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Follow Filene's new step-by-step innovation series to help your organization drive continuous growth.

Report #541 | Members

Innovation Matters

To remain competitive and grow market share, credit unions must find solutions through reassessing their business innovation models. This report demonstrates an approach to thinking and rethinking the credit union business model building blocks in order to drive future growth.

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.

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...

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.

Report #541 | Members

Innovation Matters

To remain competitive and grow market share, credit unions must find solutions through reassessing their business innovation models. This report demonstrates an approach to thinking and rethinking the credit union business model building blocks in order to drive future growth.

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.

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.

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...

Report #463 | | From the Archives Members

Formalizing the Art of Board Composition

  • Matt Fullbrook

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.

As a credit union leader, it is important to keep a forward-looking perspective to anticipate how change will affect your organization.

Blog |

Thinking Forward — How Changes in Consumer Savings Are Intensifying the War for Deposits

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. 

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.

Report #568 | Members

Understanding the Implementation and Impact of Employee Resource Groups

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.

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