First Federal Credit Union

CEO Message

CEO Tom Chalstrom          I will confess that I have a new obsession in 2023: Artificial Intelligence. If you’re not into tech matters or feel it is out of your element to think about, I understand. I feel the same way when someone starts talking to me about cooking shows! What captivates me about Artificial Intelligence is how simple it can be for an average person to use. Did you know you can simply describe a picture you want and A.I. can create the picture based on your description? One of the most publicized A.I. tools is ChatGPT – an A.I. platform that will perform tasks based on the user’s instructions. For example, you can ask ChatGPT to write you a letter to a member and within seconds you will have your letter. The possibilities for A.I. are endless – in business, for personal use, and yes, even for a credit union. Despite the appeal, what A.I. will not do is provide personalized financial advice: while A.I. can analyze vast amounts of data and provide general financial insights, it cannot provide tailored advice that takes into account our member’s unique financial goals and personal circumstances. Additionally, A.I. cannot establish personal relationships: building trust and rapport is an essential aspect of credit union services. While AI can provide efficient and accurate information, it cannot establish personal relationships or engage in meaningful conversations the way our employees do with our members. How can I be so sure? The previous sentences in italics were written by ChatGPT… basically admits that A.I. can’t compete with the superior service and care provided by your First Federal personal banker. Now that is intelligence you can rely on!

          As always, stop in and say hi, introduce yourself or even comment on what you want First Federal to do for you!

Tom Chalstrom

President & CEO

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