Ep. 53: Celebrating 30 Years of Filene Research

Introduction and Purpose of the Research Institute: The episode begins with a discussion about the role and goals of the Filene Research Institute. The institute aims to identify issues and challenges in society and explore ways in which credit unions can address these problems.

Innovation in Credit Unions: The conversation shifts to the topic of innovation within credit unions. They define credit union innovation as finding new and novel ways to solve problems, not limited to technology-driven solutions. The Flynn method of innovation, adapted from various experts, is discussed as a framework for credit unions to innovate effectively.

Examples of Credit Union Innovations: The episode highlights a specific innovation called "prize-linked savings" or "save to win," which was developed with the help of the institute. This concept encourages people to save money by giving them a chance to win prizes instead of earning traditional interest on their savings. The discussion also emphasizes the socioeconomic impact of such innovations.

Legal Challenges and Advocacy: Legal challenges surrounding certain credit union innovations are discussed, and the importance of advocating for changes in laws and regulations is highlighted. The episode illustrates how the institute played a role in addressing these legal issues and paving the way for new products and services.

Evolution of Filene's Approach: The episode delves into the historical evolution of Filene's research dissemination methods. It started with printed monographs that were mailed to CEOs, and now the institute focuses on various formats, including white papers, podcasts, workbooks, and infographics to make research findings more accessible and impactful. The future direction of Filene, including new research topics and Centers of Excellence, is also mentioned, with a focus on diversity, equity, and inclusion.