As the final member of Filene’s “Inner Circle,” this support advances credit union innovation and impact
Madison, Wis. and Honolulu – Hawaii State Federal Credit Union signs on as the fiftieth and final member of Filene Research Institute’s Inner Circle, an elite group of innovative leaders in the credit union industry supporting Filene’s Centers of Excellence.
Representing more than $240 billion in assets and serving 13.5 million members*, the organizations that form Filene’s Inner Circle now span across the entire country.
Filene’s six Centers of Excellence are focused on Diversity, Equity & Inclusion, Consumer Financial Lives in Transition, Emerging Technology, Data Analytics, Community Impact, and Innovation & Incubation.
Hawaii State FCU’s support enables research on community social impact, innovation, and incubation.
“Hawaii State FCU is a proud supporter of the Filene Research Institute and we are honored to serve as the organization’s 50th Inner Circle member,” said Andrew Rosen, president and CEO of Hawaii State Federal Credit Union. “We look forward to working closely with Filene and the other 49 credit union members as we explore and adopt new innovative products and services that meet the ever-changing needs of our members and communities in Hawaii.”
Collectively, these 50 Inner Circle organizations funded more than $13.5 million of industry research that will continue to emerge and create exponential impact as more organizations put the ideas into practice.
Research produced within Filene’s Center for Community Social Impact, a five-year project, will expand the knowledge and practice of social impact so that credit unions can develop a strategic advantage in the communities they serve and become a catalyst for positive community transformation. Projected outcomes include documentation of industry business models that enable community transformation, financial empowerment, and economic prosperity.
Filene’s Center for Innovation and Incubation is a three-year project studying current trends for how credit unions can respond to members’ desire for greater financial services innovations that meet their needs and their communities’ needs today while also exploring the general state of innovation across the credit union system.
“By engaging in our work, we’ve watched credit unions expand their capacity and capabilities to rapidly innovate, expand their digital footprint, redefine their value proposition and mine for continued growth. Credit unions are showing up for their employees, members and communities while finding opportunities to grow and lead within the financial services sector,” said Filene’s president and CEO Mark Meyer. “The focused longitudinal research and incubation Filene conducts around the most pressing challenges faced by this industry would not be possible without the forward-thinking innovation mindsets of our Inner Circle supporters.”
“We are thrilled to welcome Hawaii State FCU, from our nation’s fiftieth state, as our fiftieth Inner Circle member. What makes it even more special, is to do so this month as Hawaii celebrates its Statehood Day on August 19,” added Meyer.
*Asset size and membership totals include natural-person credit union organizations only.
About Hawaii State Federal Credit Union: Hawaii State Federal Credit Union (Hawaii State FCU) was founded in 1936. Serving state, city and county employees as well as non-profits and select businesses and their families across the state, Hawaii State FCU has more than 120,000 members and $2.3 billion in assets. Hawaii State FCU provides financial advising, checking, savings and loan services on Oahu and in Kahului, Maui. For more information, visit www.HawaiiStateFCU.com.
About Filene: Filene Research Institute strengthens organizations through innovative research and incubation to improve consumer financial well-being. As an independent cooperative finance think tank, Filene’s membership network connects a community of leaders and bright minds to change lives through innovation, truth and cooperation. In addition to delivering cutting-edge, actionable academic research, Filene also provides incubators to test and scale solutions, events to spark organizations into action and advisory services to help accelerate and implement innovation. For more information, visit filene.org and @fileneresearch.