Feb 07 2007

Innovation through Cooperation

Change is a fact of life in the financial services industry, and innovation is the engine that drives change in an ever-more-competitive marketplace. In an effort to enhance the level of innovation in the credit union industry, the Filene i3 program has announced its latest innovations in Key Findings 3.0: Innovation Through Cooperation.

This report describes seven innovations developed by Filene i3. The first two innovative products, Prize-based Savings and the No Excuses Savings Club, can be used to help consumers save money to survive financial emergencies, plan for the future, and retire comfortably. My Community Connection is designed to help reconnect consumers with their communities and build on the long-term credit union brand of “people helping people.”

CU PICK 64 and iNFORM each provide new and exciting ways to expose young adults to credit unions and the financial education and assistance cooperatives can provide. Both these i3 innovations encourage ongoing contact with the credit union as a way of deepening the financial relationship.

The final two innovative projects are directed to “pain points” in consumers’ lives – moving and aging. Always a Member is intended to assist members with the moving process while retaining them within the credit union system. Decision Point is designed to help prepare, organize, monitor, and/or manage elderly members’ financial affairs in order to lighten the burden on caregivers.

The i3 group is comprised of 39 credit union executives across North America. These individuals study demographic changes, buying and investment patterns, and needs of consumers to create sustainable growth for credit unions. The group’s cross-functional teams tap the power of innovation within our industry. This team dynamic helps to develop breakthroughs that will change the credit union landscape.