MADISON, Wis.-America (or at least its credit unions) has voted on Idea Idol, and the winner is HomeTrak.
Idea Idol was a project of the Filene Research Institute's i3 program and was designed to make a bit more entertaining the process of identifying the i3 project that could positively impact consumers while also making for a viable business model.
The idea came from Lisa Palma, an i3 member and COO of Blackhawk Community Credit Union, Janesville, Wis.
"We're happy to hear that our peers think we achieved that with HomeTrak "HomeTrak looks at 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," according to the institute.
Filene Chief Innovation Officer Denise Gabel said that "HomeTrak garnered not just interest in the idea, but support from credit unions that want to try it out."
The next step for HomeTrak is Filene's Innovation Lab, including identifying credit unions willing to pilot the concept.
Idea Idol began with 76 i3 ideas that were narrowed to four. The other three ideas included:
• Flex.One, a first mortgage combined into a home equity line, 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 with members who are willing to help.
• The Signal, a Web site that helps consumers navigate through the questions and complexities of disability benefits and asset building.
