MCUL Partners with Filene on Center of Excellence Initiative
The Michigan Credit Union League (MCUL) has announced its new partnership with Filene Research Institute’s Center of Excellence in an attempt to broaden awareness of credit unions for Millennial and Gen Z consumers. The center is “The Next Generation of Member Growth” and will focus on diving into what future members seek out in their financial partner and how to capture those members.
Filene first introduced the concept of Centers of Excellence in 2016 to help organize research around pressing issues facing the future of credit unions. Based on research and feedback from credit unions and other partner organizations, the project highlights key focus areas and actionable research to help credit unions make a transformative impact in the coming years.
"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," said Mark Meyer, CEO of Filene Research Institute. "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.”
MCUL and Filene believe that forming lasting relationships with Millennials and Gen Z consumers is integral to the growth of the credit union industry. This partnership is a three-year commitment fueled by MCUL’s interest in helping credit unions of all sizes identify the financial habits and needs of the next generation of members. MCUL is joining with the Cornerstone League as part of this initiative.
“I have been looking for an opportunity to sync up and dig in with Filene and this Center is the perfect choice,” said MCUL CEO Patty Corkery. “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.”
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