MADISON, Wis.—Two credit unions that collaborated with each other by forming small teams to foster reliable, internal innovations are reporting that two new ideas are being taken to market as a result.
The two Saskatchewan, Canada-based credit unions, Conexus Credit Union and Innovation Credit Union, partnered with the Filene Research Institute to attempt what they called “cooperative innovation” as a pathway to new market solutions for members.
“In 2014, Conexus Credit Union and Innovation Credit Union realized they had similar needs in an overlapping market - both were looking for a reliable, internal source for financial services innovation to better serve their members and keep up with the ever-evolving needs of their Saskatchewan communities, citizens and businesses,” said the Filene Research Institute. “Commonly in the system, cooperation is used between credit unions or service organizations to create efficiencies and share services. But in this instance, Conexus and Innovation realized they could combine powers to create new pathways for innovation.”
To that end the two CUs joined with the Filene Research Institute to utilize what is known as the “Filene Method of Innovation,” in which each dedicated staff and resources to form small groups and explore various problems their members and communities are facing.
The program - modeled after Filene’s established i3 program – took approximately seven months to complete and the ultimate goal was to have the small groups research, formulate and pitch their ideas to the leadership of both credit unions in the fall of 2014,” Filene reported.
“Innovation has to be a part of any organization’s DNA in order to compete going forward, for us, it requires a concerted effort to make a culture of innovation come alive within our Credit Union,” said Innovation Credit Union CEO Daniel Johnson. “We are excited to continue the work that began with the pilot in 2014 and have committed to providing the resources, time and support needed to make this a reality.”
The result of all that is two ideas hat were put forth by the small groups are now being built out and implemented by Conexus and Innovation.
The two ideas: “CU Grow,” a program for entrepreneurs to partner with their credit union in growing their businesses outside traditional channels, and “Travel Mate,” a comprehensive travel service for members that provides financial security and access while traveling.
According to Filene, plans call for future collaboration between the two credit unions to expand even further, as “both credit unions are making a long-term commitment to the partnership and to building out their collaborative innovation process.
“We are dedicating resources to ensure our efforts can continue in 2015 and beyond, and look forward to continuing to working with Filene as we grow our innovation culture from what we learned,” said Conexus CEO Eric Dillon. “This experience has created positive impact on our strategy and culture which will ultimately lead to even stronger outcomes for our members.”