MILWAUKEE, Wis.– Corporate Central said it is sponsoring a new research project launched by Filene Research Institute aimed at helping credit unions to be acknowledged as leaders in financial services innovation. Filene’s Center of Excellence for Innovation and Incubation will conduct academic and applied research to better understand innovation in financial services and improve the North American credit union system’s innovation capabilities and capacities.
The new venture is set to launch this month.
As CUToday.info reported, the three-year project will supply credit unions annually with insights and resources to enhance their commitment to and leadership in consumer-focused innovation and product development. Through the work of this project, credit unions will have the tools needed to serve as a model for effective consumer friendly business and social innovation approaches, according to Corporate Central and Filene.
“Innovation and technology play integral roles in the success and advancement of any industry. The credit union movement is no exception,” said Chris Felton, president/CEO of Corporate Central. “Given our current environment, collaboration within our movement is more important than ever. Credit unions must seize the opportunity to adapt and introduce new solutions and business models that support their growth and impact. Filene’s Center of Excellence for Innovation and Incubation will help credit unions find ways to expand their capabilities. Corporate Central is in full support of this initiative and very proud to be a sponsor.”
The Center’s Focus
According to the two organizations, in collaboration with an advisory council of credit union leaders and a dedicated research fellow, the Center’s work will:
- Define, measure, and landscape business model innovation in credit unions and the consumer finance system, identifying opportunities for credit unions to differentiate on innovation.
- Investigate models for creating and sustaining cultures of innovation, resilience, and organizational agility.
- Study and expand product development and service design strategies in credit unions and consumer finance.
- Explore new cooperative and consumer financial products, services, technologies, and operational approaches to build a playbook for the future of financial services.
- Work with academics on proprietary innovation index to benchmark credit unions and other financial institutions.
- Evaluate the impact of credit union innovation to gauge the effect of new products or business models on business sustainability and member financial health.