Out-of-the-box mortgages, student loans and retirement plans are just a few highlights of Filene Research Institute’s new publication, “Key Findings: Blueprints for Innovation,” a summary of the credit union innovation ideas developed by members of Filene’s i3 program.
The Madison, Wis., think tank’s i3 program, which stands for the “three i’s” of ideas, innovation and implementation, was designed to identify, evaluate and implement innovative concepts and projects at credit unions. The program’s members are credit union professionals from across North America who are in roles of responsibility but have not yet reached the CEO level.
“Key Findings: Blueprints for Innovation” represents six months of idea development by i3 members, which they began in October 2011 and presented at Filene’s May 2012 i3 meeting in San Francisco, Filene said.
The publication spotlights eight concepts developed to help credit unions, consumers and communities succeed in spite of the challenges they face, Filene said.
They include: “Working Together Mortgage,” a product that lets first-time home buyers utilize the equity of a relative’s home; “Pick a Dream,” a goal-based saving and borrowing program; “Cover Me,” which protects consumers from overdrafts via text message; the technology-based “Retirement Positioning System” and “Student Loan with Benefits,” an all-in-one student loan and job offering.
The full report may be downloaded by Filene members or purchased by non-members at filene.org.