How do you create and contribute truly brilliant ideas at your credit union? Right now, credit union innovators just like you are brainstorming, collaborating and contributing their ideas for recruiting and serving adults 50+ in the THINK Prize 16 Financial Longevity Challenge. The Challenge –which seeks to answer the question, “How might we create financial services that support the dreams and obligations of those 50 and older?” – is currently in the Ideas phase. From now through December 10, post your idea for a chance to win the $10,000 THINK Prize 16.
The THINK Prize was created to spark innovation in the credit union community. Although this year’s Financial Longevity Challenge is open to anyone, credit union innovators continue to play an especially active role in creating and collaborating for the THINK Prize. If you are looking for new ways to expand your marketing scope, serve your current membership more creatively, understand the challenges members face, or experience the design thinking process firsthand, this Challenge is for you.
Need a little inspiration? Here are 4 easy steps to get you started:
- Join our Tweet Chat on December 6
Get a handle on the burgeoning market of adults 50+ and get a lead on ideas currently in the mix in our first-ever THINK Tweet Chat. Members of the CO-OP THINK team, along with special guests from AARP and OpenIDEO, will host the Chat. Our audience will include followers of OpenIDEO, @CO-OPTHINK, Mastercard and AARP Innovation, as well as students from NYU and other universities, CO-OP partners and past workshop attendees.
Financial Longevity Tweet Chat
Date: Tuesday, December 6, 2016
Time: 11:00 AM PT / 2:00 PM ET
To join the Tweet Chat use the hashtag: #FinLongevity.
- Visit the Financial Longevity Challenge Online
See what credit union innovators (and others from around the globe) are cooking up on the Financial Longevity Challenge page. Here are a few ideas from the credit union community:
- Returning the Favor: What if we could micro-crowdfund for our loved ones? What if we had app that could easily set up recurring payments toward the dreams and obligations of those 50 and older? Smaller financial contributions could become larger and more impactful, and result in a recurring regular income stream.
- Banking Buddy: This banking chatbot can provide useful advice, context-aware knowledge and friendly reminders to stay on financial track. This digital service is geared towards phone users aged 50+, though is accessible and likely useful to all credit union and bank members.
- Driving Banking into the Community: How can we get banking services to consumers who don’t have the means or ability to get to conventional brick and mortar and may not utilize online or mobile phone banking? Create a Banking Bus. This idea can be expanded into a banking concierge service (like a hotel’s room service). A credit union could physically park the mobile branch in strategic locations to service many – essentially delivering full-service banking services and advisors to consumers.
- All-Generation-Friendly ATM: Because consumers 50+ are often more concerned about risk, they may limit their use of the ATM out of fear. This ATM concept integrates an “assisted session with a real person” who can provide information or even correct mistakes to ensure a successful transaction.
- Brainstorm with your team – or on your own
Need a little extra help structuring this effort? Download OpenIDEO’s free guide “Human-Centered Design for Credit Unions.”
Want some insight into the 50+ market? Check out AARP’s guide “The Longevity Economy.”
- Post your idea
Idea submissions close after December 10, so get ready to post your idea now. Your idea will be considered for the THINK Prize – and you’ll get feedback and collaborate with like-minded innovators on the OpenIDEO Challenge site.
This is the only opportunity for credit union thinkers to join together with industry experts, OpenIDEO designers, curious consumers and a global community dedicated to innovation for the express purpose of creating and contributing brilliant ideas for the credit union movement. Don’t miss your chance! Get started now.
Create and contribute your best ideas now.