Make room for new ideas at your credit union, says Andrew Downin, Filene Research Institute’s innovation director.
And watch our for technology and innovation that could disrupt the financial services industry.
To be innovative, credit unions need to find and empower talent, he says.
“The way in which we look for talent really needs to change to stay relevant and adapt to the changing competitive environment that we are in,” Downin says.
Downin encourages credit union leaders to:
• Look for diversity. Seek out employees with different life experiences and perspectives. “There’s a lot that credit unions can learn from artists and engineers.” Don’t be afraid to hire from outside the financial services industry.
• Hire thinkers. You want everybody at every level of the organization to be thinking critically and creatively about how to approach the business and their specific jobs.
• Reward the right things. Step toward a bit more comfort with failure. “Perfection is the enemy of innovation.” Give your staff a willingness to take calculated risks. “We can learn just as much from what didn’t go well as from what did go well."
In the following video, Downin points out four trends credit union leaders should keep their eyes on.