Key Results from Disruptive Strategy
Key Takeaways
- Interra Credit Union is focused on how it can remain relevant a decade from now.
- Senior team shares a common language around problem solving.
- As a purpose-driven organization, future scenarios are viewed through a new lens.
- The team is actively reimagining and rethinking how to meet members where they are.
Several years ago, the five-member executive team of Interra Credit Union ($1.7B, Goshen, IN) participated in Sustainable Business Strategy, a virtual-learning experience offered by Callahan & Associates in collaboration with Harvard Business School Online.
One of the key learnings from that initial course was that Interra needed to rediscover what it means to be a purpose-driven organization and give its entire team the shared language and tools needed to think differently. “It really launched us down the purpose journey we’re on,” says David Birky, Interra’s executive vice president & chief strategy officer.
The next phase included sending all 17 of Interra’s senior leaders through Disruptive Strategy, another course offered in collaboration with Harvard Business School Online that helps credit union leadership teams learn new tools to meet the strategic challenges of a disruptive world and build a practical strategic framework for applying and managing them.
“The biggest benefit has been our senior team thinking differently about the problems our members face and how we can provide solutions,” says Birky. “That common language and the strategic framework learned during Disruptive Strategy are still being actively used and referenced two years later at Interra.”
While launching new products or specific practices wasn’t the goal of the course, Interra has found that its team’s learnings have led to several concrete results as the cooperative moves forward on its purpose journey to meet members where they are.
For example, CashIN — which provides small-dollar loans of up to $2,500 for Interra members with approvals via smartphone in as little as 60 seconds — was implemented and is housed within the credit union’s foundation. Members simply log into online banking via smartphone or computer and answer six questions to apply for this payday lending alternative. If approved, the cash is deposited directly into their Interra checking account. The response has been overwhelmingly positive, with approximately 2,700 CashIN loans made in just 10 months for a total of $3.7 million loaned so far. “Housing this in our foundation allows us to shine a brighter light on the program,” shares Birky.
Interra is also in the process of utilizing its foundation to stand up an alternative auto lending program, which will be based on relationships instead of credit scores. “Each of our senior department heads thinks about success differently now,” says Birky. “Understanding why members hire and fire us and looking more closely at their jobs to be done – whether with us or a competitor – has driven a complete overhaul and redesign of our deposit products.”
Unlike attending a retreat or reading a book, which can have short-term impacts, Birky has found that the learnings from Disruptive Strategy continue to be referenced on a weekly or even daily basis, shaping and changing the way Interra’s senior team thinks about what it means to be relevant. “It’s been transformational in the thought process of our senior team,” says Birky.
More Blogs
3 Ways To Use 2Q21 Data
The NCUA has officially released second quarter credit union data. Callahan provides your credit union a multitude of ways to analyze this updated data to benefit your cooperative. Here are three: 1. Build custom tables in Peer-to-Peer In Peer-to-Peer, credit unions...
Recapping The Impact Network Meet-Up
On August 17, dozens of credit unions joined Callahan & Associates for the first ever Impact Network Meet-Up. This event, which was open to Impact Network participants only, was created to help participating credit unions form connections, start impact-related...
2Q21 Credit Union Trends and Takeaways
More than 1,200 industry peers joined us on Aug. 11 for 2Q 2021 Trendwatch. Callahan highlighted trends in lending, membership, and more as behavior amongst credit union members changed in accordance with the steady economic reopening. Most notably, credit union...
We’re Re-Building Peer-To-Peer From The Ground Up, Here’s What You Can Expect
Intuitive design. Faster analysis. Enhanced reporting. All packaged into a sleek, modern interface. Those are just a few of the changes you can expect with the launch of Callahan’s Peer+ software, coming January 2022. We’re excited to share that the classic...
This Month In Impact
This year, Callahan began our impact initiative, in which we seek to build a network of credit unions with the goal of empowering member-owned financial cooperatives to better articulate their value through a mission-focused lens with the help of new metrics and best...
1Q21 Strategy & Performance Now Available For Download
One of the premier publications produced by Callahan & Associates is Strategy & Performance, a quarterly magazine that highlights the newest trends and data from around the credit union industry. As the industry emerges from the other side of a strenuous and...
4 Impact Articles To Read
Callahan’s Impact Center is a compilation of webinars, publications, tactical documents, and more, all centered around creating a positive community impact. The Impact Center also features case studies and blog posts from creditunions.com that highlight how...
1Q21 Credit Union Takeaways and Trends
Amidst an industry landscape that is undergoing massive changes as a direct result of the COVID-19 pandemic, credit unions found a multitude of ways to adapt to the evolving needs of their members. Using data obtained from credit unions during the first quarter of...
Introducing The Credit Union Impact Center
The Impact Center is a compilation of webinars, publications, tactical documents , and more, all centered around creating a positive community impact.
Peer Group Criteria That Go Beyond Asset Size
Three peer group examples for a more accurate credit union benchmarks.