"The introduction of something new," or, "a new idea, method or advice." According to m-w.com, that's the definition of innovation – a word that's as prevalent in the credit union industry as deposits or members.
It often sounds like one of those overused workplace buzzwords, like "employee engagement" or "organizational culture." Something credit unions know they're supposed to invest in and achieve that doesn't come with its own how-to manual. There are an endless number of ways to approach innovation – and no set rules on what the outcome should be – so it's only natural for many credit unions to not know where to begin.
So what does innovation really mean? I asked myself this question last Wednesday during a two-hour drive from Los Angeles to Irvine, Calif., for CU Direct's Innovation Lab grand opening event (more on that later). Forty miles later, I concluded that the meaning may not be as important as the purpose. The activities associated with innovation can be any number of things, but the reason we innovate is to adapt and mold to external changes that impact us. It keeps us from getting stuck or falling behind. We may be running on a smooth, clear path alongside our peers one day with no obstacles in sight, but when the path starts to turn rough, we have no choice but to veer off into another direction. And we must be prepared for that moment.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
