It’s not enough to simply parody the most popular reality show on television. The Filene Research Institute’s first ever Idea Idol dialed the amplifier to ‘11’ with three key differences:
- Our judging panel had two Stevens (Barnes and Schlundt), one Paula (Kitchens), one Jennifer (Sider), and a Simon (Jim)...and 109 additional credit union innovators from the U.S. and Canada.
- Our contestants have a chance of transforming the way consumers manage their finances, help their communities, and save money through credit unions.
- William Hung was not invited.
The judges have spoken! The idea that you decided had the best overall chance of being implemented at credit unions and positively impacting consumers, while promising a viable business model was (cue the interminable Ryan Seacrest pause) ... HomeTrak!
This idea looks at the cost of owning a home in a unique way, helping homeowners plan for the maintenance and replacement costs of major appliances, home upkeep, and other expenses.
HomeTrak will now enter the Filene Research Institute innovation lab, which has helped to breathe life into innovations like Save to Win, Savings Revolution, and Debt in Focus. Credit unions’ continued support of this idea can come in many forms. Some credit unions will believe in the idea so much that they will agree to pilot the idea and send us data that will support or disprove its merit. Others will patiently wait for these results to manifest, and launch the idea as early adopters. Still others will see tests like this as vital to the future of the credit union system, and fund our innovation initiatives.
Don’t be discouraged if HomeTrak wasn’t your first choice…. Jennifer Hudson, Kellie Pickler, Clay Aiken, and Chris Daughtry didn’t win, but still made it big. You too can make one of these ideas a success story. If you are interested taking one of these ideas to the stage, please contact us, and we will discuss further options on creating a star.
To recap, these ideas were also presented:
- Flex.One – a first mortgage combined into a Home Equity Line of Credit (HELOC) with all the capabilities of a checking account
- Heartfelt Hands – uses the “angel tree” concept of recognizing an emergency financial need and matching that financial need with members who are willing to help
- The Signal – a website that helps consumers navigate through the questions/complexities of disability benefits and asset building
Thank you for participating in this exciting event. We can’t wait to see HomeTrak come to life!
Post a comment