We've all heard the headlines of soaring housing prices which have outpaced the rise in income, increasing mortgage rates and a shortage of affordable housing options. As mission-driven organizations, credit unions must determine how tackling the housing issue in their communities fits into their current social impact strategies.
Your Filene membership connects you to a community of growing, innovation-minded credit unions dedicated to thinking forward and changing lives.
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.
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.
Deepening existing relationships and acquiring new members has never been more important for credit unions. By effectively analyzing data, credit unions can identify trends and opportunities to develop targeted marketing campaigns that attract new members and deepen engagement with existing relationships.
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.
