Credit unions need to foster innovation if they want to keep their members happy and draw in new consumers. But saying you need to foster innovation and doing so are two different things. Here are some ways credit union executives and management can create an environment that favors new ideas:
Encourage suggestions
If you want to be the credit union with the next big ideas, encourage new concepts from anywhere in your business, Credit Union Magazine advised. Also, create a means for employees to share their ideas. This means implementing a formal process, so workers know their thoughts are being heard and taken seriously.
Put your members first
To spark innovation, credit unions need to focus on how they can improve their members' lives. For example, many people in the U.S. use payday loans. Credit unions are in the position to help people budget, save and use their money to get away from living paycheck to paycheck, Credit Union Times stated.
Credit union members need loans for a variety of reasons - homes, new businesses, car purchases and more. Delve into peer-to-peer lending situations and see how they could benefit your members.
Focus on mobility
It may be difficult to create an entire mobile wallet, but it isn't difficult to add to the mobile services a credit union provides. If you haven't already, create a mobile platform for members to access their accounts. Give your members features such as mobile check deposits, banking and bill pay.
Encourage your employees to think of more online features that could benefit your members. Ask them to think of what they'd want in their dream wallet, Co-op Financial Services recommended. For instance, what kind of payments, information or alerts would it be helpful to have right on your phone?