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The THINK Prize 16: Financial Longevity Challenge moves into the Ideas phase, where credit union innovators contribute solutions for consumers 50+

The perspectives are in for the THINK Prize 16: Financial Longevity Challenge. The Research phase of this year’s challenge brought in contributions from far and wide, including perspectives on technology and aging; calls for new approaches to financial management and planning; lifestyle ideas for older adults in retirement; interviews with people over 50; observations from caregivers, and more – all in response to the question, How might we create financial services that support the dreams and obligations of those 50 and older?

 With the Research phase completed, the Challenge now moves on to the Ideas phase, in which members of OpenIDEO’s global community, credit union innovators, and the public at large are invited to submit solutions for collaboration.

Share your ideas and take them to the next level.

 During the Ideas phase, which runs through December 10, our community will work together to provide feedback, offer technical advice and add insight. From there, ideas will run through a short Feedback phase, and 25 top ideas will go on to compete for a share of the $10,000 THINK Prize. (For more details on the process, read this post.)

Here’s a short list of prizewinning qualities:

Designed for 50+. Financial services and products that reflect the needs and dreams of those 50 and older are at the heart of this challenge.

Innovative. Does your idea think beyond the current structure of financial services and products? Are you bringing something entirely new to the field? Does your idea have the potential to break through existing limitations?

Simple. The most impactful ideas are often the simplest. In addition to providing new value and insight, is your idea easy to explain and execute?

Scalable. How might your idea be applied to a wide audience? Are there clear steps to take your idea from concept to widespread use?

Human-centered. By building in empathy and the perspectives of potential end users, and incorporating feedback as you go, you develop your idea’s capacity to address real human needs.

Join the Challenge now!

 Credit unions have a special role to play in meeting the evolving needs of adults 50+. By bringing a member-centric perspective and a wealth of technical expertise to the process, credit union innovators have both the insight and the opportunity to rise to this Challenge.

To get started now, visit the THINK Prize 16: Financial Longevity Challenge page on the OpenIDEO platform by clicking here.