In an era of rapid transformation in financial services, staying ahead means embracing innovation. With the influx of fintechs, neobanks, and big tech firms reshaping the landscape, it's essential for credit unions to leverage new approaches to expand reach, deepen engagement, and drive growth.
As a Center of Excellence partner, State National is proud to present Filene's original research report "Innovation Matters: Creating Competitive Growth in Credit Unions." This comprehensive guide illuminates the critical role of innovation in adapting to evolving market demands and highlights practical strategies credit unions can use to remain competitive.
“It is imperative that credit unions invest in innovation in order to remain relevant to their members’ changing needs. How members interact with the credit union has changed drastically in the past few years and will continue to do so. We should be the members’ first choice for all things financial because we provide the relevant tools and resources they need and desire.”
"Break away from the notion that you have to take your ideas from a traditional and large credit union vendor. Instead, look at more ideas and vendors, talk to people, play with solutions for a while, and go with the ones members will like. This is basically what we have done. I search for solutions and take the ones that are affordable, easy and secure, and fit what we are looking for. You have to get outside your own environment and see how other people are innovating and creating. Then you have to ask yourself: How can I innovate? How can I create?"
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