Filene identifies six key areas for credit union research

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Filene Research Institute is set to launch six new Centers of Excellence over 18 months starting in 2020.

The Madison, Wis.-based think tank will provide credit unions with actionable insights in six categories that could have a significant impact on the industry, according to a press release on Monday.

“Starting Jan. 1, Filene will begin launching the new Centers,” George Hofheimer, chief research and development officer at Filene Research Institute, said in a statement. “Filene has a history of delivering cutting-edge research creating significant impacts to credit unions including changing public policy and the development of new products and processes.”

The six areas that the research addresses include how consumers’ financial lives are changing; diversity practices at credit unions; best practices for innovation; the effects of emerging fintech; the impact of financial institutions on a community; and use of data management and analytics.

An academic researcher will head each Center of Excellence and is advised by a group of leaders from the credit union industry. The topics were selected after hearing from hundreds of credit unions and others in the industry.

The Consumer Financial Lives in Transition and Diversity, Equity and Inclusion Centers are the first two set to launch in January 2020.

“Michigan State University Federal Credit Union (MSUFCU) has been a member and supporter of Filene for more than two decades,” April Clobes, CEO of MSUFCU and administrative board treasurer for Filene Research Institute, said in a statement. “We continue to utilize Filene’s research to make strategic decisions for our growing organization.

Clobes added that Filene is “critical” to the future of the CU industry.

Xceed Financial Federal Credit Union, Alliant Credit Union, BCU and BECU also provided support to the initiative.

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Financial inclusion Financial services industry Financial institutions Diversity and equality Data management Analytics Innovation Fintech Consumer banking