WARRENVILLE, Ill. — Members United Corporate Federal Credit Union is serious about cultivating innovation and has a team exclusively dedicated to it.
Opportunity knocked last July when Empire Corporate FCU and Mid-States Corporate FCU merged and became Members United resulting in a lot of management talent.
"We decided to look at value to member and a number of things were considered as far as how we give back to members some were rate-based and fee-based but we also wanted to offer new timely services," said Chief Innovation Officer Charlie White. "So we took the opportunity to create a small handpicked innovation team that works outside the organization."
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With Empire for 20 years in technology, product development and strategic planning, and having a real passion for innovation, White says he leapt at the chance to head and select the team.
"We're a very small and focused team that is not involved in the day-to-day," said White. "It is difficult enough to innovate without adding daily responsibilities so it was important that we be insulated so we can look at marketplace trends, talk to members, analyze different indicators out there and see where we can have an impact."
White says an innovation portfolio keeps track of everything from the big audacious goals and future oriented ideas to more capital risks and smaller projects. While all ideas are embraced and encouraged, to ensure things get done White says the team works on no more than 3-4 items at any given time.
"It is interesting because what we try to do is the brainstorming of ideas and take it up to the business plan and acceptance stage," said White. "Once it is accepted then we transition it over to another team to take ownership and is focused on the success of that endeavor. You often hear about innovation in companies but true innovation requires finding that ownership or sponsorship from within the organization, having a receptive audience and partnering early on with those departments or business areas impacted."
He adds that the innovation team doesn't deal with existing products and services but rather looks beyond what is already being done day-to-day focusing instead on bringing new business and new lines to the table. White says inspiration is drawn from not only the team but the outside world including discussions and interactions with the corporate's members. The latest example of how the innovation team's efforts deliver is the recent formation of the Members Health Network CUSO.
"We weren't in that field so it's a new business venture for us," said White. "It's not about innovating the next thing in our products area we already have a product manager who works on that. We have to think outside of the box. What we do now is try to get two things to marketplace on an annual basis. Execution is key and it gets us focused so we can cut an idea at some point and get implementing."
White says for those interested in having their own innovation department first make sure it is something that is truly valued.
"The buy-in from the executive leadership team is vital without it you can't go anywhere," said White. "You've got to keep discussing what the team is working on and all the bumps encountered along the way on a regular basis. Talk about projects that have come out of the innovation function. It's a risk, with innovation there is always going to be a cost and you can't really effectively measure positive financial gain but all four of us have a real passion for what we do and it makes all the difference. We love coming into work everyday."
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