The Lab at Filene: Taking CU Research to New Levels
Work at The Lab will focus on “quick and nimble” experiments to share with the credit union industry.
The Madison, Wis.-based Filene Research Institute announced an expansion of its abilities to innovate and test new credit union products and ideas with the addition of The Lab at Filene.
Filene Senior Director of Incubation Josh Sledge unveiled The Lab at Filene during the Filene Chair’s Breakfast held during CUNA’s Governmental Affairs Conference in Washington, D.C. last week.
Sledge explained The Lab at Filene as a next step in innovation that will consist of working with credit union stakeholders to conduct “quick and nimble” tests to give credit unions actionable insights and proven solutions. According to a statement from Filene, the “quick and nimble” abilities of The Lab will give credit unions faster and proven insights to questions while they are still relevant.
“From the inspiration of the industry’s biggest innovations to the innovators in Filene’s i3 program to the credit unions and organizations who step up to make sure our industry has a future; we are on the precipice of big things for credit unions striving to make an even bigger positive impact on their members,” Sledge said.
According to Filene, while The Lab may test fintech solutions, “it intends to have a broader portfolio to look at a full range of innovation opportunities including new distribution channels, partnership strategies for impact and internal practices for attracting talent.”
“This is a truly transformational moment,” Filene President/CEO Mark Meyer said. “Credit unions are seeing an overwhelming flow of new ideas, strategies, vendor solutions and fintech tools, making it difficult to know which ones will actually deliver growth and impact for their institution.”
Meyer continued, ”To adapt and grow, credit unions need a reliable and efficient testing platform to get quick insights into the solutions and opportunities that interest them the most. A unique ecosystem centered around The Lab will support the innovation we need now and guide credit unions to solutions with the highest potential for success.”
In its statement, Filene announced the first organizations to support and test with The Lab at Filene. Those organizations included the $6.7 billion, East Lansing-based Michigan State University Federal Credit Union (MSUFCU), Farmers Insurance Group Federal Credit Union ($1.2 billion, Burbank, Calif.) and Visa, Inc.
“It is imperative that credit unions invest in innovation and incubation to remain relevant to their members’ changing needs,” MSUFCU CEO April Clobes said. “How members interact with the credit union has changed drastically in the past few years and will continue to do so. The Lab at Filene is the opportunity our industry needs to take innovation seriously by testing new tools, strategies and solutions to grow and amplify impact.”
Filene stated it will hold an educational webinar on The Lab at Filene on April 19.