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MADISON, Wis. – After nearly a year of brainstorming, members of Filene Research Institute’s i3 group have unveiled seven industry innovations they say will help change the face of credit union operations. The outcomes are contained in a 36-page report titled Key Findings 2.0, which summarizes field test results, describes the new products and services and proposes ways credit unions can put these ideas into practice in their communities. The seven innovations described in the report include: * SmartScore – A free credit score. This program educates members about the credit score process, how to improve their scores and gain control over their personal finances, and ultimately establish ways to manage their debt wisely. * Hi 5-A Youth Savings Account is a savings account that provides incentives for young members to save while helping them learn about the benefits of regular saving throughout their life stages * Lifetime Auto Loan – An open-end credit agreement-comparable to a home equity line of credit -for multiple loan advances. It is designed for members with changing auto needs as they pass through life stages. * The Flex.One Account – It pools all of a member’s accounts-savings, loans, mortgage, checking, credit cards-into one account offering convenience and significant savings to the member. * MoneyWorks – A program designed to use “advocates” to market credit union services to consumers, provide a low-cost delivery channel for services and products, and serve as a source of income for advocates, similar to Pampered Chef or Tupperware. * MatriMoney – A program that allows cash gifts to be given in a socially acceptable way while building up the newlyweds’ special savings account. * CU103 – An “astute option” for consumers looking to put cash in hand, relocate properties, diversify investments, and/or take care of retirement or vacation home considerations. By credit unions becoming qualified 1031 intermediaries, it will allow them to get a unique foot in the real estate door. The i3 group is comprised of 39 future credit union leaders with a mission to identify and create new product, service and business models to transform the credit union industry. The report was compiled and published by Mark Meyer, Filene’s director of innovation. – [email protected]

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