Top 5 Most Read Blogs of 2021

Data analytics touches every part of an organization and simply put, insights from data can drive your business strategy forward and help your members meet their financial goals. But just because data exists, doesn’t mean it is accessible, clean, or integrated across business processes. No matter where you are on your analytics journey, use these insights from our Center of Excellence sponsors to advance your efforts forward into the new year and beyond.

Credit unions face a systemic scale disadvantage in the technology acquisition race with mega and regional banks that have multibillion-dollar IT and innovation budgets. But credit unions need not panic. There is a winning strategy that builds upon credit unions’ historic strength in deeper relationships and better member service. Credit unions can make major steps forward through the deployment of the latest technologies, a member segmentation strategy, and understanding the unique capabilities of each channel.

We’re all familiar with the canary in the coal mine allusion. It describes an early warning sentinel that can help alert us to danger when there is still time to take evasive action. Looking at call report data from 2020, net revenues for credit unions dropped by 48 basis points in the fourth quarter. Net revenue is the canary in the coal mine—an early indicator of trouble on the horizon. Filene partner Mike Higgins looks back at financial data from 2020 for insights into how well the system has weathered the storm and clues indicating the path forward.

The pandemic exacerbated the gender, racial, and economic inequalities facing survivors of domestic violence, deepening their economic insecurity and putting them at increased risk of future abuse. Economic abuse makes many DV survivors especially vulnerable to financial hardship during this period of economic downturn. In supporting those most vulnerable, credit unions support needs across all member groups. Credit unions can be a vital part of the efforts to provide immediate help and support longer-term initiatives that can lift entire communities.

We often hear about the “business case” for diversity, or how diversity at different levels of an organization can improve financial performance.  Organizations often assess their success in managing diversity by instituting what are considered to be “best practices” in the field.  What we don’t hear about are the specific practices that help drive business value. Filene’s inaugural survey--which offered participants personalized data compared to industry standards--reveals which bundles of DEI practices directly relate to firm performance.