How might we bring our cooperative values to life by leveraging technology for the benefit of young members?
How might we bring our cooperative values to life by leveraging technology for the benefit of young members?
Challenge proposed by a consortium of credit unions comprising:
Challenge proposed by
Prix défi : 10 000 $
+ accompagnement des experts Hydro-Québec
Prix défi : 10 000 $
+ accompagnement des experts Hydro-Québec
This challenge is tied to the united nations’ sustainable development goals:
This challenge is tied to the united nations’ sustainable development goals:
Background
- 64% of young Canadians are spending at least half of their incomes on housing costs, according to a survey by Habitat for Humanity Canada
- Last year, credit unions across Canada gifted $62.4 million through donations, sponsorships, scholarships, foundations, and volunteer hours.
- Real-world examples of credit unions utilizing technology to advance their cooperative values:
- Vancity credit union’s online loan program that supports small businesses and entrepreneurs.
- Desjardins’ mobile game, Aléa, features educational resources and tools for financial literacy.
- Alterna Savings’ commitment to carbon neutrality and sustainability initiatives.
Credit unions have always been rooted in cooperative values, emphasizing principles such as:
- Self-help and self-responsibility: Members actively participate in the credit union’s governance and decision-making processes.
- Democracy: Members have a say in how the credit union is run through voting rights and participation in general meetings.
- Equality: All members are treated fairly and have equal access to the credit union’s services.
- Solidarity: Members support each other and the community through initiatives.
- Equity: The credit union strives to distribute profits and benefits fairly among its members.
- Sustainable development: The credit union takes environmental and social factors into account when making decisions.
Challenge as part of Cooperathon 2024 – Startup Beta Journey
As leaders in the non-profit cooperative financial institutions sector, The Credit Unions Consortium, by BEEM, Desjardins, Innovation Federal Credit Union and Meridian, is looking for ground-breaking solutions to help players in these industries and their partners adapt to the digital age. Credit unions have a unique opportunity to harness modern technologies to creatively revitalize and update their cooperative values. By using advanced digital tools, they can not only improve member engagement, promote financial inclusion, and support community initiatives, but also strengthen their social and environmental impact in a sustainable and meaningful way.
Goals
Develop innovative technological solutions enabling credit unions to :
- Improve member engagement and participation in democratic processes.
- Offer personalized and inclusive financial services.
- Promote financial literacy and education for their members.
- Collaborate more effectively with other cooperatives and community organizations.
- Achieve greater operational efficiency and sustainability.
- Increase awareness of credit union values.
Prize
1st Prize: $5,000
Solution scope
Proposed solutions could include:
- Digital platforms facilitating active member participation in governance decisions to increase member engagement.
- Educational tools to promote financial literacy among young people.
- Innovative applications to improve financial inclusion and access to financial services in underserved communities and support local businesses.
- Green technologies and sustainable practices to reduce credit unions’ carbon footprint, while strengthening collaboration with other cooperatives and community organizations to maximize social and environmental benefits.
Confidentiality
All details relating to technologies, innovations or methods submitted to Cooperathon will remain strictly confidential, unless otherwise indicated.
Data, articles & information
Unlock this information on by registering today to Cooperathon 2024 – Startup Beta Journey.
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We connect passion and talent, communities and academics. Together we develop a socially responsible future.
“Cooperathon” is a Trademark of the Fédération des caisses Desjardins du Québec.
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We connect passion and talent, communities and academics. Together we develop a socially responsible future.
“Cooperathon” is a Trademark of the Fédération des caisses Desjardins du Québec.