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Filenes Blueprints for Innovators released
MADISON, Wis. (1/24/08)--The Filene Research Institute has released its latest edition of Key Findings: Blueprints for Innovation, which summarizes seven innovations that credit unions can use to help members simplify their finances and overcome financial obstacles. The edition, written by Denise R. Gabel, Filene chief innovation officer, presents ideas on: providing members with stress-free financial experiences, addressing credit union competition, using technology and media to deliver services to members, and allowing adaptation by individual credit unions or communities. The seven innovations, introduced by Filene’s Ideas, Innovation and Implementation (i3), include:
* Auto Savings, which outlines a new set of products to make saving easy and attractive by bundling consumption and savings. * The Savings Revolution, which takes saving one step further by tapping into the power of support, with support groups. This socially driven innovation uses reality television, online interaction and individual planning to help members reduce debt, increase savings, and get control of their financial lives. * Virtual Finance, which addresses the changes in ways generations interact with their financial institutions. It aims to provide young Internet users with financial education and information about credit unions. * LOT$A MOT$A, an interactive money laboratory intended to help make learning about finances fun for children. Its classes and exercises can help children develop money-management skills and stress the importance of developing a relationship with a credit union. * Women: A Strategy for Success, which aims to help women credit union members simplify their financial lives. * Community Impact Center, a centralized resource to help credit unions approach community economic development in underserved markets to create jobs, provide affordable housing, elevate the quality of medical care, and enhance educational opportunities. This innovation navigates the process of establishing the necessary legal entities; identifies funding sources; writes grant proposals; and accesses community impact consulting, foundation services, and public relations assistance. * Auto Resource Center, which helps members make auto purchases and manage vehicle-related tasks over the entire life of their auto with a set of Web-based tools.
For each innovation, the report provides marketplace opportunities; solutions credit unions can provide; target markets; marketing tactics; operational and other considerations; proof of concept; reports on the status of each; pilot tests; and how to get started.
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