Leaders created a space called the Collab to facilitate collaboration across the enterprise.
The initiative has already produced new products, and a member journey focus is emerging.
Winston Churchill famously said, Never let a good crisis go to waste. During the COVID-19 pandemic, Leaders Credit Union ($572.3, Jackson, TN) has taken that sentiment to heart.
In the past few months, the big Tennessee cooperative has doubled down on its commitment to members and the organization with its Innovation Lab, an internal think tank located in a space at the credit unions headquarters dubbed The Collab.
Todd Swims, President/CEO, Leaders Credit Union
We wanted to come out on the other end of the pandemic more prepared, better organized, and with a proactive plan for constant improvement, says Todd Swims, Leaders president and CEO for the past three decades. We wanted to foster imagination and develop the critical thinking of our employees. To do this, we needed a space to host innovation meetings to look at pain points, revisit process improvement, and gain fresh ideas.
Leaders also expects the space to play a role in integrating collaboration across the enterprise.
When it comes to communication across all the working departments, we were missing the mark when introducing new products or revising existing products, Swims says. Each department completed its task, but we were missing the piece that pulled it all together.
Leaders created the Collab space in August 2020 to host internal and external meetings. According to CEO Todd Swims, the look and feel of the space is intended to match its purpose.
The credit union included inspirational quotes in its Innovation Lab design.
We remodeled an entire area and made spaces for different types of conversation, some more casual and some more formal, Swims says.
According to CEO Swims, the Collab space includes a glass whiteboard for brainstorming, an interactive touch screen, and a large TV monitor for Zoom meetings, sharing computer screens, or pulling up information online.
Structure And Organization
Leaders formed the Innovation Lab during the same burst of creativity that resulted in Leaders University, a series of courses developed both internally and by outside experts on topics aimed at developing and engaging employees under a growth mindset.
A new staff development program at Leaders Credit Union offers a diverse curriculum taught by internal and external experts. Learn more in Leaders University Turns Employees Into Financial Champions.
The lab rests under the marketing department. Brandy Ahlquist, a 23-year employee who took on the newly created title of vice president of experience and innovation in February, manages the lab, ensuring all elements of products or services are clearly laid out and delivery across all channels is flawless.
Ahlquists previous roles at Leaders include directing operational support, training, contact center and branch management, collections, and, initially, teller.
We chose her for her vast experience in various departments and her in-depth knowledge of our processes, procedures, and internal programs, Swims says.
6 Ways To Initiate Innovation
For innovation to take root, a credit union must first have the right people at the table, says Leaders CEO Todd Swims. If you dont have all the information you need and the people to get things done, innovation will never happen, the CEO says. He also provides seven more tips.
- Be deliberate.
- Make actionable plans.
- Include the right people.
- Be open to new ideas and processes.
- Follow through.
- Follow up and re-evaluate as needed.
Ahlquist, CMO Leigh Anne Bentley, and COO Karen Freeman collaborate weekly on where they can make an impact on member relationships and organizational goals, says Swims, who also suggests projects that merit a deeper dive.
Bentley, Ahlquist, and the community engagement team typically lead Innovation Lab projects. Thanks to the work of the lab, the credit union already has rolled out instant-issue credit cards, upgraded its intranet, and created a home loan program for physicians.
No Internal Autonomy. No External Autonomy.
According to Swims, the Innovation Lab is not autonomous. Rather, it facilitates close work between departments on product and service design, pricing recommendations, target markets and messaging, and software and hardware research and development.
It also partners with the training department to ensure the organization understands when processes and products are upgraded, developed, and introduced.
Externally, collaboration among different groups is still the name of the game.
We use various external advisory boards two community-based boards and one age-based millennial board to be sure were serving member needs and getting proper feedback, Swims says. We use these groups for current product design, branding, and service reviews.
Consider joining Callahans new Impact Network and take advantage of the resources in the Credit Union Impact Center. Both initiatives are designed to help member-owned financial cooperatives focus even more on the credit union difference they make in their communities.
Todays Impact And A Look Ahead
Nowadays, the impact a credit union has on its members is a moving target when it comes to measurement. Its also one that has taken on critical importance.
Leaders at Leaders know this and are evolving how to assess the credit unions progress as the Innovation Lab and member service in general continue to grow. So far, its assessment includes board reports that showcase updates, improvements, and current projects.
Our list of accomplishments is already long and includes small changes that make our processes, communications, and products better, Swims says. Well be working on reporting to look more quantitively as we have timeframes for accurate measurements.
CU QUICK FACTS
LEADERS CREDIT UNION
Data as of 03.31.21
HQ: Jackson, TN
12-MO SHARE GROWTH: 23.01%
12-MO LOAN GROWTH: 13.55%
The credit union also is focusing on current products it wants to better understand, especially entry points such as mobile banking, website, and physical branches.
Projects include journey mapping and completing a product design worksheet for all products and services to ensure Teachers is offering the best member experience and to verify its procedures are efficient.
Understanding our member’s journey and experiences allows us to be creative and look for ways to improve, Swims says. By emphasizing the member experience, we encourage our employees to look for ways to do better, be better, and make a positive difference in the lives of our members.