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Credit union innovations lead to stronger member loyalty

Credit unions in the U.S. offer a variety of services to their members. While many of these have to do with complex lending operations such as loans, mortgages or credit cards, these institutions also offer more basic services such as coin counting machines that people can use at their discretion to turn available coins into cash.

Charles Fagan, a member of the Credit Union Executives Society, wrote in the online publication Credit Union Insight about how 2014 could provide a variety of unique opportunities for small credit unions across the country to innovate and improve and their existing financial offerings. The CUES will be hosting its first ever Strategic Innovation Institute at the Massachusetts Institute of Technology's Sloan School of Management in September 2014. While Fagan said he expects many people to come to the event with big ideas about offering new ways to help members in the future, he said big innovations often take the form of smaller, simpler ideas.

"Innovation is one of those words that everybody is talking about today, but can mean different things to different people," Fagan wrote. "It doesn't always mean delivering something as revolutionary as an iPad."

According to an official press release from the CUES, the event at MIT will have four overarching goals:

  1. Develop more strategic thinking about ways to innovate credit unions across the U.S.
  2. Set a path for providing credit unions with the resources to implement new developments in the future
  3. Foster greater leadership skills among executives
  4. Find ways to expand business capacity while holding true to the central tenets of credit union services

One way credit unions across the U.S. can utilize technology to provide quality service to members is by offering self-service coin counting machines in addition to other important tools. People often visit financial institutions for a variety of purposes. The convenience of accessing a machine that turns loose change into cash is just one more service that can lead to long-term member loyalty.

November 7, 2013