The Year Behind and the Year Ahead
As the final days of the year tick by, we at Filene like to spend time looking both behind and ahead, from our biggest takeaways and insights in 2024 to what we are looking forward to in 2025. From launching new Centers of Excellence, to finalizing Year 2 results from FiLab, to growing our Member Pulse program—it’s been a busy year. In a recent webinar, we took the time to focus on some of our biggest moments, top reports, and most important takeaways. Watch our webinar in full, or read on, to explore some of our top themes and takeaways.
Three themes rose to the top across Filene’s work: credit union member growth and engagement, the importance of innovation, and how to close the gap between strategy and execution.
The first theme was the importance of driving membership growth and engagement. This is a theme that appeared again and again, both in discussions with credit union leaders, across conferences and roadshows, and in survey work and research.
In one of our newest Centers of Excellence—Credit Union of the Future—researchers focused on how generative AI can drive membership growth. Through both personalized marketing campaigns and enhanced member onboarding and support, as well as augmenting staff support, credit unions are exploring a plethora of AI strategies. And while the possibilities of AI are vast, often credit unions focus on how this technology can help elevate member services.
The theme of deepening member engagement was further echoed in the work performed by FiLab. Subscription-Based Packaging 2.0 was one of seven solutions for the 2024 testing phase performed by FiLab, and explored how banking products and value-added services could be bundled via a subscription to increase engagement with existing and prospective credit union members. Read more about the results of that test HERE.
And for credit unions looking for new ways to understand and engage their members, Filene created Member Pulse. Member Pulse is a tool designed to help credit union teams understand the drivers of member engagement, and by the end of the year, Michigan State University FCU was ready to test just how effective Member Pulse could be for their members. In a marketing test study, MSUFCU issued almost 2,000 emails to Solution-Oriented Shoppers identified by the Member Pulse segmentation tool. The results spoke for themselves—by the end of two weeks, those who received the Shopper-email saw more clicks, more products opened, and more certificates opened compared to the control.
Filene also heard about the importance of innovation across the industry. In many instances, we found that innovation for credit unions is a journey, requiring iteration, repetition, and refinement.
Research from our Center of Innovation and Incubation showcased stories from four credit union leaders as they talked about their innovation journeys. In a series of videos, these innovation experts shared their experiences and perspectives around creating a culture of innovation at each of their organizations, and offered tips, approaches, and lessons that they learned along the way.
Filene’s Incubation team, meanwhile, furthered credit union innovation opportunities through innovative communities. The Entrepreneurial Ecosystems Incubator identified opportunities for credit unions to deepen their support of business ecosystems across the country by engaging 60 entrepreneurs in a business mentoring program, while Filene’s i3 program—a two-year innovation leadership program that equips credit union professionals with the mindset, tools, and network to lead and shape the future—celebrated its 20th anniversary in 2024.
The i3 program will grow you and your organization by developing an innovation culture and mindset. Interested? Apply today! Applications close January 10, 2025.
Filene’s Market Insights and Advisory team also continued offering credit unions the opportunity to engage in the Credit Union Innovation Success Study. Through a comprehensive survey offered in partnership with Illuminas, Filene member credit unions have the opportunity to understand what innovation means to their members—and then use those insights to implement key changes and strategies at their organizations. (Click here to read the report that started it all!)
Are you a Filene member credit union interested in participating in this study in 2025? Reach out today for early sign-up to advisory@filene.org!
Finally, Filene explored the importance of closing the gap between execution and strategy for credit unions.
One of the first reports to feature from Filene’s Leadership, Strategy and Governance Center of Excellence, Lessons on Governance from Credit Union CEOs explored insights learned from 13 credit union CEOs around their experiences with their boards. It focuses on the biggest benefits credit union CEOs saw, typical board activities, and the role a board plays in a credit union’s strategy. Very often, a credit union's strengths or weaknesses can be reflective of the quality of the relationship between a CEO and the board—and this report explores how to make sure that relationship remains strong.
FiLab also explored how generative AI can help bring operational efficiencies to credit unions and enhance member engagement—both imperative features of making sure credit union strategy and execution of that strategy are aligned. Using Senso, an AI-driven platform that enhances member interactions by providing real-time insights and automated information sharing, FiLab found improvements in both resolution rates and member sentiment. For credit unions, adopting AI is a strategic imperative, and having the right tools to deliver tailored solutions to members ensures continued alignment between strategy and execution.
The Market Insights and Advisory team also dove deep to understand how to best close the gap between strategy and execution. In partnership with Velera, Filene created a strategy execution playbook for credit unions to follow when looking to advance their strategic implementation capabilities. The playbook identified six potential barriers to execution and answered what thriving credit unions are doing differently to overcome these challenges. The playbook provides credit unions with a guide on how to close the gap between strategy and execution both in 2024 and beyond.
2025 promises to be just as busy. From roadshows to conferences, from research to action, Filene members have a multitude of ways to engage with Filene in the upcoming year.
The ideas, drive, and passion we have at Filene are mirrored across the credit union industry, and we look forward to continuing to listen and learn alongside all of you. Thank you to the credit union and industry professionals who have worked, engaged, and thought alongside us in 2024—and here is to another great year!
—AB