i3 Innovations To Spur CUs

Register now

MADISON, Wis. - (01/16/06) – A number of new products andservices are being billed by a credit union Think Tank as anopportunity to change the face of credit unions and help themrecruit and retain new members. A new study issued by the FileneResearch Institute’s i3 group suggests that credit unionsfield test some of the new offerings and proposes new ways creditunions can put them into practice in their communities. They are:SmartScore, which provides members with their credit scores andeducates them on how ti improve their scores; Hi5, anincentive-laden youth savings account; Lifetime Auto Loans, anopen-ended credit agreement comparable to a home equity line ofcredit, for multiple loan advances; Flex.One Account, combining allmember accounts into one; MoneyWorks, which uses‘advocates’ to market credit union services toconsumers, much like a pyramid scheme; and MatriMoney, thatencourages cash gifts for newlyweds.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER