The NAFCU Journal March-April 2020 - 30

The world is changing in exciting and
unpredictable ways. This study rightfully
claims credit unions need to be proactive
about preparing for that uncertain future.

to enable credit union growth in
the 21st century. The researchers
emphasize the need to create alternative sources of capital to fuel options
for growth. Inspired by their interviewees, they also begin to reimagine
credit unions' fields of membership and
communal common bonds to better
fit in a world that, as the researchers
write, is "increasingly likely to manifest

[relationships] in dynamic, digital- or
virtual-world contexts."
The researchers ask that we rethink the
creation and self-definition of credit
union fields of membership: "Credit
unions today do not serve only preexisting communities. Rather, communities are made and maintained, in part,
through participation in credit unions."

Edward Filene concluded his commencement speech in Buffalo by urging the
University of Buffalo graduating class
of 1936 "to find out how [the future]
is put together." One of the promising
highlights of this research is the authors'
contention that something as "old-fashioned" as the philosophy of cooperative
finance will still matter well into the
technology-enabled 21st century. Much
like the comfort of a physical book in
today's world of screens, that philosophy
is not an anachronistic relic but a beacon
that will illuminate a safe path for credit
unions as they make their way into an
uncertain future. Past is prologue, but
maybe not in the way you think.
To access the full report, a strategic
planning guidebook and slide decks
associated with The Credit Union of the
Twenty-First Century project, please
navigate to filene.org/459.
George Hofheimer is executive vice president and chief research and development
officer at Filene Research Institute.

With many enticing offers, consumers are
confused and do not know who to trust.

Focus on relationships, values, and authenticity
is in demand.

Consumers want to save more, weigh options,
and receive carefully personalized advice.

Organizational mission is becoming an explicit
part of consumers' decision- making.

Combining data-driven recommendations and
human advising to offer a competitive advantage.

Trust is a function of both credibility and capability.

Automation of routine tasks free credit unions
to concentrate on specific member needs.

Strong member experience is channel-agnostic.

Most banking interactions are driven by AI
and machine-learning algorithms.
Highly efficient institutions may offer most
cost effective solutions.

Behind-the-scenes and in-the-background.
Almost atmospheric.
Money is a facilitator of other activities.
Interactions offer a mix of AI interfaces and
human handoffs.

LOW-LEVEL INTERACTION
30

CREDIT UNION AS A PERSONAL FINANCIAL PARTNER

CREDIT UNION AS ONE OF MANY PROVIDERS

HIGH-TOUCH INTERACTION

Level of interaction
Depth of credit union-member relationship

THE NAFCU JOURNAL  MARCH-APRIL 2020


https://www.filene.org/459

The NAFCU Journal March-April 2020

Table of Contents for the Digital Edition of The NAFCU Journal March-April 2020

The NAFCU Journal March-April 2020 - Cover1
The NAFCU Journal March-April 2020 - Cover2
The NAFCU Journal March-April 2020 - 1
The NAFCU Journal March-April 2020 - 2
The NAFCU Journal March-April 2020 - 3
The NAFCU Journal March-April 2020 - 4
The NAFCU Journal March-April 2020 - 5
The NAFCU Journal March-April 2020 - 6
The NAFCU Journal March-April 2020 - 7
The NAFCU Journal March-April 2020 - 8
The NAFCU Journal March-April 2020 - 9
The NAFCU Journal March-April 2020 - 10
The NAFCU Journal March-April 2020 - 11
The NAFCU Journal March-April 2020 - 12
The NAFCU Journal March-April 2020 - 13
The NAFCU Journal March-April 2020 - 14
The NAFCU Journal March-April 2020 - 15
The NAFCU Journal March-April 2020 - 16
The NAFCU Journal March-April 2020 - 17
The NAFCU Journal March-April 2020 - 18
The NAFCU Journal March-April 2020 - 19
The NAFCU Journal March-April 2020 - 20
The NAFCU Journal March-April 2020 - 21
The NAFCU Journal March-April 2020 - 22
The NAFCU Journal March-April 2020 - 23
The NAFCU Journal March-April 2020 - 24
The NAFCU Journal March-April 2020 - 25
The NAFCU Journal March-April 2020 - 26
The NAFCU Journal March-April 2020 - 27
The NAFCU Journal March-April 2020 - 28
The NAFCU Journal March-April 2020 - 29
The NAFCU Journal March-April 2020 - 30
The NAFCU Journal March-April 2020 - 31
The NAFCU Journal March-April 2020 - 32
The NAFCU Journal March-April 2020 - 33
The NAFCU Journal March-April 2020 - 34
The NAFCU Journal March-April 2020 - 35
The NAFCU Journal March-April 2020 - 36
The NAFCU Journal March-April 2020 - 37
The NAFCU Journal March-April 2020 - 38
The NAFCU Journal March-April 2020 - 39
The NAFCU Journal March-April 2020 - 40
The NAFCU Journal March-April 2020 - Cover3
The NAFCU Journal March-April 2020 - Cover4
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