Why This Matters for Credit Unions
Being digital is, and has been, a necessity for thriving organizations. Digital organizations outperform their peers in many ways, including revenue, customer loyalty and employee satisfaction. Digital transformation is not a new concept for credit unions, but many continue to struggle to truly become digital. Transformation efforts have been costly, chaotic and in some cases, have exacerbated problems they were intended to fix.
Meanwhile, the competition is speeding ahead. New, digital-native institutions have the luxury of focusing on differentiation instead of table stakes. Fintechs like Chime and SoFi, whose business models were built from a digital-first strategy are driving scale faster through their ability to exponentially grow accountholders looking for a truly frictionless experience. The faster they grow the easier it is for them to continue to invest in technological advancements, making it extremely difficult for traditional financial institutions to keep up, let alone differentiate.
Despite frustrations and fresh scars, credit unions have the opportunity to leverage what makes them unique to do digital differently such as:
- Implementing a truly people-first approach, centering members and employees as the drivers of business and technology strategy.
- Harnessing the passion of mission-driven, member-oriented employees to experiment with and define new approaches to digital culture and leadership.
- Leveraging the cooperative mindset to bring shared solutions, elevating and accelerating the movement as a whole.
How The Center for Design for Digital Will Help Credit Unions
We first announced this new Center at Spark! 2024 back in July, where Jessica Gamache, Filene's Head of Research announced to the attendees that the next topic of focus is Design for Digital. Fast forward six months later and this highly-anticipated new research center has officially launched. This new research center isn't just about upgrading your technology stack, it is about retooling credit unions for digital success. This means creating a culture of nimbleness and flexibility that can continue to evolve with consumers' changing expectations.
When organizations are designed for digital, their data, technology, leadership and processes all work in concert to identify and deliver innovative member solutions.
The key focus areas that this new research center will explore includes:
- Creating Member-First Digital Strategies: Learn best practices for aligning employees, processes, and technology to enhance member experiences.
- Balancing Risk and Innovation: Discover how to navigate the tension between risk aversion and the need for digital innovation, fostering a culture that supports sustained change.
- Modernizing Tech Stacks: Explore alternative models for transitioning from legacy systems to more agile, modern environments.
- Guiding Tech Selection: Get frameworks to help select and implement new technologies that meet both organizational and member needs.
- Fostering Alignment: Identify strategies for maintaining alignment among all stakeholders within your organization.
- Upskilling Talent: Gain insights on cultivating and developing the right talent for the digital era, from associates to executives.
- Promoting Cooperation: Uncover opportunities to bring a cooperative mindset to digital transformation, enhancing member-based differentiation.
The Driving Forces Behind this Important Work
This initiative, led by the esteemed Dr. Gerald C. (Jerry) Kane from the University of Georgia, is here to help you navigate the ever-evolving digital landscape and drive growth through smarter, more efficient processes and enhanced member experiences. In today’s rapidly changing world, staying ahead of digital trends isn’t just a luxury—it’s a necessity. Dr. Kane, with his extensive background in organizational change and technological innovation, is the perfect guide to lead this critical research. Dr. Kane expressed excitement about leading this initiative, stating, "I am very excited to be leading this research with Filene and apply my decades-long experience in organizational change and how companies adapt to the digital world to the credit union system."
Jerry’s expertise in using digital tools to innovate through disruption makes him the perfect fit for this role. This research is poised to deliver actionable insights and strategies that will help credit unions like yours thrive in the digital era.
Filene Research Institute
The Center of Excellence for Design for Digital is made possible through the generous support of its credit union industry sponsors: Advantis Credit Union, Affinity Federal Credit Union, American Airlines Federal Credit Union, Digital Federal Credit Union, GECU, Maps Credit Union, Orange County’s Credit Union, Teachers Federal Credit Union, Tinker Federal Credit Union, Together Credit Union, Truliant Federal Credit Union, University Federal Credit Union, University of Michigan Credit Union and Visa.
Center Sponsors Share their Excitement for This New Journey
Visa is honored to sponsor Filene’s Center of Excellence for Design for Digital and co-create a Design for Digital Playbook that can be used across the industry. This initiative reflects our deep commitment to co-creating transformative solutions with industry pioneers who share our vision for innovation and growth.
Visa
Looking ahead to the next 100 years, the time has come for us to future-proof credit unions by transforming digitally while staying true to our purpose.
University Federal Credit Union
Sponsoring Filene Research Institute’s Center of Excellence for Design for Digital aligns perfectly with our vision of leveraging technology to deliver exceptional member experiences and create a culture of growth and adaptability.
Teachers Federal Credit Union
Filene’s work to identify and bring awareness to what credit unions must focus on at the intersection of digital experience, cultures of innovation, and the credit union value proposition will ensure ongoing growth, sustainability, and relevance for the entire system.
DCU
Want To Learn More About This Groundbreaking Initiative?
This is your chance to be at the forefront of digital transformation in the credit union industry. Visit the Design for Digital page to keep informed on the new insights coming from this new Center throughout 2025 and discover how you can become a part of this transformative journey. Let’s work together to drive innovation, enhance member experiences, and ensure the ongoing growth and relevance of credit unions in an increasingly competitive digital world.
