MADISON, Wis. – Filene Research Institute said it has officially launched its Center of Excellence for Data Analytics and the Future of Financial Services. The center will be led by Dr. Cheri Speier-Pero as its new research fellow.
“This three-year research project focuses on applied research to advance the practice of data analytics and prepare credit unions for the future financial services landscape,” Filene said. “The research produced within this project will offer an actionable framework for effective approaches to data management and analytics for the larger financial services industry concomitant with ethical practices in the use of consumer data.”
Speier-Pero is the Ernst & Young professor of accounting and information systems and associate dean of undergraduate programs at Michigan State University Broad College of Business.
Driving Business Value
“My core interest and area of expertise is around data and understanding how organizations can organize, structure, and use data to drive business value,” said Speier-Pero. “This research project will not just be about how to build the technical skills to create models and develop platforms to drive analytics outcomes, but about understanding the cultural and political environments of an organization to influence and successfully implement models in a way that creates value. This reflects my broader vision to help leaders move ideas forward through the implementation of new value-creating technologies and systems.”
Filene said the applied research focus of this project will be a “key element for credit union leaders, allowing for practical applications of new and novel research findings.”
“Dr. Speier-Pero fit our criteria for a research Fellow to lead our vision for this research center—an esteemed domain expert in data, data excellence and the application of data; someone with interest, knowledge and experience in the application of that expertise within the financial services sector; and someone who can interact with and understand the application of their work through the practitioner’s lens, which in this case is the credit union executive,” said Filene’s EVP + Chief Research and Development Officer George Hofheimer. “Cheri is entering her 23rd year with Michigan State University and we are thrilled to be connected to not only her skillsets but also her vast academic network within this domain.”
The Supporters
Support for the Center for Data Analytics and the Future of Financial Services is provided by Alliant Credit Union, America First Federal Credit Union, Kinecta Federal Credit Union, Michigan State University Federal Credit Union, Visa, Inc. and Vizo Financial Corporate Credit Union.
Filene said credit unions and system partners have an opportunity to get involved as part of Filene’s Inner Circle by sponsoring Data Analytics and the Future of Financial Services and contributing to its critical applied research work, much like these strategic partner organizations have.
“We recognize that data and data analytics is critical to the success of not only Kinecta, but all credit unions in the future, and harnessing and utilizing the data credit unions collect to ethically provide enhanced and needed services to members is this industry’s differentiating factor,” said Keith Sultemeier, president and CEO of Kinecta Federal Credit Union. “Through this work with Filene, the data management and analytics competency within the credit union system can be elevated to best in class and lead to greater growth and member financial well-being.”
Two More Centers Coming
Through the end of 2020, Filene said it will launch two more Centers of Excellence focusing on the impacts of financial services on community well-being and the strategic advantages of social responsibility, and best practices in measuring and accelerating innovation and incubation.
According to Filene, the newest center rounds out its research agenda with six research center focus areas. Centers for Diversity, Equity & Inclusion, Consumer Financial Lives in Transition, and Emerging Technology launched earlier in the year.