What work will be done by the Center for Innovation & Incubation?
Financial services have become more competitive with digital transformation and a focus on consumer ease of use is rapidly becoming table stakes. Consumers are experiencing greater financial precarity while competitors proliferate in the form of competitor banks, fintechs, and other disruptive firms offering new types of financial services. As these trends accelerated during the pandemic, consumers want and need their financial services provider to keep up and adapt in ways that solve new challenges and pursue new opportunities.
Filene’s Research Center of Excellence for Innovation and Incubation was launched to recognize this changing landscape and accelerated pace. Work from this Center will focus on the following topics and conceptual areas:
- What types of innovation are taking place and how are these innovations impacting the credit union system?
- What major disruptions are occurring now? What trends are on the horizon?
- What opportunities and challenges are most pressing for credit unions to address?
- What examples of incremental innovation are worth testing and scaling, and what examples of disruptive innovation are most promising?
In terms of understanding the opportunities for innovation, the Center will focus on three primary areas: the credit union business model, value proposition, and member segments or member experience.