Thinking Forward: What Is Our Credit Union Difference Today?

Across the country, credit unions are showing what makes this movement unique, by expanding access, advancing equity, and deepening trust in the communities they serve. But with economic uncertainty, growing competitive pressures, and rapidly shifting consumer needs, those efforts matter more than ever. While the need for change is great, credit unions have a powerful opportunity to lean into their cooperative identity and build on collective strength, working together in new ways to move faster, learn more, and amplify their impact. 

At Filene, we believe the path forward lies in credit unions embracing their social mission as a core growth strategy. Purpose must be central to how we grow, whom we serve, and how we define long-term success. To lead in the future, credit unions must continue to meet the evolving needs of a changing society:

• Financial strain is widespread: 70% of U.S. households are financially unhealthy; nearly half lack a 3-month emergency fund.
• Many remain underserved: 19 million households (14%) are underbanked, and minority-owned businesses are 2-3x more likely to be denied loans and pay up to 3.1% higher interest rates.
• Changing cultural context: Since 2020, communities of color in the U.S. have grown by 5.6 million; Hispanic populations alone account for 91% of total population growth. Immigrants now make up 14.3% of U.S. residents—the highest share in over a century.
• Younger generations have unique needs: Over half of Americans under 40 have a side business, and Gen Z currently has the lowest salaries, wealth, and credit scores they’ll likely ever have—but often demonstrate creditworthiness if given a chance.

In other words: Populations historically underserved by mainstream finance are growing fast- and increasingly shaping the future of our economy and communities. Ignoring the evolving needs of these segments puts financial services at risk of losing relevancy, but acting now to innovate to serve them gives credit unions a strategic advantage for growth and differentiation.

A Moment of Opportunity

Credit unions have long been trusted partners in financial well-being. This moment offers a renewed opportunity to differentiate from competitors and build lasting relevance by embracing innovation in service of inclusion.

That means:

• Empowering underserved communities with affordable, responsible financial services
• Offering equitable lending that helps businesses and individuals thrive
• Creating specialized products that meet local needs
• Deepening engagement through financial coaching and education
• Cultivating purpose-driven cultures that attract and retain talent
• Measuring and telling your story of impact in a way that resonates

These efforts aren’t just feel-good initiatives—they're smart, strategic moves that reinforce long-term relationships. As essential growth strategies, they strengthen member loyalty, fuel new business, and fulfill the core credit union mission.

What We’re Hearing

In recent months, we’ve spoken with more than 30 credit unions working to advance financial empowerment. Their stories are inspiring: tackling food insecurity, investing in youth, supporting vocational training, and expanding access to financial education.

But we also heard clear challenges:

• Limited team capacity to explore, implement, and measure new ideas
• Budget constraints and limited access to additional flexible funding
• Risk aversion stemming from uncertainty about ROI and fit
• Difficulty measuring and communicating impact internally and externally

Credit unions consistently told us they don’t want to go it alone. They want to explore and test new solutions together, exchange best practices, simplify piloting, and make impact measurement and storytelling easier. Just as importantly, they want to be part of something bigger: contributing to a shared story of the credit union difference that strengthens the entire movement.

When Credit Unions Come Together, Real Impact Follows

At Filene, we’ve seen what’s possible when credit unions unite around purpose:

• Advancing Racial Equity: 6,400+ lives improved across 9 credit unions, including 40+ new homeowners, 100+ loans granted, and 800+ engaged in financial counseling.
• Improving Legislation: Save to Win helped 60,000 members to save over $140 million, sparking legislative changes in 24 states.
• Expanding Financial Access: ITIN lending pilots by 13 credit unions led to 2,172 loans, with 67% of borrowers new to the credit union.

In every case, credit unions made their difference visible—and measurable.

Introducing: The New Advancing Impact Track at FiLab

For over three years, FiLab has been where credit unions come together to explore new approaches and find out what truly works to drive growth. Whether testing AI-driven tools, exploring new business models, or reimagining member experiences, we’ve seen how collaboration helps credit unions gain results- faster. (For more information, you can visit our website here).

Now, we’re building on that foundation with a powerful new addition: the Advancing Impact track of FiLab. This dedicated platform is designed to turn mission into momentum- and ensure that inclusion and impact remain central to how we explore and test emerging solutions. It reflects our belief that social impact is essential for credit unions and their communities to thrive in the future, and a vital area for innovation and growth that deserves ongoing focus.

Through this new track, credit unions will:

• Join collective action to test people-first solutions
• Shape the focus of impact testing at FiLab
• Collaborate with peer credit unions around shared goals
• Drive inclusive growth and deepen member engagement
• Be featured in FiLab’s inaugural Impact Report

What’s Next:

• May–July: Identify priority impact areas like Financial Access, Affordable Housing, and Youth Empowerment, and vet promising solutions.
• August: Select tests through live pitches and sponsor voting at the FiLab Symposium.
• January 2026: Launch 4–6 month collaborative tests with shared goals, metrics, and Filene research support.

This work is about more than solving problems. It’s about building a movement—a coalition of credit unions working together to drive impact.

Here’s How to Get Involved:

1. Express your interest: Reach out to your Filene account manager or email [email protected].
2. Save the date: FiLab Symposium is August 26–28 in Madison, WI—limited seats will be available to those interested in learning more about joining FiLab.
3. Bring your insights: Share your challenges and solution ideas; your experience will help shape the work ahead.

Let’s Work Together to Answer the Question

So, what is our credit union difference today?

It's who we’ve always been. Where we’ve come from. What we do.

When credit unions come together to meet the real needs of their members and communities, we turn values into action and mission into measurable progress like no one else can. We build trust, spark innovation, and create belonging- especially for those the financial system too often leaves behind.

By choosing to lead with impact, we demonstrate how we’re evolving to meet emerging needs, and in doing so, we deepen member relationships and reinforce our purpose. We remind our members, our teams, and ourselves what makes us different, and why that difference matters now more than ever.

Let’s show them who we are—clearly, boldly, and in action.

— MB