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This is a summary of an episode of Pioneers, an educational podcast on AI led by our founder. Join 3,600+ business leaders and AI enthusiasts and be the first to know when new episodes go live. Subscribe to our newsletter here.
TL;DR:
- Credit unions like FORUM are using AI to scale loan operations while keeping a personal, human-first approach.
- FORUM Credit Union chose auto lending as the first use case due to high volume, efficiency potential, and staff capacity limitations.
- Multimodal’s tailored approach stood out by building custom AI solutions that integrate with FORUM’s existing systems and workflows.
- AI is reducing manual data entry and document review, freeing up staff for fraud detection and high-value decisions.
- AI adoption is shifting culture internally; team members now see AI as a tool to elevate their roles, not replace them.
Before we dive into the key takeaways from this episode, be sure to catch the full episode here:
Meet Chris - VP of Consumer Lending at FORUM Credit Union
Chris Ferguson, VP of Consumer Lending at FORUM Credit Union (which we’ll also refer to as FORUM), brings over two decades of hands-on experience across operations and lending. From starting in branch services to leading key loan programs, Chris has a deep understanding of member needs and regulatory demands in the credit union space.
He now oversees auto, credit card, and unsecured lending at FORUM, where he’s championing technology as a lever for sustainable growth. By introducing AI through a strategic partnership with Multimodal, Chris is modernizing auto lending workflows, improving accuracy, and preserving the human-centered ethos of the credit union model.
An advocate for cautious, value-driven innovation, Chris is helping FORUM embrace AI in a way that supports compliance, trust, and long-term member value.
Why FORUM Credit Union Chose Auto Lending as Their First AI Use Case
FORUM Credit Union selected auto lending as the first area to implement AI because of its sheer volume and efficiency potential. “Auto lending is our largest lending channel,” says Chris.
“We’re pushing to grow it and scale, but we need to grow without growing expenses.” — Chris Ferguson
The team was also experiencing stress points in processing due to document-heavy workflows and limited staff capacity. AI presented an opportunity to automate repetitive work without sacrificing accuracy or member service.
“We knew this could reduce the workload on our staff and still give us a solid result,” Chris explains. Starting with a high-volume, high-impact area made it easier to see immediate value, test the technology, and build internal support for broader adoption.
The Document Bottleneck: From Manual Review to AI-Driven Insight
Before introducing AI, FORUM’s staff manually reviewed every document in the loan file. “Our team would go through and read 10 to 25 documents for each loan,” says Chris.
That included everything from pay stubs to purchase agreements. The process was time-consuming, error-prone, and a drain on productivity. “If someone made a mistake or skipped something, it could lead to delays,” he adds.
With AI agents handling document classification and data extraction, the time to review has dropped significantly. “Now, AI can highlight what matters and help the funders get to the core issue quickly,” Chris says.
The result is faster loan decisions and more time for staff to focus on fraud detection, exceptions, and member communication.
Choosing a Partner, Not Just a Vendor
Chris emphasizes that Multimodal stood out because we offered more than just a product.
“Multimodal didn’t come with a one-size-fits-all tool,” he explains. “They asked, ‘What does FORUM need?’”
That partnership mindset made a big difference as the two teams co-developed the AI solution to match FORUM’s existing workflows and compliance requirements.
“They were flexible. They adapted to what we had,” Chris says.
Rather than requiring the credit union to overhaul its tech stack or adopt unfamiliar processes, Multimodal worked within FORUM’s environment.
That meant less disruption and faster rollout. “It felt like a true collaboration,” Chris adds.
For regulated industries, the ability to shape AI solutions around institutional knowledge and operational nuance is often what determines success.
AI’s Cultural Shift: From Fear of Replacement to Empowerment
At first, there was hesitation on the team about bringing in AI.
“The initial fear was, ‘Is this going to replace my job?’” says Chris. But as staff began working with the tool, the perception shifted. “They saw, wow, this is a great tool for me,” he explains. Instead of replacing funders or processors, AI now assists them by handling tedious document review and surfacing what matters most.
“It allows them to focus on the things they’re really good at,” Chris adds, like identifying fraud or resolving exceptions.
This shift from fear to empowerment has helped drive adoption across the lending team. “Now they’re excited when we talk about what we’re building next,” Chris says. It is a cultural win, not just a tech upgrade.
Why Getting Started Is the Most Important Step
Chris encourages other credit unions to move past analysis paralysis and just try something. “Start with something small,” he advises.
“Pick a repetitive task, automate it, and learn from that.” For FORUM, starting with a focused auto lending workflow made it easier to validate AI’s potential without overwhelming the team. “You don’t need to start with some massive transformation,” Chris says.
Once the team saw results, internal buy-in grew quickly. The key is finding a use case with clear value and building from there. “You learn more by doing than by planning endlessly,” he adds.
For Chris, the most important step was not picking the perfect solution on day one, but making progress and adapting along the way.
