WEOKIE CU in Oklahoma City, implemented an awesome Prize-Based Savings Account on April 1.
There new program simply enhances their basic membership savings account. All members already qualify. To gain an entry the member must add an additional $50 to the average daily balance during the month. They are giving away a total for $5000 to 30 winners each month. This program is an excellent way to give back to their members as well as get members to save more money each month. For members of WEOKIE, there is no reason why they shouldn't deposit at least $50 which can be done via automatic transfer or any number of ways.
Again congrats to Weokie on such a great job implementing the idea. Based on their structure I think the success of the product will be great.
Showing posts with label Innovation. Show all posts
Showing posts with label Innovation. Show all posts
Thursday, April 17, 2008
Friday, March 21, 2008
MatriMoney...What else?
Over the past few months, I have been able to talk to dozens of credit union professionals about the great projects that I am working on. The ideas are always well accepted. What we have seen, specifically with MatriMoney is that the oppurtunity and potential use doesn't only exist within the wedding registry idea, but it could be adapted for baby registrations, Quinceaneras, high-school graduations, college graduations, or really any other major life event that gives someone the opportunity to ask their family and friends for gifts.
The great thing about the MatriMoney idea and what it holds, is that operationally there isn't a whole lot that goes into it. The way that it functions and the way that it is marketed, is the key. So to enhance the idea and change it to benefit another "big event" for a member's life, really isn't quite that difficult. Credit unions can use this idea to meet several needs of their members, without limiting it to just the newlyweds.
Isn't innovation fun...projects don't get built and stop, they continue to evolve as the need changes and/or grows.
Here's to innovation!!!!
P.S. Everyone have a great Easter Weekend.
The great thing about the MatriMoney idea and what it holds, is that operationally there isn't a whole lot that goes into it. The way that it functions and the way that it is marketed, is the key. So to enhance the idea and change it to benefit another "big event" for a member's life, really isn't quite that difficult. Credit unions can use this idea to meet several needs of their members, without limiting it to just the newlyweds.
Isn't innovation fun...projects don't get built and stop, they continue to evolve as the need changes and/or grows.
Here's to innovation!!!!
P.S. Everyone have a great Easter Weekend.
Tuesday, March 18, 2008
Savings Challenge meet the Financial Makeover
Community America Credit Union in Kansas City, MO has taken the concept of the Savings Challenge and given it a make-over, a Financial Makeover to be exact.
After the successful pilot of the Savings Challenge at GECU in 2007. Three credit unions decided to join the Savings Revolution and hold Savings Challenges of their own. A+ FCU in Austin, TX and Connex CU in New Haven, CT both implemented their own Savings Challenges for 2008. Community America CU put a little different spin on things. They took the concept and applied a little of their own flavor to it. The Financial Makeover was born.
The concept is still the same. They are helping four families meet their financial goals. As you can imagine each family doesn't have exactly the same goal. Instead Community America is helping them meet the goals that will improve their financial well-being. The Morrows are working towards "Budget Management," the Weinands are working on "Long-term Planning," the Carmichaels are in "Financial Recovery," and the Blinzlers are "Regaining Control." WOW, each family is going to be making changes in their lives to drastically improve their financial well-being.
And guess what.....you can follow along, because each family is going to blog about it. That's right social media at its finest, connecting real credit union members to, well, real credit union members.
I would encourage you to check out their stories, what they have experienced, and the motivation that they have to make a change in their lives. Do you have members just like these four amazing families? I will bet you do. What is your credit union doing to help them make a change?
Like several others, Community America figured it out!!
After the successful pilot of the Savings Challenge at GECU in 2007. Three credit unions decided to join the Savings Revolution and hold Savings Challenges of their own. A+ FCU in Austin, TX and Connex CU in New Haven, CT both implemented their own Savings Challenges for 2008. Community America CU put a little different spin on things. They took the concept and applied a little of their own flavor to it. The Financial Makeover was born.
The concept is still the same. They are helping four families meet their financial goals. As you can imagine each family doesn't have exactly the same goal. Instead Community America is helping them meet the goals that will improve their financial well-being. The Morrows are working towards "Budget Management," the Weinands are working on "Long-term Planning," the Carmichaels are in "Financial Recovery," and the Blinzlers are "Regaining Control." WOW, each family is going to be making changes in their lives to drastically improve their financial well-being.
And guess what.....you can follow along, because each family is going to blog about it. That's right social media at its finest, connecting real credit union members to, well, real credit union members.
