Credit unions are enjoying a record increase in their membership of late. Being in demand amongst new age consumers and small enterprises, U.S. credit unions reported a 1.1% increase in total memberships in the first quarter of 2019. Analysts cite many reasons for this shift of loyalty towards credit unions. The significant ones are flexible interest rates and tenure along with credit unions’ willingness to look beyond credit scores to provision loans. With rising customer base, the focus for these credit unions remains faster processing of loans along with providing better experience to their customer; but this heightens their overall exposure to risk as well.
This whitepaper examines challenges faced by credit unions in managing risks due to rising delinquencies and how AI can help overcome these. This paper also explains the challenges perceived by these credit unions in adopting AI and how EdgeVerve’s FinXEdge Collect, an AI powered debt collection application can easily deliver tangible business benefits through its simplified AI capabilities that ensures easy and faster adoption.