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The Lab Year 2 Tests Underway

In September 2023, the Filene Lab sponsors convened to choose seven tests for the program’s second year. These initiatives have now been officially launched, and their outcomes will be disseminated to the marketplace by the end of the calendar year. Five of these seven tests are in close collaboration with fintech partners. The pilot projects center around leveraging AI to enhance credit union performance, foster payment and deposit growth, and anticipate industry trends on the horizon.

Using AI to Improve Credit Union Performance:

1. Exagens: AI Driven Behavioral Banking

  • MoneySparxs is Exagens’ 2nd generation Behavioral Banking solution specifically created to enable credit unions to cost-effectively compete and win against big banks. It fuses industry-leading behavioral science and AI to proactively and autonomously provide members highly individualized, informational, and actionable money-related personal and community insights, tips, and advice (collectively referred to as Sparxs) designed to emotionally engage them and catalyze them to save, spend, borrow and invest wisely, improving their financial lives while driving growth at their credit union.

2. Vertice AI: Grow Indirect Member Relationships via AI

  • Credit unions continue to face the problem of converting indirect members into engaged and active members. Using Vertice AI’s cloud-based, interactive solution, credit unions can predict the best indirect members to target for conversion and find opportunities for deposit growth in their existing membership. Ultimately, this empowers credit unions ​to know, grow, and measure their existing memberships in a way that has ​not been done before.

3. Senso: Using Generative AI to Improve Operational Efficiency

  • Senso and the Lab at Filene are partnering to explore how generative AI can drive faster, more efficient, consistent, and effective sales materials to inbound sales-related questions and inquiries. Leveraging Senso’s generative AI technology, the credit union sales and support team can potentially improve their productivity and sales success using artificial intelligence.

Growing Payments & Deposits:

 4. Changed: Debt Repayment Round-Up Tool 

  • The Lab at Filene seeks to understand how credit unions can attract more deposits while helping members manage their debts. Changed is a debt repayment platform  designed to enhance the financial well-being of credit union members. This platform empowers members to consolidate all their debt in one convenient location and automates micro-savings, facilitating faster debt repayment and progress toward their financial goals. All while allowing members to establish pathways to new lending and deposit opportunities.

5. Flow Networks: Activation of the Payment Moment

  • Competition for payment solutions these days is fierce with popular Buy Now Pay Later platforms as well as payment services like Venmo. Credit unions are feeling the pinch on lower transaction volume and declining non-interest income because of this competitive landscape. By partnering with Flow Networks, Filene seeks to connect issuers with cardholders at the point of payment by offering rewards and loyalty experiences. Using these point of sale, personalized incentives would ultimately increase transaction volume and improve profitability.

Looking Past the Horizon:

6. Blockchain for Enhanced Loan Market Activity

  • The Lab is partnering with Filene fellow Dr. Lamont Black to determine how credit unions can harness blockchain technology to streamline the loan origination process, enhance data security, and reduce operational costs.

7. Subscription Based Pricing 2.0

  • Subscription Pricing is back, and this time, the Lab is analyzing how subscription-based packaging of banking products increases engagement with existing and prospective credit union members.

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