Feb 07 2007

Innovation through Cooperation

Report  
Number  
129

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 this report.

Denise R. Gabel
Chief Innovation Officer
Filene Research Institute
Report Number 129

Executive Summary

The i3 Key Findings 3.0 report describes seven innovations developed by Filene i3 . Each report lays out the following:

  • Market challenge/opportunity from the member/consumer perspective.
  • Innovative solution for capitalizing on the opportunity.
  • Operational and other considerations.
  • Proof of concept where the status of the beta and pilot tests are reported.
  • Member and credit union benefits.
  • Target market.
  • Marketing tactics.
  • Suggested first steps for credit unions who want to explore, adapt, or adopt the particular product/program innovation.

What is the research about?

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.

What are the credit union implications?

Our goal at Filene is to provide thought-provoking research and innovation to credit unions. We encourage ideas to grow through open source innovation. What action will you and your credit union take to embrace the future? Filene Research Institute and the i3 group encourage you to review the ideas presented, improve them, implement them, and move your credit union from impossible to possible. Read more to learn how you can further innovate your credit union.