MADISON, Wis. The Filene Research Institute’s i3 innovations program has proposed nine new ideas, including a national network that helps credit unions sell repossessed cars, a web application to track milestones for homebuyers and a mobile app that helps members determine the future value of their savings for retirement planning.
Innovations developed by the credit union think tank have helped create popular prize-linked savings accounts, software that automatically lowers interest rates for on-time payments, a mortgage to help buy junior his first house with equity pledged by relatives and a “Retirement Positioning System” that helps consumers get ready for retirement.
The new report, "Nine of the Latest Ideas from Filene i3,” details:
* Homease. A web application designed to ease the anxiety of home financing, Filene said Homease tracks key milestones for homebuyers during the confusing mortgage process, similar to a popular pizza tracker, helping to reduce mortgage-related call volume from members;
* CUnited. Essentially a "dating website" for credit union leaders looking to collaborate with peers throughout the country, CUnited matches users based on an algorithm Filene said compares expertise, interest and willingness;
* WheelChoice. A national network that helps credit unions sell repossessed cars directly to dealers, arranges a dealer consignment relationship, and develops a short-term car sharing program for members;
* Living Your Legacy. A Web application that provides unbiased, confidential, lifecycle-based insurance information to credit union members, providing access to qualified, helpful professionals;
* The Credit Union Well-Being Incentive Program. A mobile app Filene said rewards credit union members who make socially responsible choices, helping to develop a membership base that is less risky, highly aligned with the credit union's mission, and more loyal all key components in helping generate revenue;
* Future Forward. A mobile app that helps credit union members determine the future value of their savings if applied to retirement or existing debt;
* MyDime. A tablet app that helps members choose loan terms on their own and reach out to the key 18-34 demographic, the peak demand group in consumer lending;
* Interplay. According to Filene, this app makes the workplace fun by using gaming components that give job-related rewards and teaches skills to engage credit union employees, a first step in retaining talented workers and preventing turnover; and,
* Mobile Payments. An update to last year's i3 idea Flash Note, Mobile Payments is an agnostic form of payment that uses existing point-of-sale infrared scanning technology to help credit unions jump from traditional payment types to digital.
