MADISON, Wis.–The Filene Research Institute has announced a new edition, The Lab at Filene.
Filene is describing the Lab as the “next step in innovation” in which it will test new products and ideas to help credit unions grow and make a positive impact on their members and communities.”
According to Filene, each year The Lab will work with a group of credit union sponsors and stakeholders to select and execute up to six “quick and nimble” tests identified through Filene’s research and extensive credit union network.
From there, The Lab will produce actionable insights for credit unions to adopt proven solutions and expand their capacity for innovation, Filene said.
“True to the nature of cooperation, we didn’t get here alone,” said Filene’s senior director of incubation, Josh Sledge. “From the inspiration of the industry’s biggest innovations to the innovators in Filene’s i3 program to the credit unions and organizations who step up to make sure our industry has a future; we are on the precipice of big things for credit unions striving to make an even bigger positive impact on their members.”
Building on Track Record
Filene said The Lab builds on its 15-year track record of successful innovation and incubation to solidify a more efficient testing platform and engage credit union and fintech partners along the way.
“The ability to expand and scale solutions testing in The Lab each year enables credit unions and key partners to get quick insights to questions while they’re still relevant,” Filene said.
While The Lab may test fintech solutions, it intends to have a broader portfolio to look at a full range of innovation opportunities including new distribution channels, partnership strategies for impact and internal practices for attracting talent, Filene added.
‘Truly Transformational’
“This is a truly transformational moment,” said Filene’s president and CEO, Mark Meyer. “Credit unions are seeing an overwhelming flow of new ideas, strategies, vendor solutions, and fintech tools, making it difficult to know which ones will actually deliver growth and impact for their institution. To adapt and grow, credit unions need a reliable and efficient testing platform to get quick insights into the solutions and opportunities that interest them the most. A unique ecosystem centered around The Lab will support the innovation we need now and guide credit unions to solutions with the highest potential for success.”
Filene said The Lab will have access to academic insights from Filene Fellow Jeffrey Robinson, who leads its Center of Excellence for Innovation and Incubation, which is a network of over 500 credit unions across the country that includes a “robust leadership community, and a myriad of system partners.”
Filene added that as The Lab kicks off, it is “expanding the ecosystem with an exclusive cohort of forward-thinking credit unions and system organizations. These sponsors and partners will support the selection of test topics, offer a broader perspective of innovation from the market and a clear pathway to turning pilot learnings into action. “
Early Supporters
Among the early supporters of The Lab who are also tests, according to Filene, are Michigan State University FCU, Farmers Insurance Group FCU and Visa.
Filene said credit unions and system partners can get involved in The Lab by becoming a sponsor. In addition, it will host a webinar on April 19 and will also have information available during an upcoming research event hosted by the Center for Innovation and Incubation on April 5-7.
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