Flybits Joins Top Credit Unions in Canada to Discuss Data, AI, and Financial Innovation
Flybits recently participated in an insightful discussion with the leading credit unions of Canada at the Large Credit Union Coalition (LCUC) Executive event. The event gathered CEOs and Board Chairs from 18 of the top 20 credit unions in the country, representing over $125 billion in assets. The conversation centered around the innovative use of data, the application of artificial intelligence (AI), and the exploration of practical use cases showing how global financial institutions are effectively leveraging data today.
The Role of Data and AI in Transforming Financial Services
Flybits, represented by CEO & Founder Hossein Rahnama, Chief Growth Officer Chris Pinkerton, and VP of Product Lindsay Ellerby, shared insights into how global banks and credit unions are capitalizing on data to reshape the customer experience. The team emphasized that today’s customers expect highly personalized and seamless interactions, on par with the intuitive experiences offered by neo-banks, challenger banks, and leading non-financial brands. This expectation is driving a need for financial institutions to innovate rapidly.
The challenge for many financial institutions, particularly credit unions, lies in the sheer volume of data at their disposal. While data holds immense potential, it can lead to information overload for customers, causing “overchoice” and decision paralysis. The discussion focused on the role of data-driven strategies and AI in cutting through this noise, enabling credit unions to offer truly personalized experiences that cater to individual needs and preferences.
Global Use Cases: How Data is Driving Success
During the event, a series of real-world examples were discussed, showcasing how data is being used by global banks and credit unions to improve customer engagement and drive business outcomes. These use cases illustrated how financial institutions are utilizing data not only to promote specific products, like savings accounts or tailored loan options, but also to provide proactive financial guidance and relevant offers based on individual behaviors, preferences and the life moments that matter most.
AI and Intent Prompting: Anticipating Member Needs
The Flybits team also discussed the future potential of AI in predicting customer needs before they arise. Through Intent Prompting capabilities, credit unions can ask simple, targeted questions to better understand members’ intentions, enabling them to curate zero-party data while delivering increased relevance. This proactive approach fosters deeper relationships between credit unions and their members by making the banking experience more personalized and intuitive.
A use case example involved a member receiving a personalized prompt after making a large deposit. By allowing the member to clarify the purpose of the deposit, the credit union is able to suggest the best financial solutions and advice to maximize the member’s returns—turning data into actionable insights that benefit both the institution and the individual.
Enabling Data-Driven Growth for Canadian Credit Unions
A key theme of the discussion was encouraging credit unions to capitalize on the vast opportunities presented by data and AI. From predictive goal setting to enhanced budgeting tools and a reimagined onboarding process, The Flybits team emphasized that credit unions are in a prime position to lead the future of personalized financial services.
By leveraging data more effectively, credit unions can engage members in meaningful ways, creating more opportunities for cross-selling, increasing member retention, and ultimately delivering superior financial outcomes.
Collaboration with the LCUC: Leading the Innovation Charge
Flybits is proud to partner with the LCUC, a coalition that champions innovation for all sizes of credit unions in Canada. Together, Flybits and the LCUC are working to empower credit unions to harness the power of data and AI, ensuring they can offer tailored experiences that resonate with members’ evolving needs.
To learn more about how Flybits can help your credit union unlock the power of data-driven experiences, we invite you to connect with our team.
About Flybits:
Flybits revolutionizes how financial institutions deliver personalization. Their award-winning framework simplifies the connection between financial institutions, their data, and their customers. Flybits’ platform accelerates the delivery of critical use cases with minimal IT intervention, empowering digital teams to seamlessly deliver data-led insights across all channels. Supported by leading fintech investors including Point72 Ventures, Mastercard, Citi Ventures, TD Bank Group, and Information Venture Partners, Flybits has offices in New York, London, and Toronto.
