|

The Cause

|

The wellbeing of communities and credit unions depends on thewellbeing of their members. Financial stability is at the core ofthe 2015 THINK PrizeChallenge, focused on helping to increase the potential tothrive. Still, many potential members aren't connected with thebasic financial services, educational resources and dedicatedsupport they need to make a choice that leads to better financialhealth and stronger communities.

|

Other factors that lead to a lack of financial empowermentinclude feeling challenged by navigating complex systems,diminished trust in financial institutions and a stigma arounddiscussing money.

|

The Idea

|

CO-OP Financial Services partnered with MasterCard and OpenIDEOto harness the online community's collective strengths and helpcreate economic empowerment through crowd-sourced innovation. The THINK Prize challenge for 2015was broadened to welcome more diverse ideas from all over the worldto get as much input, ideas, research and collaboration as thishuge challenge deserves.

|

What's happened so far

|

When OpenIDEO uses human-centered design to tackle a big topic likefinancial empowerment, they start with research because it allowsthem to dig deep into the issue, understand more about what'sworking and what isn't, and build empathy for the people itaffects.

|

During the Financial Empowerment Challenge Research phase,OpenIDEO used approaches like interviewing, sharing personal stories, observing the models and systems that are already out there, andfinding creative ways of putting ourselves in other people's shoes. Thishelped the team experience the issue from all angles and uncoverpatterns and themes that could shed light on the placesparticipants really need to focus when they start brainstormingsolutions.

|

Ideas are pouring in

|

Once the research phase was finalized, the global community wasinvited to share ideas to overcome the challenge. This phaseremains open until April 29—and credit unions are encouraged tojoin in—especially since they bring a financial servicesperspective many community members may not have.

|

Initial ideas shared on OpenIDEO range from a financial overview kit and an innovative savings card to public libraries as financial literacy hubs. Credit unions can help to add moreperspective based in their community roots, vision and expertise inserving the underserved.

|

A few more days left to add ideas

|

Ideas will continue to be gathered until Tuesday, April 28.After that date, the global community shares suggestions andcomments on next steps to help solve the challenge and empower thepowerless. Everyone deserves access to the knowledge and resourcesthat lead to better financial futures.

|

“The only use of an obstacle is to be overcome. All that anobstacle does with brave men is, not to frighten them, but tochallenge them.” – Woodrow Wilson

|

The world of financial services was challenged by the THINKPrize. The credit union industry will help to answer thechallenge.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.