INDIANAPOLIS-The innovations developed by the working group members of the Indiana Credit Union League's ignite initiative in early 2008 are now ready for credit union implementation.
Several CUs in Indiana have committed to offering these innovations, and working group members are seeing additional CUs to adopt them.
"The leadership team and the working groups have done a remarkable amount of work since ignite was introduced," said League President John McKenzie.
Projects ready for implementation include: Connect U and Connect CU Through Life, web-based approaches that allow current and potential members to network, exchange information, seek advice, and make a credit union's website an important information hub and peer-to-peer resource; and Drive Up Savings and FYI Savings-For Young Professionals, which are savings-focused innovations with one tied to a vehicle loan and savings product combination that offer the same rate, and the other set up similar to a 401(k) plan for young people where funds can be used for major life events after age 18.
The ignite initiative is a joint venture between the Indiana League and three Indiana CU representatives associated with the Feline Research Institute's i3 program-Doug True, SVP of technovation at FORUM CU and president of Forum Solutions; Bob Falk, CEO at Purdue EFCU; and Nan Morrow, VP of corporate development at Centra CU.
"All of the ignite innovations are open source, meaning that there is no cost to a credit union wanting to use the ideas," Morrow explained. "Any of the ideas can be adapted or modified to fit the needs of any credit union wanting to use them, so while the working groups have provided templates for implementation, the specific implementation plans can be as individual as the credit unions using them."
The ignite initiative was introduced at the League's annual Managers Conference in August 2007. That meeting was followed up with a call for applications from among Indiana's affiliated CUs. Participants were selected based on their credit union background, their references, and their answers to essay questions.
"We had a desire for ignite to be balanced and to represent as many as Indiana credit unions as possible," True said, "and I think we have achieved that." There are 20 "igniters" representing 17 Indiana CUs.
Originally Reported In CU Journal: Jan. 25, 2008
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