Our second round of testing is underway with two ideas poised to expand a credit union's product and service innovation, thus creating a more loyal connection with members:

Steady: Independent work, or gig employment, is a growing category of work that can put pressure on consumers and financial institutions. Steady is a tool that can help consumers identify job opportunities that meet their availability, skills and needs. It also provides a variety of tools to help achieve financial goals and track extra income.
Finhabits: An increasing number of consumers face financial challenges that prevent them from pursuing strong financial futures. Finhabits is an app specialized in making quality investments and retirement services more inclusive. It allows users to invest and build savings for as little as $5 per week.

Next Steps to Accelerate Innovation

Encouraging an innovation mindset within your credit union can make a positive impact on your membership, employees and financial bottom line. Leverage the cooperative principals to push the credit union movement forward and help each other grow.

Credit unions: If you are interested in joining a community of testers who will help shape the future of our industry, there's room for you! Reach out to me for information on participating in testing opportunities.
Fintech companies: Are you a fintech company offering products or services that could fill a gap within the credit union system? I encourage you to contact me if you think your concept is up for the test.

As our namesake Ed Filene once said, "Progress is the constant replacing of the best there is with something still better." As we close out the decade and enter into a new year, I challenge you to create a culture of innovation and challenge the status quo.

Instant Insights /

Breaking Into a New Mindset of Innovation in the New Decade

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