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Filene: The Blog

Oh My Gosh, Are My Teeth Yellow? What I learned About Point of Sale Opportunities at the Dentist.

Oh My Gosh, Are My Teeth Yellow? What I learned About Point of Sale Opportunities at the Dentist.

While at the dentist for my bi-annual cleaning, my dentist asked if I would be interested in teeth whitening. A good deal, he said, if I wanted to get fitted for trays while having other work done. Although a little put off, (Are my teeth yellow??, Oh my gosh, why hasn’t anyone mentioned this to me!?), I seriously considered it. My dentist even had payment options for the whitening, which could cost around $600 – “if I needed it,” he said. Is my dentist offering me credit?, I thought.

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Credit Union Leadership: Quantified

Credit Union Leadership: Quantified

Imagine trying to measure gravitational pull. Really. Consider how you might construct a machine to measure the attraction between two masses. If you’re an amateur like me, you wouldn’t even know where to start. But if you think like Henry Cavendish did in 1797, you would construct an elaborate wooden structure and measure torsion in a wire that dangled lead spheres.

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Living on the Financial Edge: New Debt Challenges for At-Risk Americans

Living on the Financial Edge: New Debt Challenges for At-Risk Americans

Over the last year, Filene has released a series of reports on the financial state of four groups that are essential to healthy credit unions—Gen Y, pre-retirees, Hispanics, and women. The data paints a troubling picture of various American subgroups’ financial capability.

These reports rely on key data from the National Financial Capability Study to analyze significant indicators of Americans’ financial capability, including short-term and long-term debt. This research demonstrates how essential it is for credit unions to respond to the financial needs of these groups. The studies use more than 5,000 survey observations to illuminate how each group manages money and what factors play into their financial decision making.

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50 Filene Findings

50 Filene Findings

Make your team smarter: As a member of Filene, you enjoy unlimited access to 26 years of credit union research and innovation. There’s a finding for everyone.

Innovation Spirit Alive at Finovate

Innovation Spirit Alive at Finovate

What’s New? That is the question that got answered 72 times at Finovate Spring in San Jose California last week.  Being a Finovate newbie can be a little overwhelming with so much to see and understand in a short amount of time. But as I sit on the plane and reflect about my experience there are several things that stand out to me. 

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Peering into the Banker’s Brain

Peering into the Banker’s Brain

Credit Unions live on the edge of the "banking industry". Credit unions are part of the industry, yet separate. Credit unions fulfill banking services, but in a different manner and context. To learn more about our cousins and competitors, thought you'd like to read a fascinating brief on what goes in the mind of a banker.

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How credit unions can get a fair share of the loan and credit card pie

How credit unions can get a fair share of the loan and credit card pie

Lerzan Aksoy gives us a sneak peek of her new research around understanding loan purchase decisions tied to member satisfaction, which she will present at our May Colloquium at Fordham University.

Credit unions are wonderful to study because credit unions, by far, have the highest customer satisfaction rating of all financial institutions. The challenge is that member satisfaction hasn’t transferred into revenue growth.

So, how do we make sure satisfaction drives positive member behavior?

Our previous research centered on understanding customer satisfaction linked to members’ share of deposits with the credit union. Deposits are interesting, but people kept asking, what about loans?

In the new research, Linking Member Satisfaction to Loan Decisions, we tried to understand how members go about choosing a loan provider among competing financial institutions. If they choose their credit union, why? If they go to a bank, why? What makes this study unique is that it introduces a very different way of looking at customer satisfaction linked to behavior.

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What I learned in Filene i3

Brad Barnes from Air Academy FCU kicking field goal at UofM

IMAGE: Brad Barnes kicking a football at Michigan Stadium

"The biggest thing I took from i3 is to constantly question everything you do.
This isn’t to question the validity of a decision you made or a process you implemented, but to see if by adding one piece of information or removing one barrier you would come to the same or a different decision.
Sometimes we accept the status quo because it’s what compliance approved or how we have always done it.  To move forward and improve we need to keep focusing on what we truly want to achieve, and work backwards to find a way to make it happen."

Brad Barnes, CPA | Chief Financial Officer | Air Academy Federal Credit Union

Why did you apply for Filene i3?

Team photo, Filene i3

 

 

IMAGE: (Top Row, L to R) Linda Young, Dana Clark, Joline Epple; (Bottom Row) Steve Webb, Jason Werts, Michael Spink.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

"To identify the boundaries that were holding me back, and learn how to get past them. That's what I say now; before I got started, I wanted to challenge, be challenged and learn from people smarter than me. Best team ever!"

Michael Spink, CUDE  | Innovation Strategist | Local Government Federal Credit Union

"I applied for the i3 program because I wanted the opportunity to learn from and work with the smartest people in the financial services industry."

Jason Werts | Chief Operating Officer | Unitus Community Credit Union

"I was keen to innovate with change makers from other credit unions and experience firsthand how an industry can co-operate and find solutions together."

Linda Young | Founder, Ponderpickle

"If you want to get better, you’ve got to play with the best.   Historically Filene, especially i3, has been considered to be the brain trust for our industry.  They think bigger, they think broader and these things were very appealing to me both personally and professionally."

Steve Webb ,CCUE | Chief Operations Officer | Neighbors Federal Credit Union

"I applied (twice!) because I wanted to connect with others in the industry for the cause of using our FI knowledge to creatively help consumers in need."

Joline Epple | Director of Marketing | Target CU, a Division of BCU

Read moreLearn more about Filene i3 | Apply now (HURRY! Time's almost up)