Filene: Change doesn’t have to be hard, but it does have to happen

Make your business strategy ready for the rest of the 21st Century

The latest viral trend challenges individuals to post their first Facebook profile picture next to their current one to see how aging has changed them. What if we tried this challenge on America’s Credit Union?

Filene’s latest research report, The Credit Union of the 21st Century, gives us a chance to evaluate how our society has changed since the 1934 Federal Credit Union Act and reflect on how we can realign the credit union manifesto to better serve our members’ needs in the twenty-first century.

Socioeconomic Trends and Challenges

The future of work will impact the financial needs of credit union members, potential members, and how your credit union reaches them. This research asks the tough but critical questions around consumers evolving needs.

• How will people plan, budget, and save with rising income volatility?  
    
• How will changes in the workforce of the future impact products such as mortgage and auto lending?
    
• How will your credit union adapt to meet the different needs of younger members with the needs of older adult members?

Technological Trends and Challenges

Transformations from inside and outside the control of any one institution put pressure on credit unions to adapt quickly, especially in the world of fintech. This research walks you through how fintech has created a competitive landscape and how your credit union can navigate it.

• How will credit unions shift the purpose of brick and mortar to complement consumer preferences for online banking?
    
• How will credit unions experiment with new AI and ML delivery channels without risking their reputation around data security and consumer protections?
    
• How can credit unions find a way to partner with vendors to compete with the Amazons and Googles?

By breaking down the most urgent and significant transformations facing the credit union industry, this report and accompanying slide deck give you the insights to best understand the inevitable changes; they outline a model for your credit union to grow and become the institution your members need you to be.
 
Sign in to filene.org today and download The Credit Union of the 21st Century research report to jump start your credit union in taking a holistic approach to meeting your members’ needs today and into the future.

Download report.