For more information:
Phil Tschudy 608/231-7188 philip.tschudy@cunamutual.com
Rick Uhlmann 608/231-8940 rick.uhlmann@cunamutual.com
August 30, 2007
CUNA Mutual Launches New Customer Collaboration Tool
Web-based ‘Greenhouse’ Will Capture Ideas For New Product Development
MADISON, WI – To further demonstrate its strong commitment to innovation, CUNA Mutual Group is introducing “The Greenhouse,” a Web-based tool that allows customers to submit ideas for new product development.
Credit unions are invited to go online at www.cunamutual.com/thegreenhouse and offer suggestions for new products or improving existing ones. The tool’s name is fitting because, like a seed, an idea can start small and expand to have a major impact on our industry, according to John Lass, Senior Vice President of Product Strategy for CUNA Mutual.
“Innovation requires a structure and culture that fosters creativity,” Lass said. “The Greenhouse represents a new channel for our customers to offer their ideas, which our product development team can consider, and potentially transform into valuable growth opportunities for our customers. Having this tool is particularly valuable during a time when the retail financial services industry is rapidly changing to keep pace with the economy, consumer needs and new technologies.”
"Now more than ever, credit unions must innovate and show creativity in product design and flexibility in order to remain relevant to consumers,” said Mary Cunningham, president and CEO of USA Federal Credit Union, San Diego. “By providing this tool for stimulating the creative juices of their credit union partners, CUNA Mutual is demonstrating their intent to remove roadblocks and facilitate rapid market response to ideas and innovation."
The Greenhouse directly supports CUNA Mutual’s business strategy of innovation, which can redefine the credit union system, said Dave Lundgren, Executive Vice President and Chief Products Officer.
“Our approach to innovation starts with a common purpose and deep understanding of our customers. With this insight, we’re applying expertise, process and investment to design a continuous pipeline of new products and services to serve credit unions and their members. The Greenhouse will be valuable in helping us develop new products and services, which will enable credit unions to grow, become more competitive, and provide members with access to new financial opportunities,” Lundgren said.
Although not all submitted ideas will be transformed into new or different products, Lass said the process itself is valuable and will help CUNA Mutual better understand customer needs.
In addition to being a repository for new product ideas, The Greenhouse enables cross-functional collaboration and networking opportunities. CUNA Mutual will regularly share articles and host interactive sessions for customers to create an outlet for creative ideas and the sharing of best practices from within and outside the credit union movement.
There are currently three white papers provided representing key industry topics:
- Attracting new members
- Boosting 401(k) participation
- Combating plastic card fraud
CUNA Mutual Group is the leading provider of financial services to credit unions and their members worldwide. More information on the company is available on the company’s Web site at www.cunamutual.com.
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