First Northern Credit Union has rolled out an AI-powered loan calculator to provide its members with more accurate loan advice and modernise the customer experience.

The technology, developed by AI specialist Appli, uses real-time analysis and genAI features to provide realistic payment estimates based on members' actual credit situations, rather than simply showing the best rates offered by the credit union.

Founded in 1964, First Northern Credit Union serves members throughout the Chicago metropolitan area with a full range of financial services, including competitive loans, deposit products and member-focused banking solutions.

Beth Small, marketing director at First Northern Credit Union said that the firm had previously worked with the same calculator provider for more than five years.

She added that the company was looking for a more modern solution with better backend support and additional AI-powered calculator options.

"With our current calculators, someone might see they qualify for an $850 monthly payment on a $40,000 car, but when they apply, they learn their actual payment is $1,200 because they don't qualify for our best rate," Small explained.

The marketing director said that the new tool’s AI feature helps customers get a realistic and nearly accurate picture up-front to understand why the rate or payment looks different than expected.

The credit union plans to launch the calculator in September.

In May, HSBC announced the launch a new financing tool aimed at helping US customers navigate the growing weight of import duties in global trade following Donald Trump's rollout of new tariffs last month.

Available for US clients with import operations in the US, the new service helps customers settle import duties directly through HSBC TradePay, a digital trade finance solution launched by the bank in 2023 that enables customers to obtain loans and make immediate payments to suppliers among other services.

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