Insights on Credit Union Innovation

This entry was posted by Tuesday, 29 November, 2011
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Our friends at Credit Union Magazine featured an excellent article on their website today. The article—Think Outside the Cube by Libby Vertz—shares insights on innovation from Michael Spink, Communications Manager with Local Government Federal Credit Union and a Filene  i3 participant.

This Q&A piece deserves a quick read. It covers Michael’s thoughts on  i3 and the secret to being innovative.

Below is only a snippet from the article, so be sure to read the full article here.

Michael Spink, communications manager for Local Government FCU.

CU Mag: What’s one innovative effort taking place at Local Government Federal?

Spink: At Local Government Federal, we’re changing the way we think. We want to handle all our endeavors in innovative ways—from how we market products and go about operations to how we look at compliance and regulation.

It’s time to actually poke our heads out of the trench and really look at the bigger landscape. It’s a different world since we jumped into our foxholes a few years ago.

CU Mag: How will this benefit your CU and members?

Spink: It will make our credit union healthier and more efficient, and will increase the value to our members. We’ll also have a greater ability to respond to member needs more quickly.

On a grand scale, the benefit is a stronger credit union movement overall. The more we each honestly look at the new landscape, the more we’ll all learn about navigating within it.

What do you think… are credit unions too slow in implementing innovation and change? What’s your secret for being innovative?

 

One Response to “Insights on Credit Union Innovation”

  1. Innovation is just as important as marketing (if not more so). Our members expect a degree of innovation today. When was the last time your credit union offered a new product or service? The more you innovate, the less you need to market.