In 2022, Filene Research Institute ran the first Credit Union Innovation Success Study with 5,225 credit union members. Because it replicates the American Innovation Index methodology, results allow comparison with the most innovative companies ranked in the larger U.S.-based study.
Results show that when compared to companies across the U.S. economy, credit unions place slightly below average on their Innovation Index scores. Credit unions also scored average on perceptions of social innovation, but they rank higher than most financial services firms.
“What makes this effort unique is that innovativeness is determined by users of products and services—in this case, credit union members,” said Lerzan Aksoy, Fordham University Dean & Professor of Marketing and author of Filene’s year one study. “Therefore, it is vital that credit unions listen to and learn from their members so that they can provide innovations that really matter to their members.”
Making the effort to listen to members
In partnership with Rockbridge Associates, Filene is launching a second run of the Credit Union Innovation Success Study and inviting up to 50 credit unions to enroll in participation for free.
New this year are questions to gain a better understanding of members’ perceived trust of their credit union and which unique aspects of innovation they value most.
In addition to industry-wide data on credit union innovation, all participating credit unions receive a personalized, confidential benchmark report.
The deadline to enroll is May 31, and free participation is filled on a first come, first served basis.
Interested credit unions are invited to learn more about listening to members through participation in this survey — and enroll before this opportunity closes.
Access to results from year one of the Credit Union Innovation Success Study are available for download on Filene’s website.
Contact Filene’s Research Team at research@filene.org if you have any questions about this study.
About Filene:
Filene Research Institute strengthens organizations through innovative research and incubation to improve consumer financial well-being. As an independent cooperative finance think tank, Filene’s membership network connects a community of leaders and bright minds to change lives through innovation, truth and cooperation. In addition to delivering cutting-edge, actionable academic research, Filene also provides incubators to test and scale solutions, events to spark organizations into action and advisory services to help accelerate and implement innovation. For more information, visit filene.org and @fileneresearch.
Leave a Reply