MADISON, Wis. – The Lab at Filene is reporting it is taking the “next step in innovation” by testing new products and ideas to help credit unions “grow and make a positive impact on their members and communities.”
According to Filene, at the first-ever Lab Symposium held this month in Visa’s San Francisco innovation center, credit union sponsors and participants convened to set Filene’s 2023 testing agenda, share perspectives on emerging innovation opportunities and establish connections among the group of innovation-minded organizations.
“Being a founding sponsor of The Lab at Filene provides ELGA Credit Union an opportunity to work with other forward-thinking credit unions. Together we can support and shape future solutions that have the potential to improve the financial well-being of our membership,” said Terry Katzur, CEO/president of ELGA Credit Union. “We are honored to be part of such an innovative group of credit unions and partners and look forward to working with them."
Five Ideas
Filene said sponsors of The Lab voted on which ideas they wanted to pursue further testing on from a menu of options identified through Filene’s ecosystem of academic talent, communities and strategic partners.
According to Filene, five ideas rose to the top as having “high potential to fuel growth and maximize member and community impact while addressing key yet-unanswered questions.”
Those five ideas included:
- Financial Wellness as Engagement Strategy. How can credit unions expand member relationships by providing tailormade plans to improve their financial well-being?
- Re-thinking Physical Space. With digital transformation of financial services, how can credit unions leverage physical space to create value for members and communities?
- Subscription-based Pricing Model. Could a subscription model for banking products and value-added services increase engagement with existing and prospective credit union members?
- Virtual Credit/Debit Cards. Can virtual credit/debit cards help reduce fraud and create a “sticky” member service?
- Digital Engagement for Indirect Lending. How can credit unions best relay what they can offer to indirect members and successfully expand their relationships?
“We’re thrilled to reach this milestone and excited to work on these tests. We also look forward to continuing our work with The Lab sponsor community,” said Filene’s Senior Director of Incubation, Josh Sledge. “We have some fantastic leaders, innovators, and supporters in the mix.”
The Sponsors
Filene said The Lab’s founding sponsors include:
- Bank Fund Staff Federal Credit Union
- Chartway Credit Union
- Community Financial Credit Union
- Elements Financial
- ELGA Credit Union
- Farmers Insurance Federal Credit Union
- Financial Plus Credit Union
- Logix Federal Credit Union
- Michigan State University Federal Credit Union
- Origence
- Royal Credit Union
- Unitus Community Credit Union
- University Credit Union
- Visions Federal Credit Union
- Verity Credit Union
- Visa
‘Innovative Direction’
“Filene is an incredible partner in helping us gain knowledge, insight and innovative direction through the research and testing they do on behalf of credit unions,” said Tonita Webb, CEO of Verity Credit Union. "This type of work sets credit unions up for success, pairing resources (that none of us have time to build out individually) with actionable results that enable us to better serve our members. We’re excited to utilize The Lab on ‘rethinking physical space’ to look at our own branches and implement updates that address the needs and concerns of every member in our community.”
The Next Steps
According to the organization, the next steps for The Lab at Filene entail creating detailed plans for each of the five test concepts and assessing which Lab Sponsor organization will test which concepts. From there, The Lab will conduct tests and produce actionable insights for credit unions to adopt proven solutions and expand their capacity for innovation, Filene added.
In addition, Filene said each test identified through The Lab’s first round of testing opportunities provided a solution within one of four categories: new and expanding relationships, new ways to open credit access, remixing the value proposition, or competing for share of wallet.
For sponsorship info: filene.org/innercircle
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