MADISON, Wis. – A special loan that lowers interest when members pay on time, a small business incubator for Gen Yers and a 60-day return policy for loans are among the new innovations being proposed by the Filene Research Institute’s i3 group.
The group’s new report, Key Findings: Blueprints for Innovation, presents 15 new ideas designed to fuel credit union growth and five updates on recently introduced innovations.
One of the new innovations is a concept called Lift, which recently received a $300,000 grant from the Center for Financial Services Innovation. Lift lowers interest and improves credit for members who make payments on time.
Another is the 60-Day Loan Guarantee, which builds trust by allowing members to return a loan in 60 days.
The Be N’ Biz connects Generation Y entrepreneurs with credit unions for business development.
Other proposals: the 2 Grand Plan creating a $2,000 emergency savings fund; the Co-Opera, making co-op to co-op lending and borrowing more accessible; the MI-COOP helping members buy a manufactured home; and, the goalmine, a simplified way to save and invest for college and other life goals.
The report also has updates on five important innovations being piloted among credit unions: Debt in Focus; Prize-linked Savings; Savings Revolution; The Leap and Virtual Finance.
