Jan 01 2004

Innovation: Novel Ideas from Next Generation Credit Union Leaders

This report details progress on a unique group designed to tap the power of innovation within the credit union industry. Here we examine the efforts of 26 creative people working together in Filene i3 to identify, develop and implement ideas that will help credit unions better serve their members and communities. More specifically, we report on:

  • Who the members of i3 are
  • How they were selected to participate in the program
  • Their views concerning the future needs of members and credit unions
  • Their ideas about the creative process and its application in the i3 organization
  • Their thoughts about specific projects, including: o Intergenerational credit cards, which allow family members without credit to grow their credit under the guidance of another family member who has established a good credit history o Lifestyle lending, which offers unsecured loans for elective medical procedures that are becoming mainstream at a time that health insurance programs are becoming more limited o Communicating with specific member segments through new technologies, including weblogs, chat programs and instant messaging o Educating young adults in the wise use of credit cards, thereby differentiating themselves from other providers in important ways
  • Their next steps to develop ideas, innovation and implementation of key products and services
  • How credit unions can help in this effort, and become involved in i3