Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
If you are among the majority of Americans who use mobile banking services, you’re probably familiar with the facial or fingerprint recognition tools that let you access your accounts with a single look or touch of the screen.
A national survey conducted last year by Morning Consult and the American Bankers Association found digital banking to be the most popular method among U.S. consumers, with only 8 percent of Americans visiting in-person branch locations.
MSU Federal Credit Union, which of course offers online banking, also has an AI feature on its app that tells members if there is a better way to shop at their favorite grocery store, offering a guide on which cards to use with which vendors. The credit union is hoping to ramp up those capabilities in the near future.
For example, members may soon be able to avoid going to branch locations to facilitate large wire transactions or verify your identity with a wet signature altogether. Or at least, that’s what Benjamin Maxim, the chief digital strategy and innovation officer at MSUFCU, is hoping members of the credit union will be able to do thanks to artificial intelligence.
The Finance Sector Is Hitting an Inflection Point With AI
