The Filene Research Institute's i3 teams have uncovered Credit Unions or CUSOs that are paving the way for innovation by testing or implementing an innovative program, process, or technology right now, including MSU Federal Credit Union and its wholly-owned CUSO Reseda Group.
Voting for the award goes through February 22, 2022 and can be cast online here.
The Lab at MSUFCU was established to identify, create, and execute opportunities for innovation at the Credit Union. By devoting resources to cultivating an entrepreneurial mindset, collaborative ideas can be generated that lead to pilots and new technology, products and services for members and employees.
“Fintech partnerships are a way for us to react to new technologies quickly without having to build everything ourselves. The lab ensures we can validate that these ideas actually resonate with our members. And our CUSOs provide a path forward for fintechs to thrive in the credit union industry,” explained Ben Maxim, VP of Digital Strategy & Innovation, MSUFCU and CTO, Reseda Group.
Since January 2020, The Lab at MSUFCU has evaluated 215 innovative fintech, digital transformation and emerging technology startups resulting in 12 fintech partner pilots. Seven of those pilots were completed with six “greenlit” to be fully implemented. Two of those “greenlit” products were early successes; a new service channel delivered to members in weeks and a chatbot build out in 10 days.
In 2021, MSUFCU established its wholly-owned CUSO to help support the best and brightest in FinTech and dynamic solution providers in the financial services space. Reseda Group has invested in 11 Fintechs & CUSOs including 3 subsidiary CUSOs Spave, Ever Green 3C, and Foresight Group. Reseda Group offers a complementary set of support for fintechs through investment and providing encouragement to focus on credit unions as a growth strategy as they scale. Several of Reseda's Investment companies started out as pilot partners in The Lab at MSUFCU.