Recently, I wrote two articles with a similar theme.
In the first article, published by The Financial Brand, I described how an organization that is otherwise very strategic fell for the Shiny Object Syndrome. They added AI as a strategic imperative, without defining the problem that they wanted to address with AI.
Artificial intelligence is not just a fad, but implementing it wastes time and money if financial institutions don't clearly identify what specific problem AI will help them solve. Define what's wrong first, and then decide if applying this hot technology will really help.
The second article, printed by the CreditUnion Times, echoed the same sentiment.
Simply put, AI is trendy. But credit unions need to be careful not to fall into the common trap of pursuing trendy technologies only because everyone else is using them. Known as the shiny object syndrome (SOS), the want rather than need to implement AI can be more detrimental than beneficial for a multitude of reasons.
Click on the links to read more.