Innovation is a requirement in today’s business world and credit unions are no exception. By creating and implementing a clear plan, credit unions can create and nurture a culture of innovation that works to not only provide the best possible member experience, but also get the most out of each employee. Providing credit union employees with the latest in innovation software and encouraging innovation can create a culture of innovation that is constantly working to solve problems, identify new solutions and introduce innovative ideas. Ultimately, even the smallest innovations can help improve the member experience and provide an invaluable ROI in an environment where credit unions are competing for members.

How Technology Can Support How Credit Unions Innovate

One of the biggest challenges is knowing exactly how to encourage innovation and how best to equip employees so that they are able to complete their normal daily tasks and still feel inspired and empowered to seek out better solutions. It is one thing to know that innovation is important and a whole other thing to be able to create a company culture where innovation is a priority. Fortunately, new technology, such as innovation software from Ezassi, is able to bridge the gap and make innovation a reality.

Software programs like Ezassi, are designed to effectively engage relevant parties and allow for communication and collaboration. While credit union employees, members and stakeholders may interact on a daily basis, their contact is usually limited to specific transactions. Innovation software can break down these barriers and allow for a free flow of ideas that crosses over between departments, locations and all other limitations that keep people in certain roles. Software provides one centralized point of access for collaboration and innovation where ideas can be freely shared, discussed and developed.

Ezassi innovation software serves as an essential component of creating a culture of innovation where everyone is engaged. Crowdsourcing problems is just one way to involve key stakeholders and open innovation challenges to everyone. Credit unions can also take a more proactive approach and commit to running 9-10 challenges throughout the year. Regularly issuing challenges keeps interest and engagement high and allows for the free exchange of ideas, which will ultimately produce innovative solutions. When employees feel empowered to work on problems that may fall beyond the scope of their normal duties, they are able to tap into their full potential.

7 Ways Credit Unions Innovate with Innovation Software

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The beauty of innovation software is that it provides the framework for engaging innovation participants, vetting ideas, streamlining communication and encouraging collaboration, but there really are no limits on how it can be used. The software is designed to be flexible so that each user and credit union can design and implement their own path towards innovation. The infographic below outlines just seven popular ways that credit unions are using innovation software to pursue innovation:

Rivermark Community Credit Union — A Leader in Innovation Success

Rivermark Community Credit Union is just one example of a credit union adopting Ezassi innovation software to engage their employees and create a culture of innovation. The Oregon based organization is using the software to not only solve existing problems but help identify whitespace within the financial industry where there is room for disruptive technology. By introducing a user-friendly platform that provides a single access point for the free exchange of ideas and gamifying challenges, the credit union is poised to improve the member experience, create more efficient processes and operations and become a leader in their industry. You can read more about their partnership with Ezassi here.

Small Changes Offer a Big Impact

“Innovation” can sound like a lofty goal, but not all innovative ideas have to completely transform entire industries. Incremental changes in processes can yield significant benefits. Simply working more efficiently and effectively can reduce waste and cut expenses. Over time, these changes can produce significant savings that impact a credit union’s bottom line. The key is to be able to capture, evaluate and implement ideas from employees and others involved in the crowdsourcing process. Ezassi innovation software allows for all ideas, both big and small, to be captured and developed.

As credit unions continue to try and improve the member experience and find better ways to promote products, reduce costs and improve processes, innovation software will play an increasingly important role. This powerful tool can capture ideas, automate the workflow and idea development process, offer insightful analytics and much more. Ultimately, these capabilities will translate into better member recruitment and retention and more efficient operations. Investing in Ezassi innovation software provides an invaluable ROI that will continue to help credit unions thrive in a competitive environment.