Have you heard about MDC’s Innovation Council (IC)? IC is a select group of our owners (usually nominated by their peers) who meet with us twice a year in-person to anticipate what’s ahead for credit unions, identify how our team can help, and brainstorm how to build out solutions in the form of MDC projects. We like to think of this group as our “champions of innovation.”
This year’s IC started out with a bang! MDC hosted three webinars leading up to our time together in August to get us all ready for the intensive innovation sessions to come. Webinar subjects were chosen from the participants themselves, who selected the following topics:
- On-demand Consistency by Spencial Lian of Amazon
- Simplification of Choice by Irene Etzkorn of Siegelvision
- Changing Face of the Consumer by Jimese Harkley of Filene
Our webinar series was definitely a hit—to hear the recordings from these fascinating sessions, be sure to check out the “Innovation Council 2017 Webinar Series” tab in MDC Connect!
Our momentum carried on into Chicago where we spent two days learning, ideating, and narrowing down project ideas into our “list of winners”. To take a fun breather from the work, we even treated our IC to a special surprise—The Wrigley Rooftops to watch the Cubs play ball, eat some delicious hotdogs, and get to know each other outside of the working sessions (check out the view)!
From ideas to marketplace concept testing
After formulating a list of top ideas, we measured the market’s interest in our ideas—is this something the general public would be interested in? Would this idea make your credit union stand out from the crowd? Would this idea increase your credit unions’ wallet share with members? These are all important questions for us to consider when deciding how to move forward with MDC project plans.
In the form of a survey, we asked over 600 people from a variety of backgrounds about our top IC ideas. Respondents indicated that 6 of our 9 project ideas proved to have high interest in the marketplace (meaning over 50% were interested). Our idea, “Automated Account Switch” ranked highest, with 73% of respondents indicating interest and 53% indicating they would actually switch financial institutions if this was offered.
Where do we go from here?
Based on the marketplace results combined with our IC’s input, we are moving forward to concept testing with the following four ideas:
- Automated Account Switch
- Instant Auto Lending
- Cloud-Based Bill Pay
- Retirement Readiness Tool
Want to learn more about these ideas and our progress? Be sure to attend our Winter Owner Meeting February 8-9 in Scottsdale, AZ. We’ll be presenting our findings and recommendations. Don’t miss out—registration will be opening up in November.
Not an MDC owner yet and interested in attending our Owner Meeting as a guest? Contact Jeff Kline!