NU 2025 Conference Test: Technology and the Effects of AI on Credit Unions

Technology and the Effects of AI on Credit Unions
Megan Rangen, CPA, Partner, Crowe LLP

Credit unions are leveraging AI to enhance security, prevent fraud, manage risk, and analyze data to improve member service. Understand how your credit union is using AI and technology to ensure that your policies and reporting are in compliance with the latest regulations.

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Artificial intelligence can imitate intelligent human behavior when computers are exposed to millions of pieces of data, enabling them to perform tasks typically associated with human intelligence such as learning, reasoning, problem-solving, perception, and decision-making

Artificial intelligence can learn and improve from experience, analyze data, identify patterns, and make predictions.

Artificial intelligence cannot understand, interpret, or generate human language.

AI plays a minimal role in data extraction and analysis, offering little benefit to auditors or internal audit procedures.

You do not need to test AI models/tools as AI has the capability to self-test.

AI can apply natural language processing to review documents, contracts, and policies to improve adherence to regulatory requirements, enhancing the accuracy and efficiency of compliance monitoring.