the company allowed President Trump’s campaign to run ads that implied victory, that boasted about GDP figures that hadn’t been released yet and others that implored people to “vote today” with graphics reading “Election Day is Today,” days before the election. Facebook said at the time it would be removing the “vote today” ads following inquiries. The company last week also suffered what it said was a technological issue that caused a number of ads from both political parties to be improperly paused. – Advertisement – In early October, the company announced it would stop running political ads in the U.S. after polls closed for the 2020 election on Nov. 3 and keep them halted for an indefinite period. The company said the temporary ban was expected to last about one week, but that it would be subject to change.As of Wednesday around 8 a.m. ET, CNBC was able to find dozens of political ads on Facebook still listed as active. Those included ads run by “Evangelicals for Trump” and “We are Great Again PAC,” along with those from Vice Presidential nominee Kamala Harris and the Democratic Party. Facebook director of product management Rob Leathern wrote on Twitter that it can be due to the fact that it can take a full day for the ad library to reflect changes made on an ad. – Advertisement –last_img read more

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£48m Aberdeen buy

first_imgTo access this article REGISTER NOWWould you like print copies, app and digital replica access too? SUBSCRIBE for as little as £5 per week. Would you like to read more?Register for free to finish this article.Sign up now for the following benefits:Four FREE articles of your choice per monthBreaking news, comment and analysis from industry experts as it happensChoose from our portfolio of email newsletterslast_img

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