Through independent research and innovation, the Filene Research Institute explores issues vital to the future of credit unions and consumer finance.
There’s nothing like a blizzard in New York City. Relax. I decided to watch an HBO movie. Did I relax? No. Instead I was inspired.
I was moved by Temple Grandin and her journey with autism. I was inspired by Grandin’s story about how she invented humane livestock-handling equipment that is widely used today. Grandin says, “She thinks in pictures.” That’s what enables her to see what others can’t.
More ...categories » Innovation, Research in Motion
Last year, Billie Smith, an extremely nice 86-year-old lady from Michigan made a few $25 deposits. Today, she won $100,000.
More ...categories » Filene News, Innovation
In my view, there is one document that holds the key to the future of credit unions…drum roll please…the credit union bylaws. Seriously. Issues related to purpose, board governance, field of membership, and cooperative principles are all illuminated there. From an innovation and growth perspective, credit unions must always keep the member in the center.
More ...categories » Innovation, Management, Policy
As Save to Win, the exciting Prize-linked Savings pilot in Michigan, draws to a close for 2009, plans are underway to launch a bigger and better version in the state in 2010. Lesser known is that Save to Win organizers are also looking to expand to other states. Based on some groundwork laid with the Washington Credit Union League, the Evergreen State could easily be the next testing ground. Please join us for a free informational Webinar on Friday, December 18 at 10:00 a.m. PST to learn more about helping members develop savings habits through Save to Win. The target audience is credit unions, system partners, and state government officials from Washington or any other interested state. The agenda will include an overview of the program and next steps for participation. Register today or contact us for more information.
More ...categories » Innovation, Saving/Thrift
Innovation is crucial to the survival of credit unions, but having an idea is not enough. In 2010 credit unions would be better served to follow in the footsteps of little-known Louis Breguet than world-renowned Leonardo Da Vinci. This is the year of putting ideas into action, or risk having our ideas be shelved for centuries.
More ...
DON’T DWELL ON IT
Our subconscious is 20 times as powerful as our consciousness. To solve a problem, force your conscious attention elsewhere and let it soak into your subconscious. Rather than dwelling on a difficult problem, go to lunch and the answer will often mysteriously emerge – the so-called Eureka! Moment.
More ...categories » Innovation
If someone told you that you could eliminate $22,000 of debt while saving $12,000 and win $10,000 in eight months from today would you believe it? Well that is exactly what one single mother of two from Walker, LA did. Kristi Smith’s financial outlook did a total 360 with the help of the i3 project Savings Revolution and E Federal Credit Union (Louisiana’s seventh largest credit union with assets exceeding 250 million).
More ...categories » Innovation
From Tim McAlpine’s list of 30 things he’d do if he were a credit union leader:
#20: Take a Filene open source idea and run with it
A fortuitous time for a shout-out, Tim, as the innovators are all spending some quality time today on your side of the 49th parallel. And, for the record, we agree.
More ...categories » Collaboration, Innovation
In a world of Facebook and Small World (both somewhat depassé), can credit unions really aspire to be “cool”?
In order to answer this question, it’s important to put yourself in the mind of your potential member.
Let’s say that your target is a highschool Gen Yer, a Hyper Lifer in every sense of the word – surfing every social networking site, building their online brand. Imagine putting together your profile, and looking at your friends’ (or potential friends) profile. What do you look for? What are you aspiring to be?
The quick answer is “unique.”
More ...categories » Innovation
When President Barack Obama signed the American Resource and Recovery Act (AARA) into law in February 2009, he unleashed the largest domestic spending program in American history. At a total estimated cost of $787 billion over 10 years, the spending commitment is larger even than famous New Deal projects (the Depression-era Works Progress Administration cost $108 billion in 2008 dollars). At almost 6% of the nation’s projected 2009 GDP, the program is a massive cloud of available resources.
Even if the cloud brings much-needed rain to state and local entities plagued by drought, it is not guaranteed to land on credit unions. “The ARRA flow is a deluge,” says John Molinaro, associate director of the Aspen Institute Community Strategies Group (“Navigating the Stimulus: Basic Geography of the ARRA,” Aspen Institute Community Strategies Group, May 2009). “Without structures to catch it, like a big rain on rocky terrain … it will just run off.”
More ...categories » Innovation