When credit unions across North America are looking for fresh new ways to innovate, they often seek inspiration from the Filene Research Institute in Madison, Wisconsin.
The non-profit think tank, focused on the consumer finance industry and credit unions, offers a two-year program, called i³ (ideas, innovation and implementation) that helps facilitate the process. Read the full story: “Bright idea central,” Enterprise, September 2015.
Here are 5 of the bright concepts that Filene’s i³ program generated in 2015.
1. Debt Dragon
Debt Dragon is an online tool that helps students look at their spending and what it might ultimately mean for the amount of debt they are left with when they graduate.
2. Member Megaphone
This referral app is designed to help credit unions seamlessly tap into the power of organic growth through member and employee referrals, while tracking results and assigning rewards at the tap of a finger. The app assigns a unique code and tracks the referrals, including who referred, number of referrals and who accepted the offer.
3. Members Market
Members Market is an innovation inspired by both traditional farmers markets and the Groupon model. After collecting meaningful information on member preferences, Members Market matches them with personalized coupons from local small businesses.
This managed website is designed to build trust between members and their credit unions by providing simple, common sense explanations that tell them what’s important in the fine print, not just to be compliant, but to build loyalty.
CoVo is an online platform inspired by LinkedIn, CoVo gives credit union employees a voice to promote their passions and their own development, in order to help credit unions of all sizes thrive in today’s market. CoVo is a customizable tool. ◊