Apr 01 2006

Gift Registry Accounts for Key Life Events: A Radical Leap for Credit Unions?

Report  
Number  
117

The Investigative Report that follows gives insight into one idea explored by i3, MatriMoney, a credit union registry for love and marriage.

Mark Meyer
Mark Meyer
President + CEO
Filene Research Institute
Report Number 117

Executive Summary

Filene i3 is a dedicated group of credit union executives passionate about tomorrow. The group is comprised of 39 diverse individuals from credit unions across the country. Each serves a three-year term. The group’s mission: To identify and create new product, service, and business models to transform the credit union industry. This objective is accomplished by forming virtual, cross-functional teams, and by leveraging the industry’s most strategic competitive advantages in financial services, cooperation, and collaboration. These teams are inspired to identify new ideas, innovate, and then implement them. Hence the name i3.

What is the research about?

The Investigative Report that follows gives insight into one idea explored by i3. The concept described here illustrates the power of innovation and the importance of responding to the needs of the market. 

Gift registries have made a big splash in the retail market, and the ripples are spreading far beyond traditional occasions and gifts. Today’s celebrators can register for gifts that fill more than china cabinets. Yet many credit unions have missed opportunities to use these life moments to become part of the celebratory moments in their members’ lives.

What are the credit union implications?

Members of the Filene Research Institute’s i3 innovation group recognized the potential in registry gift giving and developed a program through which credit unions can participate in this large and expanding market segment. MatriMoney, a credit union registry for love and marriage, positions credit unions to attract young couples at a milestone event in their lives, give them a high value-added experience, and forge a stronger bond with them.

This report is sponsored by America's Corporate Credit Unions.