When planning for the future, look around and get inspired to create innovative projects.
“It’s really hard to change, but we can,” says Ryan Foss, managing director for innovation at the Filene Research Institute. “And it can be fun and exciting.”
Foss spoke about innovation, including ways to get inspired to innovate, examples of innovation in the marketplace, and why it’s important for credit unions to adopt an innovative mindset, during a breakout session Saturday at CUNA’s America’s Credit Union Conference in Boston.
Look at innovative ideas other financial institutions are rolling out or look outside the financial services industry and see what other industries are doing.
Being willing to take risks and try innovative things pays off, Foss says. Organizations that come up with new ideas have higher profits and growth.
“They’re not sitting on their laurels,” he says. “They’re always thinking ahead and trying to create their own change.”
Credit unions can also create innovative products as way to attract younger members.