MADISON, Wis. – Credit union professionals can learn how to take innovation from a mere buzzword and develop it into a core competency in a new all-CUNA Council white paper.

For an organization to be truly innovative, it needs to be found at every point of the organizational compass, in all aspects of business, and among every employee. “Innovation as an Industry Focus” discusses what it takes to be innovative, including embracing innovation as a core competency. The paper also addresses looking at innovation as part idea, part state of mind, and strategy, or just simply fine-tuning what is already in use.

According to the paper, “Credit unions have a reputation – deserved or not – for being slow to get on the innovation train, for a number of reasons. There are, of course, many credit unions that are innovative, but that sluggish perception still persists in the marketplace. Regulators and boards of directors often fail to reward risk; they are content to see credit unions overcapitalized and safe as many are today. Being content and overly cautious is an unwise strategy in today’s market. Predictions of 4,000 credit unions remaining in five to 10 years from now are an argument against being overly cautious.”

CUNA Council members are entitled to a complimentary copy of the white paper; non-members may purchase the white paper for a price of $50 per copy. The paper is available online at www.cunacouncils.org; select the Cross-Council White Papers link located in the Tools and Resources drop-down menu, then click the “Cross Council” tab at the top of the Web page. From there, non-members should follow the non-member link to order.