Jun 23 2017
Conexus at a Crossroads: Structuring a Credit Union for Innovation
Conexus Credit Union had found itself at a turning point. How would it organize itself to deliver innovative products and experiences to its members? The questions Conexus’s leadership team was considering are probably the same questions keeping you up at night, too.
Filene Research Institute
Report Number 428
"We don’t have decades. We don’t have the luxury of time. What does the next generation credit union look like?”
Does this question sound familiar? Perhaps it’s been asked of someone on your board of directors or discussed in a leadership team meeting. Perhaps it has entered your mind like a lightning bolt when you least expect it.
It was a question on the mind of Eric Dillon, chief executive officer (CEO) of Conexus Credit Union in Canada. Like many credit unions, Conexus had enjoyed years of success but had realized what got it there would not get it where it wanted to go next. After multiple attempts at innovation, Conexus determined it needed to take a step back and consider redesigning the organization to better meet the needs of its members.
Answers to myriad questions aren’t yet known. This research is the first step in a journey that Conexus, Filene, and you will go on together. Using the case method technique perfected at Harvard Business School, this report presents the strategic considerations that Conexus’s leadership addressed. In upcoming months we’ll provide updates on what path Conexus chooses to take, what it learns, and what results come from decisions that are made.
As you consider the situation Conexus faced, what would you have done? How do the questions it faced apply to your credit union?
Filene thanks PSCU for its significant contributions to the Center for Organizational Entrepreneurship and generous support for making this important research possible.