Risking Destruction of 150 Years of Member Trust

The AI craze has hit record speed with newsworthy battles in the tech world. It’s a war between giants over the good and potential evil that will come from unbridled foundational models. The credit union space will be impacted by the ripple effect and the cooperative model, built on trust, is at risk. That’s why the Underground acted! Responsible use of generative AI has been the subject of an Underground working group, in partnership with Amazon Web Services (AWS) , for the last three months to provide guidelines that ensure credit union values are at the core of all implementations, internally and externally with business partners.

We are pleased to announce the publication of Generative AI: Credit Union Values white paper that is a must read for all executives as governing principles and executive practices will be altered when we pose questions such as: Will AI replace jobs, or will it be you? Is there a fear of future deployment and how can that be mitigated? Is there a threat to the credit union culture? What role will Board governance have in setting policies to protect members? ?None of these questions are answered by the technologists. Instead, strategic deep dives and forward thinking are mandatory, today, now, before generative AI begins to learn and regenerate based upon stories not created by you, but from collective masses that impact your membership!

“If we could turn back time and get ahead of the social media phenomenon, what would we change?"

“If we could turn back time and get ahead of the social media phenomenon, what would we change,” asked Susan Mitchell , CEO of Mitchell, Stankovic & Associates, and founder of the Underground. “I know one thing for sure and that’s that I would think forward to find balance between self-interest and the value of self-regulation or it will have an Orwellian impact. Precipitous use of Generative AI will permit profit over principles, thus crushing member trust earned over 150 years by credit unions.”

Download the Generative AI: Credit Union Values and learn what these prestigious contributors had to say about the hype and realities of your decisions today. Then plan to join us in Washington, DC on March 3, 2024, for the Underground Collision: SPIN. And check out CUToday’s featured story by Frank Diekmann here.

The Generative AI Working Group includes Raj Bandaru , Zachary Christensen, CUDE , Edward Chuang , George Estrada , Amy Fuller , Paul James , Kevin Martin , Susan Mitchell , Brian Murphy , Jennifer Oliver , Chad Ritchie , Joey Rudisill , Gregory T. Simpson , Ryan Stankovic , Melissa Walsh, CCE , Eric W. and Ritesh Vajariya