NEW YORK–The winning ideas from the THINK Prize 16 were profiled here, including one idea that is being led by a group of students at New York University (NYU).
At CO-OP Financial Services’ THINK 17 meeting here attendees were given an update on the THINK Prize process and the ideas that were selected from the hundreds that were submitted as part of the “Financial Longevity Challenge.” That challenge was seeking to identify and develop innovative financial products and services for credit union members over age 50. The process is being overseen by a partnership between CO-OP, Mastercard and OpenIDEO.
In all, 493 participants representing 60 countries contributed 446 submissions as part of the Financial Longevity Challenge.
The five finalists for the $10,000 THINK Prize were:
Originator: Freddy Shimabukuro, Pueblo Libre, (Lima), Peru, in collaboration with the Peru Chapter of the OpenIDEO Community.
Idea: The Friendly ATM will give credit union members more confidence when using ATMs by allowing them to take time when setting up transaction details while they are at home. Once transactions details are confirmed, the transaction will be automatically brought up then next time the user logs in to an ATM. This will minimize the time that credit union members spend in being vulnerable at physical ATM locations.
The “Not So Retired Life” Podcast
Originator: Rachel Rosenbaum, Detroit
Idea: This initiative seeks to empower individuals over 50 years old to re-frame the way they approach retirement so they can live a long, fulfilling life, in a financially-sustainable way. This proposed podcast will share stories of the real experiences of people in their late careers/early retirement. The plan calls for leveraging local journalists, entrepreneurs, credit-unions, and/or communities to find initial sponsors and interviewers.
Originator: Natalie LeRoy, Chicago
Idea: This initiative seeks to help those over 50 who are looking to relocate or change their living situation to reflect their current life circumstances. Through a web and mobile platform, “Rightsize” will help users develop their ideas about retirement, housing and lifestyle and transition them into reality. Users are able to build a fiscal profile and check in with a self-guided map, get relevant information from the news and other users, as well as connect to resources and services.
Incubator Club for Credit Union Members (now known as Build Your Business)
Originator: Lillian J. Warner, New York. Warner is among a team of graduate students from New York University, under the tutelage of Anne-Laure Fayard, Associate Professor of Management in the Department of Technology Management and Innovation
Idea: This team proposes an “incubator” for credit union members over 50, where they can pursue their small business dreams and connect with their community. In this way, people in this age group can remain active, develop a project they always wanted to work on and help someone by providing expertise. The club will provide support, resources and networking opportunities to its members.
Leverage Trust to Create Personal Pensions
Originator: Wingee Sin, South San Francisco
Idea: This initiative seeks to create personal pension products for individuals and distribute them via credit unions. It will support the dreams and obligations of 50-plus consumers by creating a steady income stream from their earlier savings. It will leverage the credit union client relationships and physical distribution network to offer individualized pension plans at scale.
The NYU students spoke to a luncheon audience at THINK 17 and shared their findings. In their research, the students said they identified five findings:
- CUs are trustworthy
- Members value community
- Connecting with others is worth spending money
- Retirement is about switching your career, not necessarily ending work
- Freelancers are a big part of the small business ecosystem
The objective of the NYU program known as Build Your Business is to make credit unions hubs of resources for people looking to start and build small businesses. A toolkit and marketing plan any credit union can use has been created, the students said, and a website has been set up at www.buildyourbusiness.us
The next step involves piloting the program inside credit unions.