BURLINGTON, Vt. – Vermont Federal Credit Union has completed its first-ever Innovation Challenge, a new program designed to promote creativity and collaboration throughout the credit union.
It says it now intends to pilot and launch the most promising solutions from the Innovation Challenge in the near future.
Participants in the inaugural Innovation Challenge were tasked with developing creative solutions to address challenges facing credit union members, Vermont Federal said. Participants came from all areas of the credit union, with 11 concepts originally submitted before being narrowed to five. Those top five concepts were presented to the organization’s leadership team and then revealed at Vermont Federal’s annual staff gathering.
“The purpose of the Innovation Challenge is to celebrate and harness the wisdom and diversity of our incredible team, and we are very pleased with the level of engagement and the quality of concepts developed in our first year,” said Doug Robinson, director of innovation and strategy at the credit union. “It is an opportunity for those not normally involved in strategy to utilize their experience at the credit union to truly make a difference for our members.”
Vermont Federal said each of the proposed innovations sought to address a member problem, with all common theme of improving the financial well-being of members.
The $500-million Vermont Federal has more than 39,000 members.