Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.
Imagine you have a well-known, influential opinion maker in the elevator with you on the ride up to your hotel room at your favorite credit union meet up. This opinion maker has been seeing credit union people all over the hotel the past few days. She looks at your name badge and asks, “What are credit unions and why should I care?”
categories » Life Cycle and Evolution of Credit Unions, Philosophy and Values
categories » Market Structure and Field of Membership, Marketing, Consumer Behavior and Market Research
Credit union volunteers, particularly board members, are overwhelmingly older than 50. Credit union boards can invite young adult perspective in a number of ways, including presentations from consultants, research from credit union staff , or broader research about the young adult market in general. This brief proposes a more audacious step: recruiting a talented young adult to serve as either an advisory volunteer or a full director.
categories » CU Tomorrow, Young Adult Recruiting, Young Adults and Families
Financial services advertising represents nearly a quarter of online ad impressions. If you’re not reaching potential young members as search for financial answers, somebody else surely is. This step-by-step guide for launching and maintaining online advertising campaigns shows you how even a little budget can go a long way toward member and product growth.
categories » CU Tomorrow
As credit unions seek to better serve the next generation of consumers, it becomes essential to understand how young adults are creating their financial lives. In Attracting Young Adults: What Do We Know About Their Use of Financial Institutions and Payment Behaviors, Jinkook Lee, Filene Fellow, professor at Ohio State University and research scientist at the RAND Corporation, makes the following conclusions:
categories » Consumer/Member Data, Young Adult Recruiting, Young Adults and Families
If you did, please comment below with your credit union’s name and implementation experience. To find out more about these and other Filene i3 ideas, please click here.
The Filene Research Institute has selected 13 exceptional credit union executives to join the Institute’s i3 (Ideas, Innovation, Implementation) Group, which fosters the development of new ideas and innovations for credit unions.
Each member will serve a three-year term and participate in semi-annual meetings arranged by Filene. The next meeting will be held October 1-3 in Portland, Oregon.
“The Filene Research Institute is proud to welcome these creative and energetic professionals as new members of our i3 Group,” says Denise Gabel, Filene’s chief innovation officer.
categories » Filene News, Innovation
In Responsible Debt Relief (RDR): An Algorithmic Assessment of Household Debt Capacity and Repayment Capability, Robert Manning, director of the center for consumer financial services at the Rochester Institute of Technology, introduces the concept of RDR. RDR is an algorithm that statistically estimates the net return to creditors and guides consumers to the debt reduction plan that best matches their financial situation. Dr. Manning is one of the country’s leading experts on America’s ever expanding debt phenomenon. Listen to his recent interviews on NPR:
categories » Life Cycle and Evolution of Credit Unions, Marketing, Consumer Behavior and Market Research
According to the Center for Disease Control and www.babycenter.com, 2005-2006 saw a 3 percent increase in the number of babies born in the United States. This is the largest single year increase in the number of births since 1989, and the largest total number of births since 1967. But what does this have to do with you and your credit union?
categories » Young Adult Recruiting
It is not unsual for decisions to be made at my house by flipping a coin. Economists have a much tougher job when it comes to forecasting the economy. With gas prices hitting another all-time high today, it is easy to see why people feel gloomy about our economic future. What isn’t easy, is accurately forcasting these economic highs and lows. Filene Fellow, James Wilcox, professor of financial institutions at UC Berkeley, shed some light on this topic in the Federal Reserve article Consumer Sentiment and Consumer Spending.
categories » Filene News, Marketing, Consumer Behavior and Market Research