NAPERVILLE, Ill.— The Illinois Credit Union League said it is with Coopera on a “new phase” aimed at advancing advance financial inclusion in 2022.
According to the league, the organizations will work together on identifying and bridging gaps, enabling Illinois Credit Unions to offer financial products and services to benefit underrepresented consumers across the state.”
In 2019, the league noted the partnership produced a demographic research study focused on the growing diversity of Illinois, helping Illinois credit unions identify areas of opportunity to advance financial inclusion.
“The focus group study builds on the valuable research we’ve already gathered, delving deeper for even greater insights that will support the financial inclusion efforts of Illinois credit unions,” said Tom Kane, president/CEO of the Illinois Credit Union League. “This partnership with Coopera shows our credit unions where they can make a difference, how they can better serve their members and help them meet requirements of the new Illinois Community Reinvestment Act (CRA).”
Focus Groups Planned
Beginning in Q2 of 2022, the league said Coopera will host three focus groups of Illinois residents across the state. Illinois credit unions will select among their potential and existing members. Participants will discuss their engagement, awareness and financial pain points.
According to the ICUL, the research will be used to assist Illinois credit unions in identifying outreach gaps from a cultural perspective. Data collected could be used to collaborate on new culturally appropriate products and services, as well as find innovative ways to serve existing and new members, the league added.
“Hearing directly from the community is fundamental in driving financial inclusion work,” said Coopera CEO Víctor Miguel Corro. “We’re excited to get started on this meaningful project and to help Illinois credit unions outline their plans for more inclusive service to their members and underrepresented communities.”
The focus group project is anticipated to be completed by year end.