49% of Credit Unions See AI as an Acquisition Tool

Credit unions have a gift heading into the artificial intelligence era: Their business customers are telling them exactly what to build first.

Research from PYMNTS Intelligence, with Velera, titled “The Practical AI Opportunity: Why SMBs Want Guidance Before Automation,” finds that small and mid-sized businesses want practical financial help from their credit unions, not sci-fi automation.

The report points to a clear path forward. Rather than chasing expensive AI overhauls, credit unions can win by starting small with advisory tools and expanding over time. Think of it like learning to cook. You master a few reliable dishes before you attempt the seven-course tasting menu. The institutions that begin with conversational AI and everyday money-management tools can deliver value now while building toward bigger capabilities later.

The data backs up this measured approach:

75% of SMBs say they’d use at least one AI feature from their financial institution within the next two years, well above the 59% of consumers who say the same.

49% of credit unions already view AI and conversational assistants as a member-acquisition strategy, though AI agents rank only ninth among 13 innovation priorities.

46% of credit unions now deploy chatbots, up sharply from just 3% in 2019, according to Cornerstone Advisors.

The broader report shows demand runs hottest among successful businesses, with 83% of SMBs earning more than $1 million interested in AI-enabled financial services. Business owners want help tracking expenses, managing cash flow and comparing financial products. They aren’t asking their credit unions to run operations for them.

Velera’s Cody Banks describes the smart approach as using “a chisel versus a sledgehammer,” meaning selective upgrades that improve service without ripping out existing systems.

Partnerships can speed things along too, compressing multiyear timelines into months. The message credit unions can take away is an encouraging one. Their members have handed them a clear starting point, and the first steps cost far less than a full transformation.

At PYMNTS Intelligence, we work with businesses to uncover insights that fuel intelligent, data-driven discussions on changing customer expectations, a more connected economy and the strategic shifts necessary to achieve outcomes. With rigorous research methodologies and unwavering commitment to objective quality, we offer trusted data to grow your business. As our partner, you’ll have access to our diverse team of PhDs, researchers, data analysts, number crunchers, subject matter veterans and editorial experts.