MADISON, Wis. – The Filene Research Institute said it is relaunching its Center of Excellence for Emerging Technology for another three years.
According to Filene, the focus of the Center’s research is to “connect credit unions with the most impactful technology and consumer trends. As technology use and consumer trends continue to evolve, it is essential that the work of this research center continues so that credit unions have current resources, tools and strategies for navigating the intersection of financial services and emerging technology in a concrete and actionable manner.”
Dr. Bill Maurer, dean, School of Social Sciences; professor, Department of Anthropology & School of Law; and director, Institute for Money, Technology & Financial Inclusion at the University of California—Irvine will continue in his role as Research Fellow for the Center for Emerging Technology.
“Filene’s Center of Excellence for Emerging Technology conducts applied research to map the impacts of emerging technologies in order to prepare credit unions for the shifting competitive landscape of consumer financial services,” said Filene’s EVP and Chief Research and Development Officer George Hofheimer. “Trends toward digital delivery of credit union products and services have been further accelerated by the COVID-19 pandemic. Credit unions will need to keep up with and meet consumers expectations for digital financial services.”
The New Preference
Filene noted that in 2020 digital channels have become the preferred way to interact with financial organizations, and it cited research showing 73% of U.S. adults report being more likely to use digital financial services during the pandemic and there has been a 50% increase in the use of mobile banking apps from 2019.
According to Filene, to enable future technology and business decisions, the Center for Emerging Technology will address the impacts of new financial technologies on business strategy and operations, politics and regulation, and consumers’ experience and expectations.
The organization said the research produced by Filene’s Fellows builds on the deep archive of past learning and offers a foundation for future incubation, innovation, and ultimately impactful action.
Specific Projects
Filene said specific projects in this Center will encompass:
- Identifying technology table-stakes and trade-offs in regard to financial services competitors
- Studying consumer uses of and trust in new and novel financial technologies
- Documenting future trends in automation, artificial intelligence and member experience to understand how core financial products are being reinvented for self-service delivery
- Outlining specific pathways for credit union-fintech partnerships
- Evaluating the opportunity for meeting the emerging needs of non-traditional workers
- Exploring the future of identity and authentication
CO-OP, State National, DCUC Are Sponsors
Filene thanked “generous support” for the Center for Emerging Technology its long-time continuing sponsor, CO-OP Financial Services, as well as State National Companies and the Defense Credit Union Council (DCUC).
CO-OP Response
“At CO-OP we have been investing in our own digital transformation since 2016, which is the same year we announced our support as a lead sponsor for the Center of Excellence for Emerging Technology,” said Samantha Paxson, chief experience officer, for CO-OP. “The need to aggregate divergent financial services into daily member engagement has only increased since then, and has accelerated since the onset of the pandemic. The output of the Center has never been more important and we are delighted to lend our support for another three years.”
State National Response
Added State National EVP Trace Ledbetter, “As a partner to hundreds of credit unions for nearly half a century, we have seen firsthand how the business model, operations, mission, and values of the cooperative finance/credit union structure has a unique flavor not found in any other type of financial institution. Off-the-shelf technology solutions made for other types of businesses often don’t fit with their processes or provide the member experience credit unions are devoted to offering. That’s why the work of Filene’s Center of Excellence for Emerging Technology is so incredibly important in helping credit unions gain access to advanced technology that achieves their specific goals, enhances their growth, and serves their members well. We know how critical developing just the right technology has been for our own company’s growth, and that makes us especially excited to offer our support and contribute to technological advancements that will help credit unions succeed in a competitive marketplace and rapidly changing world.”