MADISON, Wis. (1/27/10)--The Filene Research Institute has released a report, “Key Findings: Blueprints for Innovation,” which provides a road map for credit unions looking for innovative ways to help their members generate wealth, build relationships in the community, and cooperate with other credit unions. The report provides 14 innovations that credit unions can adapt to their own institutions to help members in three ways:
* Build wealth, through Prize-Linked Savings, a Giving CD, and other programs; * Overcome debt; and * Borrow responsibly, with tools ranging from rent loans to auto loans.
The report also includes ways that credit unions can share information with other credit unions to increase their cooperation and collaboration. Among one of the member-centric ideas Filene noted is Prize-Linked Savings. Prize-Linked Savings pays out regular interest rates on savings and offers additional opportunities for returns in the form of prizes awarded to accountholders through periodic drawings. The report includes the story of eight Michigan credit unions that banded together last year to offer “Save to Win.” By pooling their resources, the credit unions offered a $100,000 grand prize to one member in January, and individual prizes to members on a monthly basis. More than 11,700 accounts were opened as a result. The program is being expanded this year, with more than 20 credit unions participating. For more information, use the link.