Filene Research Institute Invites up to 50 Credit Unions to Enroll in Innovation Study
May 23, 2023
Last year, 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 and 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 an 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 to the study this year are questions that gain a better understanding of members’ perceived trust in 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.