Apr 11 2011
Consumer Chemistry: Finding Solutions by Looking Outside the System
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Credit union leaders have been warned that the three “deadly sins” of myopia, inertia, and fear will have a serious negative impact on the industry. But there was only evidence of farsightedness, action, and bravery at FinovateFall 2010.
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Fifty-six companies unveiled their latest financial services innovations to a sold-out audience of 650 financial and banking executives, venture capitalists, press, analysts, and entrepreneurs.
It’s so difficult to adequately describe the spirit of Finovate that Filene invited a group of credit union professionals to witness it firsthand. This select group was charged with reviewing the latest innovations and then reporting its findings and recommendations to the credit union industry. While the technologies may have been developed outside of the credit union space, they can be tailored as appropriate to bring new products to fruition quickly, delighting consumers, and helping secure a competitive advantage in the marketplace.
While reviewing all the presentations, the workgroup narrowed its focus: find solutions for small businesses. The Finovate team split into subgroups and focused their analysis on two categories: payment platforms and personal financial management. The report is the opinions and outputs from the 11 person workgroup—an overview of the top ideas that could be best adapted for further implementation at credit unions.
The workgroup focused on:
While the priority for Filene was the product/service recommenda¬tions from the small workgroups that would bring the most benefit to consumers through the credit union system, the participants also found ideas that had specific applications for their own credit unions and organizations. Some have already entered into formal agreements to advance ideas. If you are interested in reviewing the presentations from FinovateFall 2010 or any other Finovate event, visit the complete archive.
Report Number 239