News

Co-op Think Prize competition yields 'All-generation Friendly ATM'

February 10, 2017

Co-op Financial Services has named the five top ideas in its competition for the Co-op Think Prize 16, including a concept designed to make ATM access safer and easier for older users.

Contributed ideas in the contest, themed "The Financial Longevity Challenge," came from online teams that included 500 active participants from 133 countries, according to a press release.

Co-op conducted Think Prize in partnership with OpenIdeo, an online global innovation community and collaborative platform, with sponsorship by MasterCard.

The challenge addressed the question: "How might we create financial services that support the dreams and obligations of those 50 and older?"

The five top ideas included concepts for personal pension products, self-help podcasts, websites, clubs and the concept for an All-Generation Friendly ATM submitted by a contestant in Peru and described as follows:

The Friendly ATM will give credit union members more confidence when using ATMs by allowing them to take time when setting up transaction details while they are at home. Once transactions details are confirmed, the transaction will be automatically brought up then next time the user logs-in to an ATM. This will minimize the time that credit union members spend in being vulnerable at physical ATM locations.

A $10,000 prize will be apportioned among the five challenge team leaders at a later date, the release said.