Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.
Christopher Morris, 30 Under 30 member, CUNA Councils
“Technology” and “young adults” are seemingly always in the same sentence. Social Networking! Mobile Banking! Twitter! P2P Lending! Blogging!
But before you move forward with the “next big thing,” let’s reflect together as I take you back to the mid-nineties….
Michael Phelps who? Educators Credit Union is giving the Golden Boy of the Olympics a run for his gold and money with their implementation of numerous Filene i3 ideas.
categories » Podcasts, Innovation
Toni Montgomery, 30 Under 30 member, AmeriChoice FCU
I was recently at a credit union leadership school where credit union professionals from around the state gathered. One of the days we were invited to choose two breakout sessions we would like to attend. I am in the marketing department and thought it would be a good idea to attend a lending workshop. During the workshop, the presenter asked the group this question: “You have a credit union member with a credit score of 440 applying for a loan. This person has been a long standing member of the credit union and has always repaid their loans to you. Do you give them the loan?”
categories » 30 Under 30, CU Tomorrow, Lending, Young Adults and Families, 30 Under 30, CU Tomorrow, Lending, Young Adults and Families, 30 Under 30, CU Tomorrow, Lending, Young Adults and Families, 30 Under 30, CU Tomorrow, Lending, Young Adults and Families, 30 Under 30, CU Tomorrow, Lending, Young Adults and Families, 30 Under 30, CU Tomorrow, Lending, Young Adults and Families
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 » Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions, Philosophy and Values, Life Cycle and Evolution of Credit Unions
A few weeks back, Joe James, a 30 Under 30 member and a capital fellow, posted his thoughts about how credit unions could recruit better. He based his input on his first job out of college, at a great spot for credit union analytics: Callahan and Associates in Washington, D.C. We got in touch with Callahan VP Alix Patterson, who runs the Corporate Associate program, to talk a little about how a company with only a few dozen employees can attract some of the best and brightest.
categories » Podcasts, Young Adult Recruiting
categories » Market Structure and Field of Membership, Marketing, Consumer Behavior and Market Research, 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
Brandon Michaels, 30 Under 30 member, San Francisco Fire CU
That’s right! Financial institutions in India, and around the world, are embarking on a risky, but HIP, new branding message: NEXT-GEN branching. Each branch will have approximately 300-500 sf of lounge areas to play video games, conduct business via Wi-Fi, and conduct financial business. The idea is to make banking ‘hip.’
categories » 30 Under 30, Consumer/Member Data, 30 Under 30, Consumer/Member Data, 30 Under 30, Consumer/Member Data, 30 Under 30, Consumer/Member Data, 30 Under 30, Consumer/Member Data, 30 Under 30, Consumer/Member Data, 30 Under 30, Consumer/Member Data
Katie Miller, 30 Under 30, Navy FCU
“Pope Benedict XVI to use SMS text message to reach youth during World Youth Day” is the headline from a 7 May 2008 article from IntoMobile.com. A quote from Bishop Anthony Fisher reads, “We wanted to make WYD08 a unique experience by using new ways to connect with today’s tech-savvy youth.”
If such non-traditionally technologically advanced institutions like the Catholic Church are turning to mobile devices to connect with youth, why can’t credit unions?
Millions of Americans are unbanked and cut off from formal financial services. They turn to check cashers, payday lenders, and pawn shops for transaction and lending services- at a high price. Credit unions have a crucial role to play in the efforts to educate and serve the unbanked and underserved. With help from one of Filene i3’s newest innovations, the First Step Program, credit unions can help these unbanked and underserved.