In this session, Andrew highlights the importance of innovation for credit unions to stay competitive and relevant in a rapidly changing banking industry. As the I3 innovation collaborative program was initiated to help credit unions change business models and product offerings, the speakers emphasized the importance of iterative prototyping and fostering creativity while urging caution against overconfidence and perfectionism. He also discusses the need for balancing different types of innovation, including disruptive innovation, and the importance of organizational agility and structure to foster success.

The session features examples of innovative ideas from the I3 community, such as Prize-Linked Savings and Debt Dragon, which have improved efficiency and saved members money. The Filene Method of Innovation is highlighted as a proven success factor for I3's innovative projects within credit unions. The importance of empathy and understanding members' perspectives in creating new products is also emphasized, along with the benefits of partnerships and a proactive, innovative focus on minimizing missed opportunities.