Innovation Is as Close as Your Living Room

Five ways to gather deep and valuable insights.
By Tansley Stearns,CME, CSE

In the 11 years that we’ve been growing innovative ideas at Filene, we have developed a methodology for innovation that is grounded in human-centered design. At its core, HCD is about solving the biggest problems for your members, potential members and employees. To solve these problems, we must first understand the problem to solve. That begins by gathering insights--observations about what people are experiencing, going through, struggling with and even what they are thrilled about. Insights that might lead to innovation can come from anywhere: sitting in one of your branches and watching members; engaging with colleagues at a conference; or from a conversation with a friend over coffee. One of my most recent insights surrounds the future of diagnosing ear infections from the comfort of your home. And it translates well to credit unions. As a mom and a bit of a germaphobe, I am struck with a bit of terror when my daughter, MacKenzie, is feeling unwell. Not only do I hate to see her struggling, but I also imagine being in the waiting room armed with hand sanitizer, doing all I can to have her avoid touching things that bring even more germs home. But there’s good news for moms like me. In the future, some simple medical concerns, such as ear infections, will be handled at home, leveraging such technology as video. Talk about ease of use. As more and more industries create such simple and easy experiences for people they serve, credit union members will demand more of us. As an industry we are talking a lot about omnichannel service delivery, but how do we take that one step further and evolve to omnipresence so that we are wherever our members need us whenever they need us for all their financial needs? How do we evolve from the waiting room that every mom wants to avoid to the living room where all of us are comfortable? Here are five easy ways to get started gathering insights that might lead to your next big innovation:

1. Spend two hours a month in the call center or in a branch. Watch and listen to what makes people really happy and what is frustrating them.
2. Read a magazine you’ve never read before. Trade with a friend who has very different interests. You’ll be amazed what you’ll find.
3. Ask 10 different people what is keeping them up at night. The worries that people have can lead to tremendous insights.
4. Gain exposure to a completely different industry. Read a trade publication, attend a conference or network well outside  financial services.
5. Invite your team to share. Challenge each of your direct reports to find and share 10 new insights per week.

With insights in hand, you can begin to see patterns that will lead you to new and interesting problems to solve for your members, potential members and employees. Your next great idea--or full-blown innovation--could be as close as your living room.

Tansley Stearns, CME, CSE, is chief impact officer for Filene Research Institute, Madison, Wis. Broadening thinking about both large- and small-scale innovation is a key objective of Strategic Innovation Institute I, hosted by MIT. The institute is next slated for Sept. 25-30. Stearns will co-present CUES School of Member Experience, slated for Sept. 26-27 in Charleston, S.C.