Verity Credit Union’s participation in The Lab at Filene drives focus on branch transformation
A Founding Member, Verity Supports ‘The Lab at Filene’ to Increase Credit Union Industry’s Innovation and Growth
SEATTLE, WA (August 26, 2022) — Verity Credit Union, a $735 million asset financial institution in Seattle that focuses on socially responsible banking, announced today its participation in The Lab at Filene and newly convening “The Lab Symposium” to select the ideas to set the Lab’s testing agenda for the year.
The Lab at Filene officially launched in March 2022, taking the next step in innovation by testing new products and ideas to help credit unions grow and make a positive impact on their members and communities. Each year, The Lab will work with a group of credit union sponsors and stakeholders to select and execute up to six “quick and nimble” tests identified through Filene’s research and extensive credit union network. From there, The Lab will produce actionable insights for credit unions to adopt proven solutions and expand their capacity for innovation.
On August 10–11, 2022, The Lab’s sponsor community convened for “The Lab Symposium” to select the ideas to set the Lab’s testing agenda for the year. The most pressing topics for Verity were “Rethinking Physical Space,” “Financial Wellness Platforms,” and “Coaching for Credit Access.”
“Filene is an incredible partner in helping us gain knowledge, insight and innovative direction through the research and testing they do on behalf of credit unions,” said Tonita Webb, CEO of Verity Credit Union. “This type of work sets credit unions up for success, pairing resources (that none of us have time to build out individually) with actionable results that enable us to better serve our members.”
This year, based on the research and insight delivered by The Lab at Filene, Verity will establish initiatives to “rethink” its physical brand spaces and places, putting an emphasis on ensuring the result meets the needs of each and every member. In particular, Verity will address how to integrate technology for both its tech-savvy and non-technology-oriented members.
As the cornerstone of Filene’s incubation practice, The Lab at Filene tests new tools, products, and strategies for their potential to help credit unions grow and deepen their impact. The Lab’s efficient and collaborative approach to testing yields actionable insights on the most pressing challenges and emerging opportunities that matter most to credit unions and their members.
“The Lab builds on Filene’s 15-year track record of successful innovation and incubation to solidify a more efficient testing platform and engage credit union and fintech partners along the way,” said Filene’s Senior Director of Incubation, Josh Sledge. “The ability to expand and scale solutions each year enables credit unions and key partners to get quick insights to questions while they’re still relevant.”
Verity Credit Union will begin analyzing its branch spaces and locations this fall to determine how it can serve its communities better. It currently has eight branch locations in Lynnwood, Auburn, and Seattle’s Ballard, Greenwood, Beacon Hill, Northgate, Wallingford, and West Seattle neighborhoods. CEO of Verity Credit Union, Tonita Webb, has also been selected to join the Filene board as an advisory board member.
About Verity Credit Union
Verity Credit Union is a Washington credit union that believes in socially responsible banking. We’re part of a movement working to co-create stronger, healthier, more sustainable communities because we believe a financial institution can partner with communities to create lasting change. When you bank with Verity, your money helps make positive impacts in our vibrant communities. About 87% of our deposits are used to invest in the local economy and members through loans, whether it’s a loan for an eco-friendly car, or adding a tiny home to your backyard.