Executive Summary
Trust has always mattered to the financial services industry; however emerging technology has created a challenging landscape as credit unions face tremendous pressure to differentiate themselves from disruptors and other traditional financial institutions. At the same time, the dynamics of trust and mistrust of the financial services industry from community members of low-income and historically marginalized backgrounds may leave many of these community members locked out of a system not designed to accommodate their financial lives. Oftentimes, these members’ financial needs have been met elsewhere.
Credit Union Implications
Credit unions have always excelled at listening to and knowing their members—their struggles, their concerns, their views, and their motivations. In terms of technology and trust, credit unions seeking to grow membership by developing long-term relationships and deepening trust in minoritized communities should focus on three key areas.
- Trust requires mutuality.
- Trust requires vulnerability.
- Trust requires continuous engagement.
Filene thanks the following sponsors for their support of Filene’s Center for Emerging Technology, and for making this important research possible.
