It’s week five of the THINK Prize 16 Financial Longevity Challenge, and ideas are pouring in from across the globe. As of this writing, we’ve received more than 70,000 page views, 857 comments and 27 ideas for products/solutions on the OpenIDEO Challenge page.
How might we create financial services that support the dreams and obligations of those 50 and older?
Here are two ideas we found especially interesting:
“Designed for the two thirds of people in their 40s, 50s, and 60s that play the lottery each year. Prize-linked savings (PLS) provides a gamified savings experience that seniors can trust. By shifting behavior away from win-or-bust gambling, a lottery-inspired PLS program could increase retirement savings while also providing the thrill of possibly winning a jackpot created through the collective interest of participating credit union members.”
The idea for Jackpot was submitted by Jordan King, who says, “My background is in communication. I worked in tech for the past few years before deciding to launch Bold Folks Home, a socially conscious film project that highlights awesome seniors in our society.”
“Our idea is designed for credit union members who want to start a small business or side business, and/or who have professional expertise they want to lend to community-based projects they are interested in. We believe this idea can engage with 50+ people on a deeply personal level by encouraging them to pursue their passion projects, apply their skillsets in new ways, and connect with people in their communities.”
Lillian Warner, who submitted the idea for the Incubator Club, says: “Our group has a connection to a CEO of a credit union, and we’re hoping to reach out and see what she thinks. We’ll also create a survey to gauge customer interest–perhaps we could ask users at this specific credit union to participate in this survey.”
What’s Your Idea?
Submit your best ideas for serving the 50+ market to the Challenge between now and December 10. Not sure you have a big idea? Visit the Challenge site and see the inspiration that’s been springing up. Credit union leaders can play a special role in developing these new ideas by providing expertise in financial services, technology, operations and more.
Top ideas submitted to the challenge will share the $10,000 THINK Prize, awarded in January. Learn more about the THINK Prize here.