For Real Innovation, Go Back to Basics

By David Tuyo, CCE, AIF, CIMA, MBA

What’s next in credit union innovation? Is it an amazing new technology, or a product or service no one has thought of?

I think you’ll be shocked by the answer. What we as a credit union movement need to do is build a culture of innovation by going back to basics. And by basics, I’m talking about what, or rather whom, we built our movement around: the people.

It’s easy to get distracted by regulations, system changes and technology updates, but we have to remember what’s at the core of our success. The credit union movement was founded on a principle of people helping people. There should be nobody better at understanding what people want and who they are than us.

The Federal Credit Union Act says that every credit union exists to provide credit and promote thrift. We’re there to make sure members of our community have access to loans to fulfill their needs and wants, and to also promote thrift and member savings, to help them reach their personal goals.

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