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Lessons on Innovation from the the Accessible Financial Services Incubator Howie Architzel – Director of Project Management @SEFCU Cynthia Campbell – Director of Impact and Labs @Filene What is the Accessible Financial Services Incubator? Why do we have one? What are the Five Pilot Programs? ① Non-Prime Auto Loans ② Pay Yourself Back ① The Trust Card ② Borrow and Save ③ Employer Sponsored Small Dollar Loan Lesson #1 Collaboration is Key • • • • • • Credit Unions Credit Union System Players Non-Profits Employers Municipalities Media Lesson #2 Capacity and Capability Challenges •No slack in staff time to implement a new product •No margin in the budget for “unplanned” innovations •The systems currently used do not support the new innovation •Lack of an innovation framework that provides a pathway for new ideas Good News! All of those challenges can be overcome! • Slack in staff time can be built in to the budget • An “Innovations Opportunity” line item could be added to the budget • Systems can be upgraded to support new programs • Innovation frameworks can be built ………………….........................................................................Innovation is strategy. An Innovation Framework SEFCU Innovation Model How to Create a Culture of Innovation Collaboration • Innovations Portal • Area to submit ideas • “Innotweet” • Idea Dump • Crowdsourcing • Polling • Innovations Lab • Participate in the process • Directly engage with subject matter experts • Partner with outside groups • Communication • • • • Acknowledge each idea Follow-up and validation Celebrate success and failure Direct engagement • Branch visits • Publicize those ideas that are implemented. How did SEFCU get involved with the Employer Sponsored Small Dollar Loan (ESSDL) Program? Statement of the Problem: We had been exploring potential offerings for the LMI demographic since mid2013. The most popular product offer found in the market was prepaid cards which offered limited benefit to SEFCU and its membership. We needed something that was more strategically aligned with our corporate vision Potential Solution: The Filene AFS Incubator identified products to test in conjunction with credit unions across the country. The Innovations team identified the Employer Sponsored Small Dollar Loan program as the offering with the greatest benefit to both SEFCU and its membership and aligned with our vision. ESSDL – The Launch Phase 1 – Product Design Phase 2 – Establishing Employer Partners Phase 3 - Implementation and Measurement ESSDL – Early Outcomes Launch Date = July 2014 Member Feedback = Very Positive Conservative volume but expansion coming Innovation – The Gift That Keeps On Giving Examples: • Implemented a new loan origination system which included electronic signature platform • Through employee feedback we realized multiple use cases for electronic signature platform • Eventually spun off into its own project- Document Reengineering and Efficiency (DRE) Howie Architzel Director of Project Management SEFCU (917) 627-8042 [email protected] Cynthia Campbell Impact and Lab Director Filene Research Institute 608-661-3755 [email protected]
