MADISON, Wis. – The Filene Research Institute said the winner of its Idea Idol new innovations contest is HomeTrak, a device that follows the cost of owning a home in a unique way, helping homeowners plan for the maintenance and replacement costs of major appliances, home upkeep and other expenses.
The new innovation, chosen by online voters during a live Idea Idol Webinar Sept. 14, was the top choice from a number of entries, including: Flex.One, a first mortgage combined into a Home Equity Line of Credit with all the capabilities of a checking account; Heartfelt Hands, which uses the “angel tree” concept of recognizing an emergency financial need and matching that financial need with members who are willing to help; and, the Signal, a website that helps consumers navigate through the questions/complexities of disability benefits and asset building.
HomeTrak now will enter the Filene Institute’s innovation lab, which has helped to breathe life into innovations such as Save to Win, Savings Revolution, and Debt in Focus.
Credit unions’ continued support of this idea can come in many forms. Some credit unions will believe in the idea so much that they will agree to pilot the idea and send Filene data that will support or disprove its merit. Others will patiently wait for these results to manifest, and launch the idea as early adopters. Still others will see tests such as this as vital to the future of the credit union system, and fund the institute’s innovation initiatives.
Credit unions interested in piloting HomeTrak or any of the runners up, should contact
