Innovation
Innovation goes beyond having the latest technology, it's the degree to which an institution delivers a member experience that is creative, pioneering, and leading the market. Also, creating differentiation based on having unique solutions that benefit society and the environment.
Why it matters
Innovation matters to credit unions because it has a demonstrated relationship to member loyalty, which translates into better financial performance resulting from higher member retention and share of wallet. Credit union members are generally more loyal than bank customers, but more innovative credit unions have higher member loyalty than credit unions that are perceived to be less innovative.
Research in this topic
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Report #643 | | MembersAttracting and Engaging Younger Members Innovation Financial Well-being Benchmarking and Key Performance IndicatorsDriving Financial Wellness through Gamification: A Pathway for Credit Unions
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Simon Blanchard
*20-Minute Read: This brief lays out the basic mechanics and psychology behind gamification, giving examples of solutions that have positively influenced financial behaviors. Driving towards increasing financial wellness and member engagement, the brief also discusses potential pathways for credit unions to leverage gamification. -
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Report #642 |The Ecosystem Advantage: Unlocking Entrepreneurial Potential Through Ecosystem Collaboration
Entrepreneurial ecosystems are naturally interconnected, with each component relying on the others to create an environment that fosters growth and sustainability— making credit unions essential to their overall health. This report serves as an action blueprint for credit unions seeking to take meaningful steps in building their entrepreneurial ecosystems—supporting the growth of small businesses and the communities they serve. -
Report #639 | | MembersArtificial Intelligence Strategy and Planning Innovation Benchmarking and Key Performance IndicatorsThe AI Adoption Journey: A Survey of Credit Union Leaders
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Lamont Black
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Jessica Gamache
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Addison Davis
*20-Minute Read: Artificial intelligence (AI) is transforming the digital economy, and credit union leaders are navigating pivotal decisions on how to integrate AI into their business models. This report shares insights from a survey of 110 participants across 78 organizations, highlighting early trends, emerging strategies, and the positive potential of AI to empower members, employees, and leadership, while encouraging credit unions to evolve and refine their AI approaches. -
Lamont Black
More opportunities
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Blog |Webinar: Driving Impact & Fueling Growth—Introducing FiLab's New Areas of Focus
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McKaye Black
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Megan Freshour
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Zach Eychaner
Review webinar materials from "Driving Impact & Fueling Growth—Introducing FiLab's New Focus Areas," hosted on April 29th, 2025. -
McKaye Black
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Blog |Inside the 2025 Inner Circle Symposium: The Top 10 Takeaways
Nearly 100 credit union leaders joined us last week in Fort Worth for our 2025 Inner Circle Symposium. We were so energized and excited about the experience that we've compiled a list of 10 powerful takeaways for you to get inspired and share with your team. -
Webinar |
Driving Impact & Fueling Growth: Introducing FiLab's New Areas of Focus
Join us for this exciting special session where we will take a look back over the last three years of testing solutions, share the impact of our work and reveal two new bold focus areas that will guide our innovation work moving forward. -
Blog |Thinking Forward: SXSW 2025: Key Takeaways for Credit Unions
At SXSW, Filene's Head of Incubation, McKaye Black explored the future of tech, innovation, and culture, uncovering insights that extend beyond banking. From AI's impact on consumer experiences to the growing need for human connection, these trends highlight how credit unions can remain relevant by seeking inspiration outside financial services.
