MADISON, Wis.– In partnership with Rockbridge Associates, the Filene Research Institute has announced the launch of a second run of the Credit Union Innovation Success Study and said it is inviting up to 50 credit unions to enroll in participation for free.
New this year are questions to gain a better understanding of members' perceived trust of their credit union and which unique aspects of innovation they value most, Filene said.
In 2022, Filene said the first Credit Union Innovation Success Study with 5,225 credit union members was conducted in order to listen to members.
“Because it replicates the American Innovation Index methodology, results allow comparison with the most innovative companies ranked in the larger U.S.-based study,” Filene said. “Results show that when compared to companies across the U.S. economy, credit unions place slightly below average on their Innovation Index scores.”
Credit unions also scored average on perceptions of social innovation, but they rank higher than most financial services firms, Filene said.
Why Effort is ‘Unique’
“What makes this effort unique is that innovativeness is determined by users of products and services—in this case, credit union members,” said Lerzan Aksoy, Fordham University dean and professor of marketing and author of Filene’s year one study. “Therefore, it is vital that credit unions listen to and learn from their members so that they can provide innovations that really matter to their members.”
In addition to industry-wide data on credit union innovation, all participating credit unions receive a personalized, confidential benchmark report, Filene said, adding the deadline to enroll is May 31, and free participation is filled on a first come, first served basis.
Where to Get More Information
Filene further said “interested credit unions are invited to learn more about listening to members through participation in this survey -- and enroll before this opportunity closes.”
Access to results from year one of the Credit Union Innovation Success Study are available for download on Filene’s website.