In the right setting, AI is a game changer: it automates repetitive tasks and can streamline member experience to make employees’ jobs easier. Plus, its ability to quickly detect patterns and inconsistencies in massive amounts of data becomes indispensable in stopping potential threats before they happen.
But when AI isn’t properly implemented, far more issues arise than benefits. Information leakage, contradictory statements in member service, and enrolling members in services they don’t need are all risks that poorly implemented tools can bring. So, before implementing any AI tool, it’s up to both credit unions and fintechs to ensure data is safe, and a human is behind it all.
NCUA tips on AI information security and deployment
Things to look for in a service provider
When shopping for AI services, not all providers are equal; look for how CUSOs and fintechs manage and store their data first and foremost. After all, an AI provider with a strong data governance framework will be more secure than those without.
Start by searching for providers with compliance certifications like SOC-2. While not all CUSOs and fintechs have SOC-2 certification, a provider that cares about their data security will be working towards it. A good service provider will also regularly monitor their AI training data and where it comes from. They’ll store data sources, metadata, and any changes in a secure, encrypted folder, and keep a changelog with past versions of their AI model and its metadata as well.
Credit unions can also ask prospective providers for a threat model. By asking providers for a threat model from their service provider, a credit union prepares for system deployment: IT departments can implement security best practices, find gaps in the credit union’s security, and plan for emergencies before they deploy any new tech.
What can credit unions do?
Before, during, and after incorporating a new AI system into a credit union’s backend, always make sure to review current security standards. Keep them updated. Check for potential gaps in the security network. Frequent check-ups and updates will keep personal information secure and backend systems healthy.
The NCUA recommends credit unions incorporate the following into their digital security frameworks before adding any new tech:
A zero-trust login system, to ensure everyone accessing data must log in before doing so.
Two-factor authentication, so everyone who has access to your data can confirm access through the proper channels.
Make sure sensitive data is encrypted, and encryption keys are stored somewhere safe.
A plan for safely deleting personal data, if necessary.
During deployment, train credit union staff and test AI in a secure environment away from the public to work out any potential security issues.
Once the AI system has been deployed, the credit union’s IT team needs to stay in touch with their provider’s tech team to monitor and report any potential issues. The IT staff should also regularly monitor their AI’s behavior and track any inputs, outputs, usage, mistakes, and changes to the AI. In addition, keeping a log of people who access sensitive information will further prevent potential security breaches. Adding another layer of human oversight will help as well—they can authorize access as needed.
The bottom line
Overall, the main thing a credit union needs to keep member information safe is to stay informed.
Know how the tools work
Expert-level knowledge of how each AI tool works isn’t necessary, just keep the following in mind:
What information does the AI keep track of?
How is this information stored and recorded?
What programs run in the background?
What permissions does the AI have access to?
Know where information lives
When it comes to information, though, credit unions should be completely aware and in control of how data moves within their system. Always know:
Where information is stored.
Who can access information, and what level of access they have.
How easily can someone retrieve data?
How long does information stay in your system before being archived or deleted?
How is personal information deleted? Is it recoverable? Is deleted data encrypted?
Keep humans involved
In an industry where people regularly give their personal information, the human touch credit unions are known for can make all the difference. Without a person making decisions or reaching out to members, a credit union will quickly lose credibility.
Instead of treating AI as a solution to every problem, use it as a tool to make staff and members’ lives easier. Keep people at the top of the decision-making process. Have staff handle emotionally distressing situations. After all, AI can’t handle nuance—only people can.
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