Filene Fill-in Episode #47 |
Ep. 47: Who Do Credit Unions Belong To? (You might be surprised)
The promise and peril of being undefined in a time of political polarization.
- Research Background: The podcast features an interview with Andrew Turner, a legal researchand writing faculty member at the University of Wisconsin Law School. He is the author of the Filene report: "Who Do Credit Unions Belong to: The Promise and Peril of Being Undefined in a Time of Political and Social Polarization."
- Study Motivation: Andrew's research was motivated by the polarized political and social climate of the times. He aimed to examine how credit unions were perceived by Americans and whether they aligned with specific political ideologies.
- Surprising Findings: People of various political affiliations generally like credit unions. However, the level of engagement in the political process strongly influences this sentiment. Credit unions seem to resonate more with engaged, active individuals over those who are politically disengaged.
- Opportunities and Risks: Credit unions have opportunities to grow, particularly among the disengaged and marginalized segments of society. However, it's crucial to inspire passion and engagement among members rather than remaining "blandly inoffensive" to all. There's a need for credit unions to differentiate themselves and make the financial experience more engaging.
- Engagement and Awareness: An alarming finding is that a significant portion of the population lacks awareness of what credit unions are. As credit unions aim to increase their market share, they should focus on increasing awareness and simplifying financial tasks for members, especially those who struggle with the demands of daily life.