I would encourage you to check out their stories, what they have experienced, and the motivation that they have to make a change in their lives. Do you have members just like these four amazing families? I will bet you do. What is your credit union doing to help them make a change?
Like several others, Community America figured it out!!
Monday, March 17, 2008
Way to go Neighborhood CU!!
Neighborhood CU in Dallas, TX is on the ball when it comes to innovation....in more ways than one.
In addition, to being one of the early implementors of the Prize-Based Savings program, Neighborhood CU is also leading by example with the services that they provide to their baby boomer members. Neighborhood CU was mentioned on the Today show as a credit union that is a great deal for baby boomers. The feature was on how banks are catering their services to meet the needs of baby boomers, and Neighborhood CU was one of those featured institutions.
Click here to see a video clip of the show.
During the "Money" section of The Today Show, Jean Chatzky their financial editor, was telling them about great deals for baby boomers. While mentioning a few banks and the services that they provide, she also mentioned that there are several credit unions that are doing thing for baby boomers. She specifically mentioned Neighborhood CU and that in additon to giving their members several free services, they also throw in a trip.
Nice work Neighborhood CU!!
In addition, to being one of the early implementors of the Prize-Based Savings program, Neighborhood CU is also leading by example with the services that they provide to their baby boomer members. Neighborhood CU was mentioned on the Today show as a credit union that is a great deal for baby boomers. The feature was on how banks are catering their services to meet the needs of baby boomers, and Neighborhood CU was one of those featured institutions.
Click here to see a video clip of the show.
During the "Money" section of The Today Show, Jean Chatzky their financial editor, was telling them about great deals for baby boomers. While mentioning a few banks and the services that they provide, she also mentioned that there are several credit unions that are doing thing for baby boomers. She specifically mentioned Neighborhood CU and that in additon to giving their members several free services, they also throw in a trip.
Nice work Neighborhood CU!!
Thursday, January 24, 2008
It's not i2 it's i3
Completing the circle of i3... Ideas, Innovation, and Implementation.
Those are the three i's that the Filene i3 group is based on. But how successful has the i3 team been in meeting those objectives. Take a look at any number of their projects and you can see that they have been very successful at the first two. The i3 group hits extraordinary highs when it comes to creating new innovative ideas that can help Credit Unions expand their services to meet the changing member needs. But it seems there are challenges when it comes to implementation? Phil Smith an i3er from Minnesota coined the title phrase this afternoon, he is absolutely right, it is the Filene i3 group, not i2.
What good is having innovative ideas if those ideas to don't get back to the membership? Filene has been working towards providing the ideas and tools necessary for CUs to implement. Now Filene is stepping up their game. Maureen and I will be putting together proof of concepts for each that make it easier for CUs to take an idea and implement it. Anyone who has worked in the innovation process should know that not all ideas make it to the front-line, but as a CU we need to make sure that we implement as many as we can. Filene and CUs nationwide find themselves in similar circumstances, a whole bunch of a great ideas, without the ability to implement them all. We need to take the best and one by one make them available to the members.
As a Credit Union it should be your mission to make sure that you have the best products and services available to your members, to do this you need to be implementing, because innovation without implementation does nothing for your members.
Those are the three i's that the Filene i3 group is based on. But how successful has the i3 team been in meeting those objectives. Take a look at any number of their projects and you can see that they have been very successful at the first two. The i3 group hits extraordinary highs when it comes to creating new innovative ideas that can help Credit Unions expand their services to meet the changing member needs. But it seems there are challenges when it comes to implementation? Phil Smith an i3er from Minnesota coined the title phrase this afternoon, he is absolutely right, it is the Filene i3 group, not i2.
What good is having innovative ideas if those ideas to don't get back to the membership? Filene has been working towards providing the ideas and tools necessary for CUs to implement. Now Filene is stepping up their game. Maureen and I will be putting together proof of concepts for each that make it easier for CUs to take an idea and implement it. Anyone who has worked in the innovation process should know that not all ideas make it to the front-line, but as a CU we need to make sure that we implement as many as we can. Filene and CUs nationwide find themselves in similar circumstances, a whole bunch of a great ideas, without the ability to implement them all. We need to take the best and one by one make them available to the members.
As a Credit Union it should be your mission to make sure that you have the best products and services available to your members, to do this you need to be implementing, because innovation without implementation does nothing for your members.
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