Problem:
How might we make innovation more accessible for credit unions?
Innovative Solution:
The innovation spectrum helps organizations identify where to invest in innovation and evaluate their appetite for it with a 15-question survey. The tool helps teams identify their place on the spectrum. There are ten categories that credit unions can be placed into. Once the tool has identified the credit unions’ place on the spectrum, it guides how the credit union can move up the spectrum.
For example, if the credit union is identified as a comfort creator, the organization is working to socialize and evangelize innovation within the credit union. Then the innovation spectrum would provide steps to move up to the goal-getter category. Steps include setting actionable and measurable goals. After attaining goal-getter status, the credit union would move on to rule regulator. To achieve this level, the innovation spectrum suggests establishing rules and guidelines to keep everyone moving in the right direction. This continues until the credit union has completed all steps along the innovation spectrum.
The assessment also addresses limiting factors, such as budget and leadership concerns, and serves as a discussion guide for leaders and peers.
