MADISON, Wis. -- Mid level credit union executives which are part of the Filene Research Institute's Ideas, Innovation and Implementation group (called i3 for short) have come up with seven new products and services that credit unions can either offer their members or adapt to streamline their own procedures.
Among the innovations offered in some detail were ideas like an auto resource center that credit unions can add to their Web sites to help their members manage information and requirements needed to buy and own an auto. In another, members could sign contracts to add a little more to each auto loan payment that will help build a savings component for the next car.
"This year's new i3 ideas reach across the entire spectrum of credit union operations," said Denise Gabel, chief innovation officer for Filene. "They range from a community development project of possible national scope to education in cyberspace, as well as tweaks to existing credit union products that can help deepen relationships with members and encourage them to easily increase their savings. Our model of open source innovation is so exciting because these ideas can now be piloted and enhanced, thanks to the unique cooperative structure of the credit union industry."
Other ideas included LOT$A MOT$A, an Internet destination where young people can go to learn the basics about money (mot$a) through fun, interactive experiences and the Savings Revolution.
Savings Revolution is a two-pronged promotion which encourages members to get out of debt and build wealth through a "Savings Challenge" contest between selected members publicized in the community and online resources where all members share tips and suggestions for meeting financial goals.
"Imagine the Savings Challenge sweeping through the United States and Canada--helping families save--brought to you by credit unions," Gabel said. "Credit unions, local chapters, State leagues, and our national organizations can all get behind this idea. Why? Because while credit unions are different from one another in many ways, they all offer savings products to their members. Tell me Oprah and Suze Orman wouldn't find this newsworthy!"
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