MADISON, Wis. – The Filene Research Institute has officially launched the Center for The Credit Union of the Future, led by fellow Lamont Black of DePaul University, and the Center for Leadership, Strategy & Governance, led fellow Amy Hillman of Arizona State University.
“The financial services industry is going through a period of rapid change and disruption,” Filene said in announcing its two new centers of excellence. “With continuously evolving technologies, changing consumer preferences and increasing workplace expectations, an enormous amount of pressure is on credit unions looking to keep up. Filene’s two new research center topics are reflective of the most pressing needs credit union leaders face today and aim to support credit unions’ efforts to adapt and explore new business models to survive and thrive in the future.”
The Credit Union of the Future
According to Filene, the Center for The Credit Union of the Future will take an “ecosystems approach” to identifying and developing new business models that will ensure ongoing growth and sustainability for the credit union system.
The Center’s leader, Dr. Lamont Black, has been a frequent speaker to credit union events, particularly on issues related to crypto and blockchain.
Filene said the new center will help credit unions prepare for what’s next by addressing:
- Their future value proposition. How do they remain relevant and are they well-positioned to attract and engage potential members?
- Are they applying the right data insights to help better serve members in the future?
- Which trends in innovation and disruption should be prioritized?
Filene said support for the new Center for the Credit Union of the Future was provided by America First Credit Union, Kinecta, Michigan State University FCU, Orange County’s Credit Union, PSCU, Summit Credit Union and Trellance.
‘Transformation in the Movement’
“I’m excited to be working with Filene to support innovation and transformation in the credit union movement,” said Black. “The credit union value proposition is powerful and we are here to help credit unions adapt in a changing world. This will involve the hard work of digital transformation including data and analytics as well as experimentation with emerging technologies like AI, crypto, blockchain, and the metaverse. The future revenue models for credit unions may look different than they do today. Our goal with The Credit Union of the Future will be to support credit unions’ strategic planning to ‘adapt and adopt’ more quickly and efficiently as they evolve to serve future generations.”
Leadership, Strategy & Governance
In addition, Filene said its second newly launched research center, the Center for Leadership, Strategy and Governance, will also focus on helping credit unions to strategically adapt, but with more of an internal scope. “Led by Filene Fellow Dr. Amy Hillman, the Center for Leadership, Strategy & Governance will deliver fresh approaches to leadership and governance as credit unions look to renew and rejuvenate the ways they operate, do business, and develop talent,” Filene said.
The key focus areas that this new research center will explore, according to Filene, include:
- How are the expectations for leadership evolving?
- What strategies can credit unions implement to stay relevant and competitive?
- What are the proven best practices and optimal governance models?
Support for the Center for Leadership, Strategy & Governance is provided by Community Financial Credit Union, Desert Financial Credit Union, Suncoast Credit Union, TruStage, University Credit Union, and Visions FCU.
‘The Lid on Leadership’
“Boards are the lid on leadership, as much as we want to move forward rapidly, our boards either enable us to do that effectively or unfortunately they can hold us back. When we think about this center, it’s about how to set up the right conversations with our team members and our boards so that we are poised to succeed in the future,” stated said Filene EVP Christie Kimbell. “One of the primary reasons Dr. Hillman was so excited to launch this new center was to help credit unions establish unique positions within a challenged field stating, ‘When you’re in an increasingly challenged industry you see the threats, but when you can take a step back and reframe you can see them as opportunities for your organization and for the entire industry - it’s a pretty exciting time for reimagination and redevelopment’.”
The Purpose
According to Filene, the purpose of Filene’s new centers of excellence is to address the issues that credit unions are currently facing due to an industry that is rapidly evolving by delivering actionable strategies to implement now in preparation of the future.
“Relevancy is a key component for both new centers, in order for credit unions to continue to grow they must adapt and evolve their legacy business models to remain competitive, better serve future members and their communities,” Filene said.
The organization noted “Filene members and strategic partners will have a chance to engage with Dr. Black and Dr. Hillman at Filene’s big.bright.minds. on Dec. 5-6 in Scottsdale, Ariz.
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