Strategy in a World of Disruption
Savings and Credit Cooperative Societies have been challenged to embrace AI during the World Credit Union Conference.
The keynote speaker, Shawn Kanungo, emphasized the importance of embracing disruptive technologies like AI for Saccos or Credit Unions.
He showed various examples of how credit unions with representatives in the room could be utilizing AI right now to be more competitive and relevant, using the Kenya Police SACCO website as one example.
“I looked, and you have a loan calculator. But when I went to the loan calculator, I downloaded it, and it ended up being an Excel file. And I said, ‘you know, this is not that helpful. So, what I’m going to do is create an interactive web app for you,’” said Kanungo, who then showed how he did that in minutes with an online AI tool. “And it started to come with a code. It started to come up with what I was looking for, and it finally came up with this final loan calculator.”
Kanungo said that there is no option for credit unions other than to embrace this inevitable future.
“I believe that there are going to be two types of leaders in the future. There are going to be leaders that leverage this technology, and there are leaders who are going to be irrelevant. That’s it. Those are the two options,” said Kanungo.
