According to Strategic Path Management, a consulting firm,successful innovation brings about specific advances in anorganization's ability to generate positive income or socialimpact. Members come to credit unions and CUSOs for a number ofreasons, among these, for financial, convenience and safety andsecurity reasons. To that end, innovation can lead to a path thatincreases a credit union's value contribution to a target audienceand members in turn recognize and appreciate the new offering, thefirm noted.
|Straight Path has identified several cycles that aim to identifymembers' needs and wants before innovation can occur or is evennecessary.
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