Growing expectations and nontraditional competitors requirescredit unions to think creatively. The Filene Research Institutetries to spur innovation to help credit unions generate loans,mobilize savings, and reinforce membership.

Since 1989, Madison, Wis.-based Filene has engaged leadingscholars and thinkers to delve into the managerial problems, publicpolicy questions, and needs affecting the consumer financeindustry. “Everything we do is designed to help credit unions understand how they can bettermeet the needs of members and how to be more competitive,”Andrew Downin, managing director of research at the FileneInstitute, said.

“Our work can only be as good as the input and involvement fromcredit unions,” Downin said.

Filene and The Institute for Money, Technology & FinancialInclusion at the University of California, Irvine recently launcheda research hub at UCI focused to study how emerging technologiesinfluences credit union business practices and clients.

“They've done a lot of work around how financial servicesorganizations can really tap into technology and sort through thehype,” Downin said. A report coming out of the IMTFI center laterthis year studies drivers of financial technology change, as wellas consumer adoption. It will include recommendations to helpcredit union leaders make wiser decisions.

“We are delighted to partner with Filene to explore how creditunions can leverage trends in mobile banking and othertechnological interventions,” IMTFI Director Bill Maurer, dean ofUCI's School of Social Sciences, said. “The IMTFI has establisheditself as the premier research center on the impact of financialtechnology, fintech, on people's personal and commercial bankingpractices, and we look forward to helping credit unions continue tocreate opportunities that meet the demands of changing consumerbehavior.”

Another way Filene encourages credit union technological change is through its i3 innovationprogram. More than 200 credit union leaders from the U.S. andCanada participate through virtual discussions, collaborativefieldwork and self-study to create possible solutions. Theinnovation program then identifies several concepts with the mostpromise, and moves them into the Filene incubator.

“The i3 program continues to move forward with strength and alot of participation across the credit union industry,” Downinemphasized. Currently, Filene has a catalogue of 200-plus ideasthat came out of i3 over the last dozen years. However, very few ofthese ideas are in use at credit unions or commerciallysuccessful.

“A big part of i3 is centered on design process and reallyteaching credit union executives to put themselves in theirmembers' perspectives,” Ryan Foss, then new managing director,innovation, at Filene.

Read more about the Filene Research Institute in the April26, 2017 print issue of CU Times.