Apr 26 2013

Key Findings: Blueprints for Innovation (Fall 2012)

Report  
Number  
294

This brief presents the latest ideas created by credit union executives from all across North America for Filene Research Institute’s i3 program.

Matt Davis
Innovation Director
Filene Research Institute
Report Number 294

Executive Summary

Ideas can come from anywhere, but it is more interesting to see where ideas are going. In this round of i3 we present seven new concepts for your credit union—five of which have the potential for full market implementation in the near future. Typically, an i3 concept has a 15 percent chance of making it past the initial idea phase, so what accounts for a 70 percent hit rate this cycle?

While talent certainly has something to do with it, we believe a great deal of the recent success lies in the Filene Innovation Method. This method, which is still being refined, is a deliberate cycle of activities and outputs that drives i3’ers to deliver a tested product after just six months of work.

What is the research about?

The ideas that features in this report are some of the strongest we've seen in quite a while:

  • eBrochure: Bring marketing into the twenty-first century.
  • HomeTrak: Zero in on the real cost of home ownership.
  • Learn & Earn: A mobile app to learn more, earn more.
  • PROXIMI: Virtual reality online banking.
  • REOUT: A landing spot for your real estate owned homes.
  • RepairPal: Car care confidence for consumers and credit unions.
  • Senior Sentry: Protecting the financial assets of seniors.

What are the credit union implications?

The implications of these open-source ideas are largely up to the credit union community. Each concept may be scalable, malleable, or disposable, but further testing is needed. This is where you come in. The future of credit unions relies on your willingness to test new ideas and share your associated findings. While much work has already been put into these i3 ideas, the hardest—and most rewarding—work is yet to come.

This report is sponsored by PSCU Financial Services.