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50+ Marketplace (Update 22-01-2017)

Matching a virtually infinite set of needs by trading via a networked and dedicated set of solutions.

Photo of Diogo

Written by

Who is your idea designed for and how does it support the dreams and obligations of those 50 and older?

This idea is designed for the '50+ youngsters', holding savings or some sort of patrimony over which they can obtain liquidity, in order to fulfill their needs in a dedicated financial market place. This marketplace would offer a wide range of financial products and other services provided by the credit unions and other partners, because no single financial institution is capable of offering such a universal solution.

Rational

Statistics aside, the population is getting older and life expectancy is increasing. In this context, one gets to the age of '50' carrying over a legacy (physical, emotional and patrimonial) together with the concern of securing the future. This is also the time when people usually rush for last-minute savings.

As a result, each individual ends up having very specific needs and wishes, thus leading to a virtually infinite set of choices from the demand side.

It then becomes almost impossible for a single financial institution to offer a universal solution.

Concept

Offer a financial based marketplace where ‘50+ youngsters’ can trade their financial credits for specific needs, supplied by dedicated service partners.

Ideals aside, this corresponds to a co-op approach, where the market is somehow owned by the ‘50+ youngsters’ eligible for trading, and by the credit unions. Running in such way, would also give them the power to potentially redistribute the gains throughout chosen causes.

Key Stakeholders & Interests

‘50+ youngsters’: Gain access to liquidity with advantageous conditions, at the credit union (e.g. by getting a 2nd mortgage on the house while keeping the right to live in it, via a rental contract). This liquidity is then used to trade in the marketplace for specific needs.

Credit Unions / Other Financial Institutions: Secure income with trading commissions, potential x-selling to other financial products, holding savings accounts, servicing other family members, amongst others.

Service Providers (travel agencies, care providers, financial advisors, insurers): Make business by gaining access to a restricted market of loyal customers, well segmented and financially secured.

How it works

Trade the needs (e.g. ensure a trust for the grandchildren, healthcare, traveling, etc.) in the marketplace (limited to the people over 50 trading within this financial consortium). If they don't use their ‘stocks’ or ‘credits’, they can then re-sell them on the market (trading, in the traditional way). For example: one person acquires the right (credits / stocks) to travel next year. If somehow ends up not using them, this person could trade back these rights.

Approach

Set-by-step, i.e. start with simple products (needs) and then expand over time to higher risk products (such as cancer treatment). It can potentially evolve and become complemented by an insurance marketplace, mathematically designed by actuaries and financial experts.

What early, lightweight experiment might you try out in your own community to find out if the idea will meet your expectations?

This would need a direct access to a sample of potential 'customers' by partnering with one or several credit unions, to properly gage their needs and openness to this concept and approach.

What skills, input or guidance from the OpenIDEO community would be most helpful in building out or refining your idea?

Design Thinking approach, including brainstorming and prototyping.

Tell us about your work experience:

In a certain way, I consider myself as being an Organizational Intrapreneur. And I really look forward to successfully combine design thinking with business strategy.

This idea emerged from

  • An Individual

How would you describe this idea while in an elevator with someone?

A great way for the Credit Unions to offer their services to 50+ customers. Finances itself, promotes senior inclusion and trading efficiency. Aligned with the moral principles of a Credit Union. Combines financial services with senior care and social networking. #Fintech

How might your idea be transferable to a large number of people?

1. Start with a pilot: pool of Credit Unions, target 50+ customers and providers. 2. Validate and make all necessary adjustments. 3. Promote online, with the providers, at credit union branches, amongst others. 4. Make the marketplace platform an active tool within the credit union system, preferently by fully integrating it. 4. Grow to integrate as a social network platform (with Facebook, others, or itself). Spread the word and earn rewards based on customer loyalty and recommendation.

How do you plan to measure the impact of your idea?

1. # of active users 2. # trades 3. Total assets value

What are your immediate next steps after the challenge?

Get feedback, feedback and feedback
View more

Attachments (2)

Experience Map_01.pdf

Experience Journey (using the suggested tool for experience map, with dedicated cards for each step). Very nice and helpful tool!

Prototyping_01.pdf

And here it goes a Prototype, applicable for 2 main steps and to provide a grasp of the concept. Once again, thanks to the good card tools! It is a simple approach but (I expect) intuitive to follow.

19 comments

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Photo of Tammy Robert
Team

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Photo of James Carter
Team

Good Day Everyone,

Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes? