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CU Snapshot

 Apr '18Mar '18
# of CUs5,7245,727
Total Assets
($ billions)
Total Savings
($ billions)
Net Cap.
Loans to Savings82.9%81.5%
Loan Delinq.0.8%0.8%

         Credit Union Indicators

Invest in Ideas

Leadership demands an innovation mindset.

Innovation is a part of leadership, Luke Williams said at the America's Credit Union Conference and World Credit Union Conference.

Leaders should encourage individuals at an organization to think of new, bold ways to conduct business, said Williams, the executive director at the NYU Stern School of Business, a fellow at the innovation company frog, and author of "Disrupt." They also must understand that ideas—even if they're not carried out and put into use—are valuable.

"You must treat ideas as items of investment in their own right," Williams said.

To encourage innovative thinking, Williams said leaders should embrace or expand these three ideas:

1. Perceptual scope, or the ability to see more opportunities. Often, credit unions have a case of expert inflexibility because they've been doing the same tasks the same way for years.

While there may be efficiencies, Williams said that mindset also blocks the view of some opportunities for innovation. Credit unions need to break through these barriers–or patterns of perception–and allow creative insights to develop and be explored.

2. Conceptual scope, or the ability to see new ideas. Leaders often will dismiss a new idea because they fall into the "this is the same as" line of thinking.

Williams said it's vital that leaders fine-tune their judgment and not lump new ideas into the same category as existing ideas, rather judge each idea on its own merits. "Nothing kills a new idea faster than common sense."

3. Experimental scope, or encouraging employees and others involved with the organization to try out more ideas and take risks. While there's always the possibility an idea will fail, Williams said that fear shouldn't hold people back.

"There's never been an economy that has rewarded innovation more than the one now," he said.

(Via news.cuna.org)

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