PALM DESERT, Calif.–Four teams of credit union innovators have put forth ideas they are hopeful CUs will invest in.
During the California/Nevada CU Leagues’ REACH Conference here four teams presented their product/service ideas, which were created as part of an ideation process championed and led by the Filene Research Institute.
Here’s what the four teams pitched:
Team Revolution. Team Revolution has created “CUTube,” a dedicated website and YouTube Channel designed around financial education for Millennials. “We are the original crowdsourced financial solution,” said team members. “But over time our message has become diluted. As an industry we need to speak in a unified voice.”
The site is already up; the team said it is seeking modest seed capital of $15,000 to expand its reach and scope.
“CUTube is more than just a channel. It’s a forum updated constantly with discussion threads, blogs, and message boards,” the team said.
Team Herring. Team Herring is proposing “Mine the Gap,” a resource aimed at helping credit union employees achieve their career advancement goals while helping CUs to reduce turnover.
“This is to help coach and promote employees,” said a team spokesperson. “Eighty-four percent of employees surveyed said they would be interested in a promotion in the near future, but about half said there was no development plan in place at their credit union.”
Under the online Mine the Gap program, when an employee completes all the steps in their development program, the progress is tracked.
“What’s the benefit to the credit union?” asked a spokesperson. “We polled 100 CU employees, and 46% said they would be willing to leave your credit union for better pay or benefits or career advancement elsewhere. Mind the Gap helps reduce turnover. Employees know when you have invested in them. We think it’s a perfect compliment to a 360 Review. This takes it to the next step to address gaps.”
Team Igniters. Team Igniters is seeking credit union backing for its CU$core financial literacy program, which is based on gamification.
“We asked the questions, do we incentivize people to follow through on our fin lit programs? Do we engage people. Is there a better way to capture people whose credit isn’t too solid?”
The team said the answer to all three questions is no. Noting that 17% of consumer have a credit score between 500 and 600, a cohort that often is forced to pay interest rates north of 15%, Team Igniters said that when these borrowers are turned down by credit unions they often get little more direction than to be pointed in the direction of a financial education program. “But many are not incented to follow through, and they turn to other lenders, such as Lending Club or LendUp,” said a spokesperson. “This is a fin ed process that is simple, engaging and trackable. Consumers who use CU$score receive “coins” as they progress. The credit union offers rewards based on the coins collected.
“There are 106 million potential users, those struggling to borrow,” said a spokesperson. “The concept testing demonstrated that potential borrowers would enroll in the program if it was simple and helped them to get a loan.”
Team CU4Change. This team created “My CU Voice” as a means of boosting employee engagement. CU employees were asked how that rated their confidence in the leadership of their organization, the progress they feel they make at work, how they are treated, and whether there is meaning in their work.
“Sixty percent of Millennials say a purpose is important to them in their jobs,” said a team spokesperson.
“My CU Voice” is an online solution that allows people within credit unions to connect with one another. “Casual visitors can be turned into people who contribute to the community,” said a spokesperson. “ We want to be the ones to start the revolution of engagement in the disengaged.”
The discussion threads would be monitored by volueteers.
“My CU Voice is the first online community designed for Millennial employees that encourages conversation, engagement and career development,” said a spokesperson.