At Blue Oceans Workshop, Credit Unions Seek A Bigger Catch Of Competiveness

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Seeking to leverage the best selling book on business strategy, the Filene Research Institute gathered some 70 credit union executives here to discuss ways to become more competitive.

The two-day workshop was entitled "Exploring Blue Oceans for Credit Unions" and designed to help credit union executives create and nurture a culture of innovation in their organizations and apply proven, value innovation strategies to their planning, according to Filene.

It was named after the current best-seller, "Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant" by W. Chan Kim and Renee Mauborgne. It was led by Roch Parayre, Ph.D., Senior Fellow at the Mack Center for Technological Innovation at the Wharton School of the University of Pennsylvania and Managing Director of Decision Strategies International.

According to Filene, the seminar encouraged attendees to go beyond the confines of traditional strategic analysis and provided real-world guidance on how to create effective strategies that can help chart a credit union's future success. "Using best practices from well-known innovators such as Cirque de Soleil, Southwest Airlines, and Barnes & Noble, the workshop demonstrated how a value innovation approach can help organizations to create new market spaces and leapfrog the competition," Filene reported.

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