MADISON, Wis. (5/9/14)--The Filene Research Institute unveiled eight new types of financial innovations at its spring i3 meeting in Montreal, Canada.
The institute hopes the new innovations will address issues for credit unions such as connecting with young adults, access to credit, auto lending, switching financial institutions, and knowledge management and collaboration.
More than 50 participants from consumer finance backgrounds attended the i3 meeting, which was hosted by Filene and Desjardins Group. Teams at the meeting presented products, services and business models they had developed, then tested them further throughout the U.S. and Canada, eventually producing the final financial innovations.
These meetings have produced products in the past such as prize-linked savings accounts, Debt in Focus, and The Savings Revolution.
The new innovations include:
- CUCrowdSpeak--offers independent vendor reviews by the credit union crowd without the influence of advertising or endorsements;
- DreamRide--puts car ownership information at consumers' fingertips with an easy-to-use app that connects consumers with their "dream cars," in addition to credit union financing;
- Employees' First--improves sales and service by giving member-facing credit union employees access to the collective knowledge of other credit union employees;
- The Independence Card--helps young adults establish credit with a starter credit card product that rewards them for positive behaviors;
- Members Market--matches individual consumers with coupons and offers from small businesses that also belong to the credit union;
- MyDime--allows consumers to design a loan with terms that fit their specific needs, while also connecting them with local credit unions;
- StatusTrack--connects credit union members and employees to real-time system status updates, increasing consumer satisfaction and reducing call center volumes; and
- Switch Ninja--removes the complexity of switching to a credit union by automating the transfer of information and communicating with consumers throughout the process.