Michigan & Cornerstone Leagues Support Filene’s Focus on Member Growth
MCUL says its three-year commitment with Filene aims to find what the next generation of members need.
Patty Corkery, CEO of the Michigan Credit Union League (MCUL), has been looking for an opportunity to sync up her Lansing, Mich.-based organization with the Madison, Wis.-based Filene Research Institute on a project that could have a significant and positive impact on the credit union industry’s future. On Wednesday, Corkery announced she found that exact project: “The Next Generation of Member Growth.”
In a statement, MCUL said it has partnered with Filene’s newest Centers of Excellence focused on broadening awareness of credit unions for the millennial and Gen Z population. This project will aid in identifying “the financial habits and needs of the next generation of members.”
MCUL’s partnership with Filene will be a three-year commitment for this Centers of Excellence project and it’s one that Corkery believes will help achieve a positive result for all credit unions of all sizes across the U.S.
“I have been looking for an opportunity to sync up and dig in with Filene and this Center is the perfect choice,” Corkery said. “Member growth is critical for our industry, especially for our smaller credit unions who often report loss of membership. Our team is thrilled to be on this ride with the amazing Filene team, and with Research Fellow Kim Lear, to develop strategies and tactics to support our credit unions in Michigan and around the country.”
Filene announced this new research project in June and “The Center of Excellence for The Next Generation of Member Growth” is being led by Filene Fellow and Inlay Insights Founder Kimberly Lear, who is a highly respected generational sociologist.
On Friday, Cornerstone League President/CEO Caroline Willard also announced her organization’s support of Filene’s project.
“Cornerstone League is committed to helping credit unions grow, so we want to invest in this partnership with Filene Research Institute and the Michigan Credit Union League,” Willard said. “We feel that it’s important for us to give back to the movement by funding this important research.”
Filene CEO Mark Meyer said, “Millennials and Gen Z are crucial for the future of credit unions. However, these generations aren’t finding the financial institutions they need, and credit unions are struggling to find ways to attract new, younger members. Despite the current disconnect, there is overlap in the needs and beliefs of these generations and how credit unions conduct business, which is why Filene has launched the Center of Excellence for The Next Generation of Member Growth. With support from organizations like the Michigan Credit Union League, the work of this Center will identify strategies, including internal and external practices, to attract, engage and retain the next generation of credit union members.”
According to Filene, six other credit unions and Fiserv also announced support of this particular research initiative.