MADISON, Wis. (1/6/15)--A new white paper from the Filene Research Institute explores how credit unions can measure and promote positive impact they have on their members and communities to enhance their standing in the financial services marketplace.
A range of credit unions with assets from $27 million to $11 billion were interviewed for the report, "Choosing Relevance: How Credit Unions Can Harness Transparency and Show Impact."
According to the report, credit unions could fare better in the marketplace if they show how they help members navigate life-cycle and other financial challenges in normal and turbulent economic periods. Credit unions should use business intelligence to see, show and share impacts benefiting members and the communities that they serve.
Fulfilling these goals will mean going beyond typical banking metrics and practices. Strategies that emerged from credit union executive interviews include: