MADISON, Wis. — Filene Research Institute has launched a new Center for Differentiation & Storytelling aimed at helping credit unions better define their value proposition, strengthen member relationships and improve how they communicate with consumers in an increasingly competitive financial services marketplace.
According to Filene, the new Center of Excellence will focus on helping credit unions use data and behavioral insights to clarify what makes them different, align business strategy around members and develop messaging that builds long-term loyalty.
The center launches with 11 founding sponsor organizations and will be led by Dr. Jonathan Zhang, the Ajay Menon Professor in Business and associate professor of marketing at Colorado State University.
Filene said the initiative comes at a challenging time for the credit union industry. Citing National Credit Union Administration data, the organization said 56% of all credit unions and 60% of institutions with less than $1 billion in assets lost members during 2024, despite industrywide efforts to increase public awareness.
Hard to be Seen & Heard
The organization said expanding fields of membership, growing competition from banks and fintechs, and the rise of digital wallets, embedded finance and AI-driven commerce have made it increasingly difficult for credit unions to distinguish themselves.
“When we talk to credit union leaders, they’re eager to invest in marketing and brand, but the most compelling storytelling in the world can’t compensate for a value proposition that isn’t clearly defined,” Filene Executive Vice President Christie Kimbell said in a statement. “Storytelling without differentiation is just noise.”
Three Primary Areas
According to Filene, the center will be organized around three primary areas:
- Member understanding through consumer and behavioral research.
- Defining clear competitive differentiation for credit unions.
- Developing compelling storytelling strategies that build trust and loyalty.
The research agenda will examine several issues facing credit unions, including:
- How data can be used to better understand and engage consumers.
- Why consumer behavior often differs from stated preferences.
- Which purpose-driven marketing strategies are most effective.
- How credit unions can measure and strengthen member loyalty.
- How institutions can define and communicate a distinctive value proposition.
- How credit unions can increase public awareness without focusing on explaining the credit union model itself.
- How to create memorable brand experiences that stand out from competitors.
Replacing Assumptions
Zhang said the center will focus on helping credit unions replace assumptions with data-driven decision-making.
“What excites me most about this work is helping credit unions move beyond assumptions about what their members value and use real data to build differentiation strategies that will resonate and last,” Zhang said in a statement.
Filene said the center’s founding sponsors include American Airlines Federal Credit Union, American Eagle Financial Credit Union, America’s Credit Unions, Coastal Credit Union, FourLeaf Federal Credit Union, GoWest Credit Union Association, Kinecta Federal Credit Union, OneAZ Credit Union, orsa credit union, Visions Federal Credit Union and Westerra Credit Union.
The sponsors will help establish the center’s research priorities and collaborate on projects designed to address real-world challenges facing credit unions, according to Filene.
What the World Doesn’t Know
Tansley Stearns, president and CEO of orsa credit union, said the industry’s challenge is not its impact but its ability to communicate that impact effectively.
“The world just doesn’t know it,” Stearns said in a statement. “That’s not a program problem. That’s a story problem.”
Meghan Burris, chief communications and marketing officer for America’s Credit Unions, said the organization is partnering with Filene to strengthen how the credit union movement communicates its value to members, policymakers and the broader public.
