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Velera Builds Governance Framework to Shield Credit Unions From AI Risk
- Credit unions are adopting AI to transform operations, enhance compliance, and improve customer interactions.
- AI governance is essential for credit unions to enable tools like compliance monitoring and back-office streamlining.
- Establishing transparent AI governance frameworks upfront is crucial for navigating the regulatory environment.
- AI is being used in credit unions for improving tasks like call report preparation and member interaction.
- Retrieval augmented generation (RAG) is helping credit unions provide faster and more accurate service to members.
- AI assists in personalizing interactions, offering real-time assistance, and enhancing financial wellness for members.
- Agentic solutions give members options to authorize actions, thus building trust and strengthening relationships.
- AI benefits extend to commercial clients, especially small businesses, by helping with tasks like invoice generation and contract reviews.
- Velera is partnering with the Responsible AI Institute to provide AI solutions for credit unions, emphasizing responsible AI frameworks for the future.
- Building trust with members is crucial in the adoption and implementation of AI solutions in credit unions.
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