Harness the power of ‘intrapreneurship’

Let’s be frank: Finance isn’t all that fun.

Sure, at the heart of it all credit union employees are providing a valuable service to members by offering them a smart alternative to big banks and helping them take control of their financial futures.

At ground level, though, this often translate to a heavy load of rudimentary tasks, making it hard to generate a lot of excitement: “Today, let’s do some transfers!”

But when you add the power of innovation into that space, the dynamic changes. Think about the breakthrough of taking a photo of a check and remotely depositing it, or the first time you were able to log on to your mobile phone and transfer money or make a payment.

All of a sudden, what we do becomes exciting again. Innovation provides an opportunity to create solutions that will improve the member experience, while also energizing staff.

But how do we get there from here? How do you entice your team to brainstorm and execute new ideas when the existing culture is based on a foundation of operational excellence, not innovation? How do you create a start-up mentality inside your credit union?

The recipe has many ingredients, and the exact mix will vary based on your organization’s resources and goals. But three staples must exist in every batch: an environment that encourages idea-sharing, the abolishment of fear of failure, and the concept of MVP.