LANSING, Mich.––The Michigan Credit Union League and the Cornerstone CU League have signed on to support one of Filene Research Institute’s Centers of Excellence in an effort to broaden awareness of credit unions for Millennial and Gen Z consumers.
Specifically, the leagues are supporting Filene’s newest center, “The Next Generation of Member Growth,” which is focused on what future members are seeking in a financial partner and on how to capture those members.
The Cornerstone League said it signed a Letter of Commitment to Filene for a $150,000 sponsorship.
“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,” Caroline Willard, president/CEO of Cornerstone League, said in a statment. “We feel that it’s important for us to give back to the movement by funding this important research.”
‘Crucial for Future’
"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," Filene CEO Mark Meyer said in a statement. "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.”
In a statement, the Michigan league and Filene said they believe that forming lasting relationships with Millennials and Gen Z consumers is integral to the growth of credit unions.
The Michigan league added that the partnership is a three-year commitment and that it is fueled by its interest in helping credit unions of all sizes identify the financial habits and needs of the next generation of members.
Opportunity to Dig In
“I have been looking for an opportunity to sync up and dig in with Filene and this Center is the perfect choice,” MCUL CEO Patty Corkery said in a statement. “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.”