Follow Filene's new step-by-step innovation series to help your organization drive continuous growth.
Review the webinar materials from The Lab at Filene Fueling Credit Union Growth hosted on May 30, 2023.
Any credit union building a comprehensive AI policy should start by establishing a code of conduct or ethical guidelines pertaining to its use. The potential for AI to deceive or manipulate people is arguably unprecedented and necessitates thoughtful consideration about its deployment strategies.
As credit unions embrace the transformative power of Artificial Intelligence (AI) and Large Language Models (LLMs), it becomes essential to construct robust AI policies. The following brief will delve into the realm of AI policy, uncovering the top five critical considerations for credit unions.
As the use of digital channels continues to grow for credit unions, conversational artificial intelligence (AI) technologies provide an opportunity for improved service delivery and the potential for new service offerings such as financial advice.
How can credit unions differentiate on trust? This report reviews a key area where trust is increasingly at a premium: the use of consumers’ data in algorithmic credit scoring. With this change comes new questions and concerns, especially about the potential for bias and discrimination in algorithmic underwriting.
Many credit unions already use AI-based technology, and that number is growing. This report provides an introduction for credit unions wanting to better understand AI and the ethical and legal concerns that arise from its use.
Conversational AI technologies create new ways for credit unions to serve their members, from providing alternatives to interacting with human agents to creating new channels for more tailored financial services...
As credit unions embrace the transformative power of Artificial Intelligence (AI) and Large Language Models (LLMs), it becomes essential to construct robust AI policies. The following brief will delve into the realm of AI policy, uncovering the top five critical considerations for credit unions.
As the use of digital channels continues to grow for credit unions, conversational artificial intelligence (AI) technologies provide an opportunity for improved service delivery and the potential for new service offerings such as financial advice.
How can credit unions differentiate on trust? This report reviews a key area where trust is increasingly at a premium: the use of consumers’ data in algorithmic credit scoring. With this change comes new questions and concerns, especially about the potential for bias and discrimination in algorithmic underwriting.
New AI tools are poised to help credit unions better serve member needs, transform credit and risk underwriting, and increase operational efficiencies, but do they live up to the hype?
Credit unions have traditionally been perceived as less innovative according to consumers when comparing them to larger banks, online banks, and fintechs. This stigmatization has put pressure on credit unions to focus on flipping the script and creating awareness in the minds of the consumer of their ability to deliver exceptional member experience through innovation.
In the return-to-office environment, organizations will be reevaluating their workplace space requirements. Our research outlines implications for credit unions wanting to enhance workplace designs that will likely foster employee satisfaction and attraction.
At a time when credit unions are reimagining their physical facilities, it is worth considering how workplace design can be an important weapon in the war for talent. In this study, we explore how workspace variety affects employee satisfaction and productivity.
In today’s tight job market, competitive compensation and benefits are table stakes in attracting, recruiting, and retaining talent. What is often overlooked is the importance of workplace design. Investing in flexible employee workspaces can pay dividends in employee recruitment, productivity, and retention.
Findings from Filene’s 2022 DEI policies and practices survey found that credit unions enacted DEI practice bundles, or sets of practices that are consistent, related, and reinforcing to advance their strategic DEI objectives. Credit unions employing these bundles that focused on the following enjoyed a higher return on assets and higher net income than credit unions who did not.
Do you have insights into how to realize business value from your credit union’s diversity, equity, and inclusion (DEI) efforts?
Our research shows that one of the best strategies to enhance your board's functionality and ability to learn is through an effective evaluation process. Board directors benefit and grow from regular, formal evaluations...
Effective board governance is essential for credit union sustainability and health. From board evaluation practices to board composition, Filene has curated resources for credit union leaders seeking to learn more about strategies to improve board governance.
A board of directors can make or break the success of a credit union. Yet credit unions sometimes find board governance lacking or inadequate for meeting their challenges. This report provides research-based recommendations for improving board composition, including formalizing recruitment and evaluation to help credit unions leverage more from their boards of directors.
Effective board governance situates the credit union board as the locus of dependability, even in times of crisis and change. Therefore, it is essential to the sustainability and health of the credit union to think critically about board governance, including board evaluation practices, renewal processes, and board composition.
In order to navigate the current competitive environment and prepare for the future, credit unions must understand these new circumstances and how they impact their balance sheets, examine their current strategies, and develop a new action plan.
Credit unions are redeploying
the credit union service
organization (CUSO) model to create new avenues
for growth through
innovative collaboration.
Rather than seeking to compete on credit cards and unsecured debt head-to-head, credit unions have an opportunity to both grow revenue and improve member well-being by helping to reduce members’ revolving credit balances.
As a credit union leader, it is important to keep a forward-looking perspective to anticipate how change will affect your organization.
Today's challenging economic environment with higher prices due to inflation continues to put a strain on consumers' ability to save and is weakening the average American's financial health. In our latest Thinking Forward newsletter, Filene experts Taylor Nelms and Caroline Vahrenkamp provide insights on consumer savings trends since the pandemic and how this can impact credit unions in an already highly competitive war for deposits.
Review the webinar materials from Dealing with the Decline of Non-Interest Income hosted on July 13, 2023.
Review the credit union system’s collective financials from Q1, 2023, and dive into insights on key findings and trends to help your credit union make adjustments.
Review the credit union system’s collective financials from Q4, 2022, and dive into insights on key findings and trends to help your credit union make adjustments.
As financial cooperatives with a mission of “people helping people,” we believe our employees’ different cultures, lifestyles, and perspectives collectively strengthen our entire organization. ERGs offer employees opportunities to build a network of support, act on strategic priorities, and celebrate diversity. ERGs can have a leading role in designing and implementing all of our DEI initiatives.
When designed and implemented effectively, employee resource groups (ERGs) can be leveraged to serve business goals while also improving employee performance and retention. As a key component of a wider DEI strategy, ERGs can help develop and deepen DEI efforts across your credit union.
Like most organizations, credit unions are transitioning from fully remote work towards hybrid work models. While many business leaders and academics believe a hybrid arrangement is the "future of work," there are also credit union manager and leadership teams grappling with conflicting hybrid work preferences across staff and concerns over trust and culture.
This report combines insights from research literature and findings from author interviews with credit union leaders and staff regarding optimal hybrid work arrangements and strategies.
Remote work has shifted views on traditional workplace culture. With employees returning to the office, credit union leaders will need to rethink their organizational workplace strategy, from physical spaces to new policies and practices that will meet employees' evolving expectations.
At a time when credit unions are reimagining their physical facilities, it is worth considering how workplace design can be an important weapon in the war for talent. In this study, we explore how workspace variety affects employee satisfaction and productivity.
In today’s tight job market, competitive compensation and benefits are table stakes in attracting, recruiting, and retaining talent. What is often overlooked is the importance of workplace design. Investing in flexible employee workspaces can pay dividends in employee recruitment, productivity, and retention.
