Now in its second edition, the project was set up to explore the level of innovation in the credit union sector, as viewed through the eyes of members. Around 5,225 credit union members took part in the first survey in 2022, which identified opportunities to differentiate the sector from traditional bank competitors and fintechs.
The findings from 2022 indicate that, compared to companies across the US economy, credit unions place slightly below average on their Innovation Index scores. According to Filene, credit unions also scored average on perceptions of social innovation, but rank higher than most financial services firms.
Building on these findings, Filene has introduced additional survey questions, looking at members’ perceived trust of their credit union and asking which unique aspects of innovation they value most.
All participating credit unions will receive a personalised, confidential benchmark report, along with industry-wide data on credit union innovation.
“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 and professor of marketing, who wrote Filene’s year one study. “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.”
Credit unions have until 31 May to enrol on the free study, which is run In partnership with Rockbridge Associates. Up to 50 credit unions will be enrolled, with places filled on a first come, first served basis.