Executive Summary
Creativity and product innovation are essential elements for an organization to thrive and survive in today’s market. Workday demands and deadlines make innovation a difficult, perhaps elusive goal to attain. Filene i3 met during 2005 in venues such as Austin, Texas, and Madison, Wisconsin, far away from the workplace and unfettered by organizational boundaries to develop new products, services and business models for the credit union industry. Seven innovations were developed that are being discussed, debated and adopted by credit unions throughout the United States.
The i3 process—as essential as the ideas—serves as a template to bring innovations to both individual credit unions and the industry. Cross-functional teams spent six months to a year in actual and virtual meetings nurturing ideas, and in some cases, testing them in their credit unions. The following account details the innovations, some of which are already finding their way into the marketplace.
What is the research about?
The 2005 i3 Key Findings report details seven projects in random order, created by seven i3 teams:
- Smart score
- Hi 5 – A Youth Savings Account
- Lifetime Auto Loan
- The Flex.One Account
- Moneyworks
- MatriMoney
- CU 1031
The report also features profiles of i3 members who joined i3 in 2005 and their perspectives on innovation.
What are the credit union implications?
The i3 process — as essential as the ideas — serves as a template to bring innovations to both individual credit unions and the industry. This report is meant to inspire and motivate the reader, not just with the ideas presented, but with the powerful role innovation can play in building a better future for credit union members.