AI is going to revolutionize banking. Credit unions and banks are already being disrupted by fintechs, now AI is either going to accelerate their demise or give them a chance to leapfrog their disruptors. The choice is theirs.

In this episode, I (Derik Krauss) am joined by my co-founder, Ryan Harmon, to unpack how AI could disrupt UI-based fintechs and open up new opportunities for community banks and credit unions. We discuss The Innovator's Dilemma, the benefits of launching AI-first spinoffs, and how future financial institutions might operate without traditional mobile apps or online banking.

00:00 Introduction and Recap of Previous Episode

01:11 AI's Potential in Banking and Financial Institutions

03:53 The Innovator's Dilemma in Banking

05:59 The Shift from Physical Branches to Digital Banking

11:37 AI as the Next Disruptive Innovation

17:02 The Future of AI-Driven Financial Services

23:04 AI Integration in Everyday Life

29:50 The Role of AI in Financial Decision Making

31:35 Blockchain and AI: Revolutionizing Banking

33:25 AI-First Experience: The Future of User Interfaces

35:48 Cost Efficiency in AI-Driven Banking

39:08 OpenAI's App Store: A New Frontier

40:31 Challenges and Opportunities for Credit Unions

42:58 The Innovator's Dilemma: Embracing Disruptive Innovation

46:49 Launching Spinoffs: A Strategy for Transformation

49:00 The Future of Banking: AI-First Spinoffs

50:03 Legacy Institutions and Modern Challenges

01:00:35 The Role of Marketing in Credit Union Transformation

01:03:01 AI's Impact on the Banking Industry

01:05:47 Conclusion: Embracing AI for Future Success

Hosted on Ausha. See ausha.co/privacy-policy for more information.

Hey, this is Derik. I recently tried using ChatGPT's Agent Mode to make transfers between my personal bank accounts. I didn't get the outcome I was hoping for, but that's not because AI isn't capable of doing it. In fact, it's more than capable of doing that and other banking tasks, especially if there is a human in the loop.

In this episode, my co-founder, Ryan Harmon, and I show and tell what agentic AI is capable of doing and how it's going to transform the banking user experience. Listen to learn how AI is reshaping the future of banking and what opportunities lie ahead for individuals and financial institutions.

Hosted by Ausha. See ausha.co/privacy-policy for more information.

For the first time, JR is a guest on the podcast he started. Join me, Derik Krauss, as I debut as the new host of the Banking on Digital Growth Podcast.

In this episode, I interview JR and we talk about challenges he has overcome, including facing an autoimmune condition, as well as his plans for the next decade.

What we unpacked in this conversation is truly thought-provoking. It has led me to reflect on what has happened in my life over the last decade and what I want for the next 10 years.

Not only is this type of reflection valuable personally, but it can also lead to true transformation for your credit union or bank. As JR says, all change starts with learning truth and seeing things differently.

What "truth gaps" are holding back your financial institution?

Hosted by Ausha. See ausha.co/privacy-policy for more information.