How technology impacts credit unions and their members

September 8, 2020

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Maurer receives renewed three-year funding commitment for 2020-2023 from Filene Research Institute to support projects tied to cash, credit

What steps can consumers take to protect their credit during the pandemic? The question is likely on many minds as economic fallout from COVID-19 continues to plague pocketbooks and force tough decisions about which bills to pay, says UCI anthropologist and social sciences dean Bill Maurer.

"The impact of COVID-19 on credit scores is only beginning to be appreciated," he says. As the lead research fellow at UCI's Filene Center of Excellence for Emerging Technology, Maurer will continue his work on how technology impacts credit unions and their members. In July, the Filene Research Institute granted Maurer a renewed 3-year funding commitment of $240,000. Given the pandemic, Maurer's research agenda includes topics related to the shift to digital service delivery that has been accelerated by COVID-19.

"The way we do money has shifted as a result of COVID-19 and put a spotlight on the real time risks credit unions and consumers face when so much of our lives are conducted virtually," says Maurer who also serves as dean of the School of Social Sciences and directs the UCI Institute for Money, Technology & Financial Inclusion. "Cybersecurity, credit equity and access, customer experience and even physical banking are all very critical issues that take on a sense of urgency when you consider the importance of money in our everyday lives and how many of our practices have been upended due to the pandemic."

Over the next three years, Maurer and researchers at the center will explore:

  • Digital Credit Scoring and Digital Redlining Post-Covid19: Equitably Repairing in the Recovery
  • Customer Experiences with AI Virtual Assistants: Intimacy, Empathy, and Necessity
  • Reimagining Bank ATM Machines, from Cash-Out to Curbside Banking
  • Security for A Tele-Everything World: Cybersecurity Risks and Needs Assessments as More Consumers Continue to Work, Live, Buy, and Bank Remotely
  • Research will be distributed directly to consumers and credit unions via webinars, forums and digestible briefs on the topics – including a one-pager to be released soon aimed at helping consumers understand and protect their credit during the pandemic.

 "Monitor your credit, request accommodations, watch out for scams, and talk to your credit union about getting through if you're running into financial difficulty," he says. "We are in for rough waters, but credit unions have always been trusted partners. Our work will help them navigate the tech and consumer behavior trends ahead."

Funding for the projects began in July and runs through June 2023.

 

From the COVID-19 Resource Hub:

The CARES Act and Credit Reporting: What Credit Unions Need to Know, September 10, 2020

Digital Transformation in the Age of COVID-19: What Should Credit Unions Deliver?, May 27, 2020

 

Filene Fill-In Podcasts:

Ep. 66: Managing Misinformation in the Midst of a Pandemic with COVID-19 Financial Scams, April 22, 2020

Ep. 56: Car Ride with Filene Fellow Bill Maurer, August 21, 2019

 

Reports:

Opportunities and Risks of Conversational AI for Credit Unions: Empathy and Intimacy in Automated Financial Customer Service, May 21, 2021

The Lessons of Fintech Apps: Design Matters for Personal Finance, November 20, 2019

Oh Shoot! Now What? Technology in a Time of Crisis: Research in Action Recap, July 31st, 2018

Weighing the Risks of a Fintech Partnership, Feb 6, 2018

Credit Union Regtech: Innovation and Expertise, Jan 8, 2018

 

Research Events | Center for Emerging Technology:

Credit Unions in an Age of Insecurity, January 28-29, 2020

The Future of Trust: How Technology Will Make it or Break it for your Credit Union, May 29-30, 2019

Research Update: "The Lessons Fintech Apps Teach, Or Don't..."

Research Update:  "Auditing Algorithms For Bias and Exploring New Collaborative Data Models for Credit Unions"

 

 

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