MADISON, Wis.–The Filene Research Institute is now seeking credit unions to participate in its product incubator to determine how financial institutions can better serve minority households.
The program, which has support from Visa and the Ford Foundation, has been in development for the past several months, during which it also conducted background research to define the problem.
CUs are being sought to test five products that are part of the incubator.
“As a tester you will have the opportunity to share innovative products with your member base,” said a Filene spokesperson. “This is a small test, so we are only asking each site to offer this product with approximately 200 of your members.”
Benefits of participating, said Filene, include:
- Testing a product (or products) that has worked on a small scale thus giving your organization a low risk way to reach underserved markets.
- Learning if a product is desirable/feasible/viable by participating in data collection/research analysis.
- Leading the industry in finding new ways to reach underserved consumers.
More information can be found here https://filene.org/impact/minorityhouseholds. To participate; contact Andrew Downin or Adam Lee.