How AI Is Changing Banking and the Member Experience

Recently, my wife Sarah and I were considering purchasing a piece of vacant land. To help us envision what might be possible, I uploaded a photo of the property to an AI-powered application and asked it to design a home for us. Within moments, it produced several detailed plans. We were astounded by what it could create and how quickly it could do it.

This is just one example of how artificial intelligence has moved quickly from an emerging technology to part of everyday life. Many people now use AI to find information, write, plan, compare products, and complete tasks at work. It also operates behind the scenes in many of the online banking and digital services we already rely on.

That rapid growth has created both excitement and understandable concern. People are asking what AI will eventually cost, how it may affect their work, whether its information can be trusted, and how companies are using it to make decisions.

At Wellby Financial, those questions are not theoretical. We have seen firsthand how AI in banking and other forms of automated technology can support lending decisions, connect members with assistance, strengthen operations, and provide more relevant financial information.

Our responsibility is to pursue AI with both ambition and discipline. We should use new tools when they create meaningful value for members while protecting their information and keeping people involved where judgment, empathy, and accountability matter most.

AI Is Powerful, but It Is Not Costless

Using an AI tool can feel almost effortless. You enter a question, and a response appears within seconds. Behind that experience are data centers, specialized computer chips, energy, and significant computing capacity. Microsoft, for example, reported nearly $32 billion in capital expenditures in a single quarter, reflecting the enormous investment required to expand cloud and AI infrastructure.¹

Consumers are also beginning to see how access may be priced. Many AI services offer free access while charging for advanced features or greater usage. OpenAI currently offers a free version of ChatGPT alongside paid consumer plans, including ChatGPT Plus at $20 per month.²

We have seen other technologies evolve in similar ways. Streaming platforms like Netflix and Amazon Prime began with relatively simple subscription models but have since introduced different pricing tiers, premium features, and advertising-supported options.

That does not mean every AI service will become unaffordable. It does mean pricing and access may continue to change. Consumers should pay attention to what a service costs, what information it collects, and what value it provides.

What AI Could Mean for Work

One of the biggest questions surrounding AI is what it will mean for jobs.

There is no simple answer, but we can expect change. Some routine tasks will be automated. Some roles will evolve, and certain positions may decline. At the same time, AI may create demand for new skills and help people complete some work more efficiently.

The International Labour Organization estimates that one in four workers worldwide is employed in an occupation with some degree of exposure to generative AI. Its research suggests that AI is more likely to change many jobs than eliminate them entirely because most roles still include responsibilities that require people.³

Spreadsheet software offers one useful comparison. Excel automated calculations once completed manually, but it also helped financial professionals analyze more information and work more efficiently.⁴ Accounting and bookkeeping jobs did not simply disappear, although AI may affect work in very different ways.

For businesses and workers, the challenge will be adaptation: learning how to use AI while continuing to strengthen the judgment, creativity, expertise, and relationship-building skills that technology cannot replace.

How Wellby Is Putting AI to Work for Members

Wellby has used AI-driven and automated technologies in different areas of the credit union for several years. Our standard is straightforward: technology should help us serve members better.

Faster technology only matters when it creates a better experience for the person waiting for an answer, trying to reach the right team, or working toward an important financial goal.

Faster Lending Decisions

In lending, AI and automated decisioning can help evaluate certain credit applications using established lending criteria and provide qualified members with answers more quickly.

These tools are most effective in straightforward situations where the available information clearly supports a decision. This allows our underwriters to spend more time reviewing applications that require additional context, closer review, or human judgment.

Technology can process information faster, but Wellby remains responsible for how lending decisions are made. Human oversight, sound lending practices, and accountability remain essential.

More Relevant Financial Information

AI, automation, and data can help us identify information or financial opportunities that may be relevant to a member’s circumstances and goals.

The goal is not simply to send more marketing. It is to communicate more meaningfully.

That means recognizing where someone may be in their financial journey and sharing opportunities that could help them save money, manage debt, strengthen their savings, or take another step along Wellby’s Path to Financial Prosperity.

In 2026, Wellby was named the Best Use of AI – Customer Focus winner at the Banking Tech Awards USA.⁵ The award demonstrates that credit unions can be innovation leaders while remaining grounded in their commitment to members and communities.

The recognition matters, but the member benefit matters more. When technology helps us identify opportunities that members find useful, it becomes another tool for helping people make progress.

We Are a People Company

Credit unions are built on trust, service, and human connection. AI should strengthen those qualities, not diminish them.

Wellby is not a technology company that happens to serve people. We are a people company that uses technology to serve people better.

The credit union movement has always been grounded in the philosophy of people helping people. Our members are not simply accounts, applications, or data points. They are people with goals, responsibilities, challenges, and stories.

AI can recognize patterns, process data, and complete routine tasks. It cannot fully understand the pressure someone may be feeling, the importance of a financial goal, or the circumstances behind a difficult decision. It cannot replace empathy, accountability, or the trust created when one person takes the time to listen to another.

The real measure of AI is not how much work it can perform without people. It is how effectively it helps people serve one another.

At Wellby, the best use of AI is to give our teams better insights, useful information, and more time to help members prosper.

Using AI Thoughtfully

As AI becomes part of more products and services, I encourage you to approach it with both curiosity and care.

Understand whether a service is free, subscription-based, or subject to usage limits. Be thoughtful about entering personal, confidential, or financial information into AI tools. Verify important information through trusted and authoritative sources rather than assuming AI-generated information is always accurate or complete.

AI can be a valuable tool, but it should not replace trusted sources, professional expertise, or prudent judgment. Major financial, legal, medical, or employment decisions often require verified information and guidance from someone who understands the full context of the situation.

For financial decisions, we want Wellby to be that trusted resource, combining useful technology with the judgment, personal support, and understanding that only people can provide.

We will continue evaluating AI and other emerging technologies with ambition, discipline, and sound governance practices. We will not measure progress by how much technology we introduce. We will measure it by whether members receive faster, more accurate, and more personalized service.

Technology will continue to change. Our purpose will not.

We will remain focused on using every responsible tool available to strengthen our members’ financial lives and help more people prosper.

Marty Pell
President & CEO
Wellby Financial

About Wellby Financial’s Use of AI and Automation

Wellby uses AI and automated technologies to support certain business processes within established policies, controls, and oversight. We remain accountable for how these tools are used, especially in areas involving member decisions, financial guidance, fraud prevention, compliance, and risk management. Our goal is to improve decision-making and service while maintaining appropriate human judgment, oversight, and accountability.

Sources

1. Microsoft, Fiscal Year 2026 Third Quarter Earnings Conference Call, April 2026.
2. OpenAI, ChatGPT Pricing, accessed July 31, 2026.
3. International Labour Organization and NASK, Generative AI and Jobs: A Refined Global Index of Occupational Exposure, May 20, 2025.
4. Apollo Global Management, Torsten Slok, Excel and Jevons Paradox, May 7, 2026.
5. FinTech Futures, AI’s Impact on Banking: Insights from Banking Tech Award Winners and Finalists, 2026.