Finding new ways to improve business processes is a great way to boost profitability, but it also requires credit union leaders to step outside of their comfort zone, which is challenging if you’ve always worked in a particular industry accustomed to certain products.
Innovating carries inherent risks. Sometimes the return on an investment doesn’t appear to be worth it or may not be obvious, but when the future of a credit union is in your hands, leaders must consider, ‘what is the risk of not innovating?’
Allocating a specified budget for innovation can provide members with an enhanced experience and open new doors for your credit union’s marketing team. Regardless, the benefits may be unclear for other stakeholders at your credit union, including board members and other executives. Budgeting is when most conflicts on the C-suite level usually arise, particularly when it comes to innovation.
Why Does Your Credit Union Need a Budget for Innovation?
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