Filene Members,
Happy Holidays! Thank you for your continued support! Research and innovation are common ingredients in any economic recovery, and our pipeline is bulging from your many requests. Among the dozens of projects underway at Filene, here is a sample of what you can expect from us in 2010:
- 14 new innovative ideas from Filene i3
- Customer Experience and Credit Union Opportunities: A Collaboration with McKinsey & Company
- Patronage Refunds for Credit Unions – Kansas State University
- An Analysis of the Consumer Financial Protection Agency Act – Ben Rogers, Research Director, Filene Research Institute
- Baby Boomers Pre- and Post-Retirement Asset Changes – RAND Corporation
- Tracking the Relationship Between Credit Union Governance and Performance – University of Toronto
- Wal-Mart’s Entry into the U.S. Financial Services Industry – Rochester Institute of Technology
- Advisory Services on Young Adult Strategies and Implementation of i3 Innovations
Also, at Filene we continue to manage your resources judiciously. Recently, we received feedback from many of you to “stop sending printed reports.” We have heard you. Beginning in early 2010 the majority of Filene Research will be sent to you via a 2 page hard copy executive summary in addition to an electronic copy of the full report. This cost-saving measure will significantly reduce our printing and mailing expenses, enabling us to put more of your dollars toward high-demand research and innovation projects to help consumers.
Finally, as you reflect on 2009 with the members of your credit union you may wish to send them a simple thank you message that creates additional awareness of the value of your credit union. Below is a credit union message that owes its theme to a similar letter sent in 2008 by Chris Larsen, CEO of Prosper.com, a peer-to-peer lender.
Dear CREDIT UNION MEMBER:
In this time of economic trouble, the role of your credit union has become even more relevant to the American people. More than 94 million people have become part of the credit union community.
Your credit union. Main Street America
As consumers struggle to obtain loans from traditional lending sources funded by Wall Street shareholders at banks and credit cards companies, your credit union is of and for Americans on Main Street. We are still lending money in tight times. That’s what we do.
Your credit union. Where people are worth more than money
Despite a turbulent economy, your credit union joins everyday savers and borrowers. Saving at your credit union allows us to lend to your fellow members when so many traditional financial institutions are no longer there to assist. Our savers enjoy a safe, sound government-insured financial institution, competitive rates, and the social rewards of helping others, while expecting more from their money. Your credit union helps your neighbors, co-workers, and friends achieve their dreams. Getting out of credit card debt, improving their homes, and bridging the gap to a college education are just some of the ways your fellow members use your credit union to great advantage. Small business owners and entrepreneurs can also turn to your credit union for help in achieving their goals.
Your credit union. Encourages Good Spending Habits
While the economy and employment remain uncertain, saving money and building good credit are essential. Your credit union encourages you to be disciplined about those extra purchases. Maintain a budget, and hold frivolous spending impulses in check. Instead, we can help you eliminate high interest credit card debt, and focus on building an emergency savings account. Borrow from your IRA or 401(k) as a last resort. Check your credit report and credit score frequently.
Here at your credit union we take pride in offering a safe, easy, and responsible financial alternative. I want to thank you for your membership and your trust in your credit union, a financial services cooperative that you own.
Sincerely, CREDIT UNION CEO
We wish you the best in 2010!
Cheers from the Administrative Board and Staff of the Filene Research Institute
Comments
6
Dan – I don’t don’t think you look crazy. I think you look friendly.
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You all look so rambunctious, I wish I couldve been there. I heard Mark ended up on the coffee table with a lampshade on his head.
Happy Holidays, fellow Fileners.
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For the record, my pants are NOT wet in that picture. That’s a shadow…I swear!
...I’m serous.
Can someone back me up on this one? :)
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Matt…the first step is to admit you have a problem.
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Where can I found more information about Wal-Mart’s Entry into the U.S. Financial Services Industry, that’s interesting?
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@ Angie. The report is due out in the next few months so keep checking.
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