February 16 was National Innovation Day. It may get overlooked among the other February holidays that take place the same week, such as Valentine’s Day (Feb. 14), Gumdrop Day (Feb. 15) and Do a Grouch a Favor Day (Feb. 16). But the holiday was created to recognize individuals who dare to be creative and push the envelope on what can be done and what is possible.
The well-known Renaissance painter Leonardo da Vinci was an innovator. His ideas served as predecessors for many modern-day inventions, including armored tanks, parachutes, diving suits, machine guns and even robots.
Every company, including credit unions, has to be ready to change its goals and priorities to remain relevant in its industry. Although “innovation” has become something
of a buzzword, it represents an important concept that is constantly changing the world. Any time you come up with a new idea, a new product, or a new service that improves current ways of doing things, you are innovating.
Always growing, learning, improving. That’s Catalyst Corporate’s vision for success. It’s our promise to member credit unions.
Over the last few years, Catalyst Corporate has positioned itself around a strong commitment to driving innovation that benefits our membership, as well as the entire credit union industry. In keeping with this ongoing initiative, we’re always looking for opportunities to develop new ideas and explore uncharted avenues for growth. In 2019, Catalyst Corporate set out on its mission, enacting both internal and external efforts. Some of our results were surprising.
To begin, Catalyst Corporate now hosts an annual Employee Innovation Program, designed to encourage staff members to “think outside the box,” collaborate internally, and identify areas for enhancement. This year, Catalyst Corporate leadership recognized those who submitted ideas, with the top five receiving “Innovation Awards.”
Improvements submitted by Catalyst Corporate staff in 2019 ran the gamut from changing and automating internal processes to upgrading member touchpoints. Their suggestions will manifest cost savings of $95,000 and increased revenue of $80,000 annually.
Ultimately, when Catalyst Corporate saves, members save. By uncovering these opportunities, Catalyst Corporate can then invest funds in other areas. This is just one way we can demonstrate our commitment to advancement – starting from the inside out.
Catalyst Corporate has also mapped out plans for future innovation. Throughout the year ahead, we will continue to prioritize this initiative by introducing new and affordable services – all of which were built for a sole purpose: to address the ongoing needs of member credit unions.
There are plenty of ways consumer-focused organizations, like credit unions, can enact change and, ultimately, better accommodate the people they serve. Have you identified and encouraged the innovators on your staff?