VIRGINIA BEACH, Va. -- Innovation is among the latest buzz words in the credit union industry. However, before setting forth on the newest product or service, identifying exactly what innovation is and how it becomes a focus are some of the critical early steps toward implementation.
According to Strategic Path Management, a consulting firm, successful innovation brings about specific advances in an organization's ability to generate positive income or social impact. Members come to credit unions and CUSOs for a number of reasons, among these, for financial, convenience and safety and security reasons. To that end, innovation can lead to a path that increases a credit union's value contribution to a target audience and members in turn recognize and appreciate the new offering, the firm noted.
Straight Path has identified several cycles that aim to identify members' needs and wants before innovation can occur or is even necessary.
--msamaad@cutimes.com
