JACKSONVILLE, Fla. (4/24/15)--Innovation is a core value at Community First CU, Jacksonville, Fla. To turn that value into a competitive advantage the credit union has launched an innovation team that fulfills the needs of consumers.
Formed in 2013, Community First CU's innovations team met with Ignite, a local incubation lab, to learn the process of turning ideas into solutions (Jacksonville Business Journal April 21).
The seven-member team is inspired and driven by the millennial generation, according to Community First President/CEO John Hirabayshi.
It includes members from a cross-section of the credit union. The team talks to consumers and develops strategies to better serve the credit union's membership.
The key to the team's success is its ability to think like consumers, Hirabayshi told the Jacksonville Business Journal.
Team member Jairo Lobusta said the team identifies problems and tries to make the financial lives of members easier.
As a result, the credit union has launched several new products and services, such as a mobile banking app that includes a personal budgeting function, and new loan options, including a fast growth line of credit aimed at young professionals looking to build up credit quickly. That initiative alone has netted the credit union 100 new members in the last two months, the Jacksonville Business Journal reported.
Most recently, the team has launched a campaign targeted to serve the needs of University of North Florida students.