CORONADO, Calif. — A couple of credit union leaders who have ignited product innovation in their own state are now looking to ignite it in others.
In this case, "ignite" is the name of an initiative in Indiana aimed at cooperatively developing innovating products and services on a shoestring budget. Inspired by the Filene Research Institute's i3 Group, it is open to "emerging leaders" and has just one CEO as a member.
"Ignite is a forum for new idea exchange/implementation, collaboration and networking," said Jim Johnson, VP-member services with 3 Rivers FCU, adding the process can be "replicated anywhere."
Indiana's ignite model has three elements: educational sessions, working groups (which develop new ideas and are responsible for implementation), and experiences (that would be beneficial for someone wishing to participate in Filene's i3 group in the future).
Members of ignite break up into various working groups, with names such as Taped Crusaders and Combustible 5, and each pursues a project. "This has made me think differently about just about everything I do," said Johnson, who provided an update of ignite to attendees at Credit Union Journal's Grow Show.
At 3 Rivers, it created a three-minute-long internal radio show it calls WCUR, "the CURE," that it creates as a .wav file using Microsoft Media Player and broadcasts on its Intranet. Two employees "broadcast" the show aimed at boosting internal communication.
Joining Johnson at Grow Show was Gary Icenogle, VP-marketing and operations at NorthPark Community CU. In 2008, Icenogle's ignite group developed a product it calls "DriveUp Savings," a savings product attached to an auto loan. Since being piloted by NorthPark Community, 42 DriveUp Savings accounts have been opened, with an average loan APR of 6.73%, and average monthly savings per account of $26-"which is $26 more than most of them probably would have saved," said Icenogle.
Another CU has also piloted the product, but reworked, repackaged and remarketed it after a tepid response. It has since opened 13 such accounts.
Another ignite initiative is called FYISavings, a savings account that teaches youth to develop solid financial management skills. "We took at 401(k) approach with yearly goals and incentives based on achievement of goals," said Icenogle. "Funds must stay in that account until 18 years of age. Anyone can contribute. It is being piloted by Finance Center FCU and is being run through its student run credit unions, with a matching incentive. (For info,
Two other ignite effort are using social networking technology as a means of communicating with members (CU Thru Life and ConnectCU). The latter uses NING, the free, do-it-yourself social networking creation site. "The whole world is communicating this way, so why can't we as well," said Icenogle.
The CU Thru Life product is being piloted by Three Rivers FCU, and includes a blog connecting the Sandwich Generation to other elder caregiver groups with resources and information. It was marketed to outside elder care groups, and had 265 hits from September 2008 through March 2009. (For info:
"These innovative ideas, products and services are something we want to share and take beyond Indiana," said Johnson, noting that four new groups have been formed, and most recently spent time in Indianapolis interviewing companies and asking what they do to set themselves apart.
