The Ideas phase of the Financial Empowerment Challenge has concluded. The global community took everything they learned during the Research Phase and used those insights to develop their own creative ideas to address the challenge question. And thinking they did: 155 ideas were developed by participants from 27 countries with the global community adding more than 1,700 comments. In addition, 13 meetups took place on 4 continents engaging more than 300 participants. While the OpenIDEO and CO-OP Financial Services Team digs deeper into posted ideas with comments and insights, we would like to share a few ideas that energized the community:
- Financial Buddy System: People who are homeless are matched together with volunteers to gain financial empowerment and possibly more.
- Microlearning: a new approach to empower microcredit borrowers and their communities through financial literacy. Use microcredit organizations to incentivize financial literacy in poor communities in a way that is also applicable in developing countries.
- Tip your future: Empower people to treat their future selves, just a tiny bit every day.
- A Grassroots Youth Campaign to initiate change: Tap the power of young people to change the way we think and talk about money.
- Value-Creation and Service Economy, with Reputation as Currency: Unleashing latent work and value with reputation and service currency, without reliance on or validation from financial institutions.
- The small print – financial contract translator: Making the small print legible, accessible and engaging.