MADISON, Wis. -
The innovations, now available for implementation at credit unions, were developed by teams made up of members of the Filene Research Institute's i3 Group, which stands for Ideas, Innovation and Implementation. i3 members are charged with identifying and creating new products, services and business models to help "transform" credit unions. The latest batch of ideas was presented at i3 Group's recent Stampede in Dallas.
"This year's new i3 ideas reach across the entire spectrum of credit union operations," said Denise Gabel, chief innovation officer of the Filene Research Institute. "They range from a community-development project of possible national scope to education in cyberspace, as well as tweaks to existing credit union products that can help deepen relationships with members and encourage them to easily increase their savings."
Filene's i3 Group is a work group of credit union professionals (employed with a credit union or credit-union service organization) who have not yet reached the CEO level at a credit union, but are in a position with substantial responsibility. The group is designed to reflect a diversity in experiences, credit union positions, geography and credit union membership. The group's goals are to: identify and evaluate recent credit-union innovations that meet member needs/wants; lower costs and increase credit-union operational efficiencies; build member loyalty; meet the special needs of member segments; enhance credit-union effectiveness; develop and implement new innovative ideas that address major issues, problems and opportunities facing credit unions; identify and evaluate innovations in other organizations that could be adopted by credit unions; and provide a forum for cooperation, collaboration, professional development and industry-succession planning.
"Our model of open-source innovation is so exciting because these ideas can now be piloted and enhanced, thanks to the unique cooperative structure of the credit-union industry," Gabel said. "Imagine the 'Saving Challenge' sweeping through the United States and Canada-helping families save-brought to you by credit unions. Credit unions can all get behind this idea...Because credit unions are different from one another in many ways, they all offer savings products to their members. Tell me Oprah and Suze Orman wouldn't find this newsworthy."
For info: www.filene.org/i3.
The 7 New Initiatives From i3
The following are the newest solutions to have been developed by i3:
* Auto Resource Center. A package of tools that credit unions can add to their websites to help members manage everything relevant to auto ownership.
* Auto Savings. A product that promotes forced savings by giving members the option of signing a contract to add a specific amount of to each auto loan payment that would be credited to a savings account.
* Community Impact. A shared resource business model to help credit unions partner with public and private enterprises to engage in community development projects in the spirit of "people helping people,"
* Lot$a Mot$a. A destination where young people can go to learn the basics about money (mot$a) through fun, interactive experiences.
* Savings Revolution. This two-pronged promotion encourages members to get out of debt and build wealth through a "Savings Challenge" contest between selected members publicized in the community and online resources where all members share tips and suggestions for meeting financial goals,
* VIRTUALFINANCE. The use of virtual worlds to attract and education Generation Y members about financial literacy.
* Women: A Strategy for Success. A comprehensive look at helping reduce the headaches of bill paying and budgeting, and creating a greater sense of financial independence.
