Citigroup pushes the model of the bank branch and sparks the question “How can credit unions constantly innovate?”
In an article in The New York Times, Steve Lohr reports on the increased presence and importance of innovation in today’s business world. He highlights changes in the wood and cell-phone application industries. Companies are trying to find new ideas and fresh ways to attack old problems.
Most importantly for credit unions, Lohr chronicles developments at Citigroup.
At the bank, chief innovation officer Deborah Hopkins oversees investment in social media company Bundle.com, a platform that allows people to compare financial habits with other community members.
Additionally, Citigroup launched a “bank of the future” initiative, which sprang from shifting branches toward a customer and away from the products being sold in the bank. These new branches are largely digital and have touchscreens and interactive phone discussions with financial experts. Clearly, things in the financial industry are moving in a different direction.
The Times story is in itself engaging, but it also spurs two questions for credit unions: “Where does your credit union’s social media initiative stand?” and “How healthy is innovation in credit unions?”
The two questions are intertwined, and Callahan is hosting a social media webinar on August 26 at 2 p.m. ET that could help you bring your company’s plans into focus.