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Credit Union Innovation: The Member Perspective

In today’s marketplace, satisfying consumer needs is not sufficient for service providers, including credit unions, to survive and grow. They must innovate. This study highlights the importance of business and social innovativeness among members.
  • Lerzan Aksoy Dean & Professor of Marketing at Gabelli School of Business at Fordham University
  • Gina Woodall President at Rockbridge Associates

Executive Summary

To address the question of credit union innovation, Filene Research Institute partnered with the Responsible Business Coalition at Fordham University’s Gabelli School of Business and the research firm Rockbridge Associates to study the level of innovation in the credit union sector, as viewed through the eyes of members. 

Filene then launched the Credit Union Innovation Success Study, which measures the state of innovativeness of the credit union sector based on member experience and identifies opportunities for these institutions to differentiate themselves from traditional bank competitors and fintechs. This report showcases the study results and highlights the urgency for credit unions to boost innovation efforts in order to compete with fintech disrupters and attract new members.

Why It Matters—A Credit Union Perspective

Innovation for credit unions is critical, and this research is coming at a time when both the industry as a whole, as well as individual organizations, need key insights into where they stand on the question of innovation among their members. By having hard data that demonstrates what credit unions are doing well and why that matters to members, credit unions can leverage that in product development and marketing and communications to ensure they are attracting members, building loyalty, and retaining them for the long run. 

Innovation is not only the key to our future—it is our future.
Brandon McAdams
VP, Strategy and Insights
Coastal Credit Union

Innovation creates a path for success for all credit unions. Credit unions are currently facing what is likely one of the biggest shifts in thinking we've had to do as an industry. As consumer expectations and competition’s ability to meet those expectations continues to rise, credit unions must now be more willing than ever to explore new ideas and expectations. Innovation is not only key to our future—it is our future.

Download the report to help you identify what credit unions are doing well in the innovation space and to continue building on those strengths.

Filene's Center for Innovation & Incubation is generously funded by:

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