MADISON, WI (March 3, 2014) – Now more than ever, financial institutions need to innovate, as they face increased competition, changing consumer preferences and economic imperatives. Filene Research Institute aims to help credit unions expand their innovation capabilities through its new Innovation Immersion program—a one-day experiential learning session designed to kick start innovation cultures at credit union organizations and leagues. Register here for a free webinar introducing the program and research behind it on April 2 or April 8.
“Filene’s founders wanted us to be a place where credit unions could test new and even far-out ideas without fear of failure,” said Tansley Stearns, impact director at Filene. A series of publications in 2011 dissected great innovation programs and provided credit unions with tools to attack current challenges. Filene also launched its i3 program in 2004 to instill innovation competencies in the next generation of credit union CEOs. Since then, ideas developed in the i3 program have changed state laws, improved millions of financial lives and saved credit unions countless dollars while attracting new members.
“By trying new approaches to consumer finance, credit unions can better prepare themselves for a changing financial marketplace while improving their members’ financial lives,” said Stearns.
More than 10 credit unions and leagues to date have participated in Filene’s Innovation Immersion program. During the accelerated innovation process, credit union organizations and leagues put their biggest challenges through the Filene Method—the innovation curriculum used by Filene’s i3 program—and walk away with:
- Strong problem statements formulated from shared insights
- A host of new ideas
- The beginnings of strategic solutions that have been prototyped
- New approaches to pitching innovative ideas to key stakeholders
- And, an innovation competency to spread throughout the organization
“The Innovation Immersion helped our leadership team to continue building innovation into our culture,” said Brett Thompson, president/CEO at the Wisconsin Credit Union League. “The methodologies and practical approach not only sparked ideas during our one-day session, but will help us to grow a culture of innovation that ensures ideas and innovation are a part of who we are as a league well into the future."
"I was one of the original i3'ers and when I first heard about Filene's Innovation Immersion, I was excited about the opportunity to bring the power of participating in i3 to my executive team,” said Jeff York, CEO at CoastHills Federal Credit Union. “Together we not only learned the methodology but also are now using what we learned to make innovation a part of who we are as an organization.”
Learn more about Filene’s Innovation Immersion program and pricing at filene.org.
About Filene
Filene Research Institute is an independent, consumer finance think and do tank dedicated to scientific and thoughtful analysis about issues affecting the future of credit unions, retail banking and cooperative finance. Founded 25 years ago, Filene is a 501(c)(3) nonprofit organization. Nearly 1,000 members make the nonprofit’s research, innovation and impact programs possible.