Canvas Credit Union supports efforts to solve consumer and business challenges across Colorado in novel and sustainable ways

As Filene Research Institute paves the way for innovation among the credit union industry, Canvas Credit Union  couldn’t help but join in the efforts, as it is committed to innovation and ease of use for its own members. Filene launched the Center of Excellence for Innovation and Incubation in March 2021, with the help of Canvas, and will study current trends for how credit unions can respond to members’ desire for greater innovations in financial services to meet their needs while working to improve innovation for the credit union industry and beyond.

Canvas represents the sole Colorado-based sponsor for the Center of Excellence for Innovation and Incubation, bringing Colorado’s voice to the national effort. As a Filene alumni, and strategic leader at Canvas, Tansley Stearns, Canvas’ chief people and strategy officer shares, “Canvas is always eager for ways to partner with Filene to foster innovation for our family and members. As Canvas looks to disrupt financial services and continue to be competitive in the financial industry, it’s crucial we continue researching and finding new and better ways to help our members afford life. This is becoming increasingly important in Colorado specifically, as our markets continue to see significant growth and Denver elevates its position as a tech hub.”

This Center of Excellence for Innovation and Incubation will be led by Dr. Jeffery Robinson, associate professor and academic director of The Center for Urban Entrepreneurship & Economic Development at Rutgers Business School. Robinson will collaborate with Canvas and an advisory council of fellow credit union leaders from across the nation to:

• 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 a 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.

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