AI Policy Blueprint for Banks and Credit Unions

This FREE Downloadable Includes:

• Printable checklist for you and your team to get started.
• 4 essential steps to creating your ideal AI Policy.
• Explore which teams at your financial institution must be on board to create a successful AI Policy.
• Crucial questions that must be answered to ensure compliance across your entire organization.
  
  

Take the first step towards creating an AI Policy for your financial institution today by downloading our AI Policy Blueprint!

Introduction

Creating an AI policy for your financial institution is essential to ensure your organization uses an ethical and responsible approach when implementing this technology.

Having a set AI policy in place will help you and your organization:

• Have an understanding of what is and isn’t an acceptable use of AI.
• Avoid potential risks and liabilities.
• Align your team with compliance requirements.
• Have firm standards that will encourage transparency and trust with your members and customers.

By having clear policies in place, your financial institution can weigh the risks and benefits to make informed decisions about implementing AI technology.

4 Essential Steps to Create Your AI Policy

Step #1: Break Down the Silos, It Takes a Village.

• Develop a team at your financial institution that will help you create this AI policy and oversee it once it is in place. Compliance, IT, front line, sales, marketing, HR, and loan departments will all need a seat at the table.
• Chat with IT to identify potential security issues. Implement robust security measures to protect AI systems from cyber threats and unauthorized access. Address data privacy concerns, including data collection, storage, sharing, and anonymization techniques.
• Consult with your legal team about situations where you can or cannot use AI.
• Chat with HR about the importance of education surrounding AI for staff members. Having them aware of the policy may also offer comfort to new staff members while introducing them to what is and isn’t acceptable to maintain trust.
• Your compliance team will be your best ally. Confirm your privacy policy restrictions to ensure you are keeping
  your member or customer data safe. Make sure you run your final policy through them and your legal team
  to gain final approval.

QUICK TIP: The more departments that collaborate to create the policy will only help when it comes to company buy-in and fewer rogue AI decisions.

Step #2: Determine What Aspects of AI are Acceptable for Your Organization.

• Will its role be limited to idea generation and brainstorming?
• Can staff members use AI to craft emails?
• Can the marketing team use AI for image generation?
• Can the organization use AI for content suggestions?
• Will your organization use it to interact with customers or members or only in content creation?

QUICK TIP: Once you have determined which forms are acceptable, determine what level
of human oversight is needed. 

Example: if your marketing team uses AI to help craft a lifestyle blog, we recommend strict oversight by your team to ensure accuracy and that the brand voice matches your existing content. 

Step #3: Determine Who Will Validate and Test New forms of AI.

• Create a small team (or a single point person depending on the size of your financial institution) that will determine the safety and possible use cases for new technology. While AI can be recommended by a single team member, the original committee who created this policy will all play a role in making sure it can safely be integrated into your financial institution.
• Determine how often your policy will be revisited. With technology changing rapidly, you can’t set it, and forget it. Once your policy has been created, create reminders and standards for how often you will update and revisit your AI Policy.
  
  

QUICK TIP: While validating and testing new forms of AI may sound overwhelming, many of your vendors or partners should be up to date on AI integrations that may be available.

Example: HubSpot releases AI projections and integrations which may help to forecast potential options. While many options exist, not all have to be adopted by your financial institution. 

Step #4:  Create A Style Guide For Your Financial Institution.

• Once you have determined which forms of AI will be acceptable for your financial institution, share your brand guidelines with your entire staff to ensure your content and style are consistent.
  
  Include notes for overall tone, photography or illustration style tips, frequently used prompts, etc.

QUICK TIP: Every financial institution should have a brand book that is used to describe your financial institution’s voice, look, and overall brand identity.

If you need help creating your brand book, contact us today. We can help make it happen!

Creating an AI policy requires collaboration across many teams and departments. While this checklist serves as a great starting point, your policy must be reviewed frequently to ensure you are including policies around new AI advancements and remain relevant.

If you need help crafting your AI Policy, contact us today!