Struggle to open sealed plastic packages? Save your fingers, and try using a can opener for that.
Want to give your keys and cell phone a discreet hiding place at the beach? Clean out an old bottle of sunscreen.
“Life hacks” – or tricks that make one’s life easier – have taken over the Internet faster than you can say “Pinterest.” But if, as it seems, we humans can’t get enough of repurposing everyday items to fit another need, why do we leave that innovative spirit at home? How can we use the creativity behind life hacking to rethink our common credit union problems?
There are tried-and-true steps we take when launching a big initiative like a marketing campaign or new convenience service. We look at what has been successful at our credit union historically, establish the outcomes we want to achieve, research what the competition is doing, and search for inspiration from within our industry by seeing how other credit unions tackled a similar project.
Those processes are all necessary. But they’re not necessarily where we should stop.
Leaders across all industries often fall victim to “Not Invented Here”-syndrome; that is, rejecting outside ideas because if they were actually good, they would have already been thought of within the organization.
The truth is there are limitless opportunities to take innovations from other sectors and apply them to your next credit union project. Here are three easy ways to get started:
- Keep an eye on other businesses. It may seem like a no-brainer, but start paying an equal amount of attention to what’s going on outside the credit union space.
- Subscribe to daily or weekly email newsletters from Fast Company, Fortune, Hubspot, or Entrepreneur.
- Make your commute more inspirational and educational with podcasts like HBR IdeaCast or Marketplace with Kai Ryssdal
- Follow companies that inspire you on social media.
- Look local! Keep an eye on fun initiatives going on in your local business community (and maybe even ways your credit union can get on board).
- Make what you’re trying to innovate as simple as possible. “Get more people to connect with us online.” “Deepen member relationships.” Examine what you’re trying to achieve at its most basic level; by boiling down the problem, it’s easier to find solutions across other industries.
- Ask how someone else would do it. Imagine how Disney would grow checking accounts, or how Amazon would frame an auto loan refinance campaign. Most importantly – don’t pass judgment during an exercise like this. The expression, “That may be crazy enough to work!” exists for a reason.
The next time you’re searching for a creative solution at your credit union, include outside influences in your innovation process. Doing so just may differentiate your credit union or transform the industry. And who knows? The answer to your tired email onboarding program may be found in the Royal Caribbean cruise email you just received, or you may take a leaf out of Uber’s book for your new mobile app.