MADISON, Wis. — With the concept of cultivating, planting and bringing an idea to fruition, CUNA Mutual Group has rolled out “The Greenhouse,” a new Web site that will provide an outlet for credit unions to submit ideas that could potentially lead to the development of new products.

The Web site, www.cunamutual.com/thegreenhouse, went live on Sept. 1 and allows credit unions to submit suggestions for new products or improving existing ones. The tool's name is fitting because, like a seed, an idea can start small and expand to have a major impact on the industry, said John Lass, senior vice president of product strategy for CUNA Mutual.

“Innovation requires a structure and culture that fosters creativity,” Lass said. “The Greenhouse represents a new channel for our customers to offer their ideas, which our product development team can consider, and potentially transform into valuable growth opportunities for our customers. Having this tool is particularly valuable during a time when the retail financial services industry is rapidly changing to keep pace with the economy, consumer needs and new technologies.”

CUNA Mutual has created a new product development team responsible for developing high-potential products and services that can ultimately move forward to market. The team will manage a process that systematically moves product ideas through a five-stage process: idea generation; concept development; business plan development; pilot launch phase and full commercialization.

Each product is evaluated critically at the conclusion of each stage to determine whether the idea merits advancement to the next stage. Only a very small portion of the submitted ideas will actually advance all the way through five stages, CUNA Mutual said. In the event that an idea does not advance beyond a particular stage, the new product development team will determine if it makes sense to hand the idea off to another internal product group at CUNA Mutual or to an outside group such as the Filene Research Institute or MEMBERS Development Company.

In most cases CUNA Mutual said it will not continue to work with the person who submitted the idea. However, there might be certain cases in which the person submitting the idea might have a particular skill related to the product. In those cases, that person might be a logical fit for the eventual product management team. Individuals will not be compensated for submitting a product idea. CUNA Mutual anticipates that the same idea may be submitted by several individuals in various forms.

As part of CUNA Mutual's transformation effort, the Senior Executive Team or SET has allocated $10 million for 2007 and $10 million for 2008 to fund product development activities and specific product ideas. The SET maintains final approval authority on funding requests for specific product ideas, and bases its decision upon the recommendations and due diligence findings presented by the new product development team, according to CUNA Mutual.

The Greenhouse directly supports CUNA Mutual's business strategy of innovation, which can redefine the credit union system, said Dave Lundgren, executive vice president and chief products officer.

“Our approach to innovation starts with a common purpose and deep understanding of our customers,” Lundgren said. “The Greenhouse will be valuable in helping us develop new products and services, which will enable credit unions to grow, become more competitive, and provide members with access to new financial opportunities.”

In addition to being a repository for new product ideas, the Greenhouse aims to provide cross-functional collaboration and networking opportunities. CUNA Mutual will regularly share articles and host interactive sessions for customers to create an outlet for creative ideas and the sharing of best practices from within and outside the credit union movement. There are currently three white papers on the site representing industry topics on attracting new members, boosting 401(k) participation and combating plastic card fraud.

–[email protected]