MADISON, Wis. – CUNA Mutual Group has made a $1 million contribution to the Filene Research Institute to fund the first of a planned five Centers of Excellence, which will offer deeper, more focused and practical research and direction. The first Center will be the Center for Consumer Decision Making. Plans call for all five centers to be in place by 2017; sponsors for the other Centers have not been announced.
Led by Hope Schau, associate dean of Eller MBA Programs and marketing professor at the University of Arizona, the Center of Excellence for Consumer Decision Making will research consumer money behaviors and emerging societal trends associated with financial decisions.
“Credit unions are an indisputable force for good in the lives of millions of Americans,” said Robert N. Trunzo, president and CEO, CUNA Mutual Group. “This research will provide valuable insights to help build the credit union movement for the future.”
Led by world-class academic thinkers from across North America, Filene said the new Centers of Excellence will “produce unique research and engagement opportunities for Filene members and the credit union movement. Designed to address the changing needs of credit unions and their members, the Centers of Excellence will explore critical and emerging topics regarding the future of consumer financial trends to encourage credit unions to think differently and do amazing things to change people’s lives.”
During a breakfast hosted by Filene during CUNA’s GAC, Executive Director Mark Meyer said, “We are about to embark on a very different strategy on Filene. W are really going to focus on truncating our research and the issues that are most important to you in the long haul. At end of day research is terrific and innovation is fun, but if it’s not creating change and making an impact on your members’ lives, what’s the point? I really believe you will find this new model meets the needs of your members and all Americans.”
According to Filene, the Center of Excellence for Consumer Decision Making will focus on three distinct areas:
Money Behaviors: Understand trends in money behaviors, such as borrowing, saving, and wealth management, to help credit unions better serve members and appeal to viable new target markets.
Consumer Preferences and Behaviors: Examine consumer preferences and behaviors related to retail banking and the design and structure of new products to best align with consumer preferences.
Emerging Societal Trends: Evaluate emerging trends with implications for retail banking, including the sharing economy, multi-generational living, increased longevity, and emerging models of home and asset ownership.
Filene said that other Centers of Excellence to be launched in the next two years will focus on organizational innovation and entrepreneurship; emerging technology; performance and operational excellence; and war for talent.
For more info: www.filene.org