Innovating with friends

One of my favorite sayings is, “None of us is as smart as all of us.” It’s a powerful reminder that alone, we can only accomplish so much, but together, the possibilities are limitless.

This mindset applies to innovation. We come up with much better ideas and solutions if we collaborate.

And who is a better collaborator than a friend? For me, a friend is someone with whom I can be my most authentic self; someone who makes me feel seen and who I, in turn, see for who they are and the potential they bring to the table. A friend is someone with whom interactions transcend base-level professional decorum and reach a deeper level of personal connection.

Recently, Cornerstone was invited to collaborate with the Filene Research Institute and the Michigan Credit Union League, the leaders of which are two of my best friends in the credit union movement. The opportunity to help propel credit unions forward while working with friends seemed like the best of all worlds, so I jumped at the chance.

Our movement is incredibly inter-connected. Filene Research Institute was started 35 years ago and today, it still serves as our industry’s think tank. Throughout those 35 years, leagues have oftentimes been among the system players who have invested the funds in Filene that are needed to raise our collective IQ.

Mark Meyer of Filene Research Institute and I have known each other for more than 20 years, as I first attended a Filene event in 2003, when I was still working at a credit union and Mark was leading Filene’s i3 program. He is not only a critical thinker, but also someone who translates big ideas and questions into data that moves the needle for the credit union industry. I believe in what Mark and the rest of the talented Filene team give back to our movement.

As fellow league presidents, Patty Corkery of the Michigan Credit Union League and I have quickly become close friends, and we frequently share ideas about how to help credit unions in our respective league footprints. I admire and respect her for her moxie and brilliant mind as she is an innovator, and not afraid of experimenting for the good of the movement.

With those relationships as the foundation, Cornerstone League and Michigan Credit Union League signed letters of commitment to sponsor Filene Research Institute’s Center of Excellence (CoE) for the CoE’s Next Generation of Member Growth initiative. The sponsorships will help the CoE conduct applied research to expand credit unions’ capabilities to develop and implement strategies that will prepare for the next generation of member growth, particularly in the Millennial and Generation Z markets.

Together, we’re committed to helping credit unions grow, and as leaders, we need to step outside of our day-to-day roles to find new ways of thinking. That’s what I love about the CoE: seeing ideas to fruition through the journey of research, inspiration, and ultimately, action.

The richness of the work that Filene’s academic fellows have produced in recent years has been substantial. Here are just a few examples:

• • Lamont Black, Ph.D., Associate Professor of Finance at DePaul University, has helped us see how cryptocurrency and blockchain technology might change the world, within credit unions and beyond.
  • Quinetta Roberson, Ph.D., John A. Hannah Distinguished Professor of Management and Psychology at Michigan State University, helped us understand that diversity strengthens organizations.
  • In her provocative book, The Unbanking of America, Lisa Servon, Kevin and Erica Penn Presidential Professor and Chair of City and Regional Planning at University of Pennsylvania, goes behind the scenes at a payday lender to better understand why those who aren’t well-served by traditional banks feel more comfortable with alternative providers.

It’s an exciting time in the credit union movement and I can’t imagine a better way to innovate for the movement we love so dearly than with friends.