CO-OP Financial Services this week released its list of candidates for its THINK Prize 16 — a competition for entrepreneurs who want to revolutionize how credit unions and other financial institutions help aging consumers. Winnowed down from 137 entries, the 30 remaining ideas from around the country range from rewards apps to mobile branches, an ATM concierge service and more. CO-OP is conducting the contest in partnership with OpenIDEO and MasterCard.
“The emphasis in this challenge is on finding financial technology solutions for aging consumers that are both innovative and implementable,” CO-OP Chief Marketing Officer Samantha Paxson said. “We have been impressed by all of the ideas that came out of our workshops and those submitted by our larger OpenIDEO community.”
A $10,000 prize goes to the five best ideas, which will be announced on Feb. 1. Here’s a look at the 30 ideas.
An ATM concierge for people 50+. Created during a MeetUp in Lima, Peru, this web application lets users get a barcode and transactions code via email from a human credit union teller. Users input the codes into ATMs for withdrawals and deposits, eliminating the need for debit cards and reducing security concerns.
Next Chapter. This interactive decision-guidance tool helps people over 50 get guided, online analysis of the variables affecting their financial needs and goals. Often, these goals aren’t well served by mainstream retirement calculators and robo-advisors, which tend to focus on younger people with different challenges and decades to save.
A way to annuitize credit union savings. Devised by a former Wall Street executive, this idea creates personal pension products out of member savings, and it markets and distributes them via credit unions. Credit unions would combine a selection of annuities and investment products via an investment consultant and middleware provider.
“The Not So Retired Life.” This is a radio show and podcast would broadcast inspiring stories of people 50 and up who are redefining retirement. The radio version would air during commute times. The objective is to reach people who want to think differently about work life.
Community matters. This business model prototype makes financial advice and information more accessible to people 50 and over by providing pop-up shops at farmers markets, hair salons, laundromats and other locations. This enables education and outreach to occur as members go about their daily lives rather than as a dedicated activity.
Save2Save. This app helps users 50 and older visualize their current spending against their aspired lifestyles. It provides a variety of competitions and rewards for users who realize savings goals, and advertisers would provide offers that could be unlocked when users put their rewards into savings or retirement accounts.
50+ Maker Spaces. For people pursuing woodworking and other craftsman hobbies in retirement, these physical locations would be places to trade tools and sell creations. By providing an outlet for a common connection and a way to monetize creativity, credit unions can create community engagement as well.
Incubator club. This membership-based club would help credit union members and non-members 50 and older start their own businesses. Members would pay $10-$20 per month for networking, workshops, resources and support, and 5%-7% of entrepreneurs’ profits go to the credit unions.
Happy Penny. This virtual assistant uses big data to help financial institutions draw inferences between members’ lifestyle choices and savings or expenditures. By developing an algorithm and continuously polling members about their happiness, the assistant can then nudge people into financial decisions that increase their pleasure.
Chatbots. This idea would create chat programs aimed exclusively at the 50+ crowd. The programs would include texts and Facebook reminders about staying on track with financial goals, ask questions about their financial situation, offer basic account information and connect with human advisors where warranted.
Goal app. This app would allow members to attach a goal to a share account, allowing them to track progress, receive savings tips, devise contribution scenarios and share updates via social networks. Credit unions could provide greater incentives for purchasing “goal” items with credit union accounts.
Older intern program. By establishing internship programs for 50+ individuals, credit unions can tap into experienced resources on short-term projects.
Birthday bonus. In this program, card issuers would offer annual rewards points corresponding to cardholder age. Cardholders would attach an annual wish list of “dream” purchases to their accounts, and those purchases would earn points as well. Accumulated points would only be used to purchase other items on the wish list — and only after the cardholder turns 50.
Coworking space for grownups. Coworking space — offices shared by people in different lines of work — is exploding. But it’s largely engineered for the tastes and needs of twentysomethings. Reengineering this business model gives credit unions and other financial institutions an opportunity to tap an underrated market for travel savings accounts, international debit/credit cards, insurance, small business loans and other products.
Family Life Change. This app would remind people over 50 and their caregivers to take certain financial steps when life changes occur. It would monitor social media activity to detect these events and then make actionable recommendations.
Branch on Wheels. This idea involves a fleet of minivans or trucks that visit areas frequented by 50+ members who are unable to get to a branch. They would contain working ATMs, a teller and other features that offer security, human interaction and community building.
Financial longevity planning. A new method for helping financial planning clients envision their retirement years, brainstorm about possible hidden expenses, and become influencers among friends, family and the community.
Financial co-op. This idea creates a marketplace for people 50+ who want to trade “financial credits” for specific needs supplied by dedicated service partners.
Home Here and There. A timeshare network among people age 50+ who want to live in different locations for three months to five years at a time. Residences would be tech-enabled, cost-efficient and provide for changes in health and mobility. Membership would be either pre-paid or on a rental basis.
Rightsizing. This online platform guides homeowners through the process of downsizing, changing lifestyles and retiring. It would foster a community, provide artificial-intelligence-driven financial planning options and connect users to relevant financial planning services.
The impulse savings button. This add-on to existing credit union mobile banking apps would encourage members to save on impulse. Members could preset the amount of impulse savings to as little as $5, and push notifications set for paydays and other deposits could increase engagement. The button would provide positive feedback, encouragement and rewards.
Health and Wealth. This app is for people over 50 who have had health complications and want to avoid the financial stress of future health problems. Via fee waivers, gift cards, cash bonuses, or partner rewards, it would reward users for setting and reaching health and fitness goals.
Above and Beyond. This program would teach credit union employees, particularly financial advisors, to go out of their way for clients over 50.
Trust. This two-part product, consisting of a biometric keychain and an app or handheld device, allows customers to plan and share their financial dreams, goals and progress with others they trust.
Share and Save. This service allows users over 50, particularly those born outside the United States, to share their knowledge and experience with a community in return for gift cards to local businesses.
Driving banking into the community. This “banking bus” visits communities with high populations of people who cannot get to a brick-and-mortar branch and who don’t use mobile or phone banking. Translators would be on board.
Required check-ups. This program would teach financial services providers to perform financial checkups on members before they make major auto, home or similar purchases. The program would include offering a short, online, educational course and assessment to members.
Cash in your dreams. This app helps people over 50 check off bucket-list activities by offering cash back on purchases associated with those activities.
Paying now goes a long way later. This program would allow credit unions and other financial institutions to give back a percentage of every bill that the member pays on time. The savings would funnel into a retirement account.
Pitch it. This program would join credit unions with AARP or other organizations to host events in which people 50 and up can pitch business ideas, network with potential investors, share workspace, and even get funding.
