Envisant Becomes First CUSO to Sponsor Filene Center of Excellence

Envisant, a CUSO that is operated as part of the Illinois Credit Union System, became the first CUSO to sponsor Filene Research Institute’s Center of Excellence for Innovation and Incubation, Filene announced on Wednesday.

The Madison, Wis.-based think tank’s Center of Excellence for Innovation and Incubation, first announced in March 2021, is a three-year research project designed to measure and develop credit union innovation capabilities. Credit unions will benefit by gaining access to new insights and resources that will help them become leaders in providing innovative products and services that meet consumers’ current demands, according to Filene. The project is being led by Dr. Jeffrey Robinson, associate professor and academic director of The Center for Urban Entrepreneurship & Economic Development at Rutgers Business School.

Envisant joined a list of nine credit unions that are also serving as sponsors of the research: 4Front Credit Union ($873 million, Traverse City, Mich.), American Airlines Credit Union ($9.1 billion, Fort Worth, Texas), BECU ($29.5 billion, Tukwila, Wash.), Canvas Credit Union ($3.4 billion, Lone Tree, Colo.), Christian Financial Credit Union ($803 million, Sterling Heights, Mich.), Coastal Credit Union ($4.4 billion, Raleigh, N.C.), Corporate Central Credit Union ($3.3 billion, Muskego, Wis.), GECU ($3.7 billion, El Paso, Texas) and Weokie Federal Credit Union ($1.3 billion, Oklahoma City, Okla.).

“The consumer finance industry is being disrupted and fragmented with incredible speed as new technologies, solutions, providers and interfaces appear almost daily. At the same time, broader economic changes and the effects of the global pandemic have reshaped communities, job markets and the state of consumer financial health,” Filene President/CEO Mark Meyer stated. “In this ever-changing environment, credit unions must learn to adapt and uncover new solutions and business models that support their growth and impact. The center’s focus on the process of innovation will expand credit unions’ capabilities to solve consumer and business problems in novel and sustainable ways.”

Formerly known as LSC, Envisant provides a range of products and services – including credit and debit programs, pre-paid debit cards, portfolio development consulting, agent credit card programs, ATM services and debt collection – to more than 2,300 credit unions in 50 states.

“It’s an honor to have Envisant, a business subsidiary of the Illinois Credit Union League, be the first CUSO supporter of Filene’s latest research project,” Illinois Credit Union League President/CEO Tom Kane stated. “In this dynamic financial service space, life and business operations can change course quickly for both credit unions and their members. Research into practical approaches for innovation and applicable business models is a must to keep the credit union movement going strong in support of members’ financial well-being.”