MADISON, WI (May 18, 2023) — Innovation success stems from listening to members; Filene offers a method for doing so
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.
Filene Research Institute strengthens organizations through innovative research and incubation, on a mission to improve consumer financial well-being. With cutting-edge insights, innovative solution testing, advisory and custom support, and connections formed through events and communities, Filene helps credit unions think forward and change lives.
Armand Parvazi
Chief Administrative & Development Officer
AP@noffcu.org
504.889.9076
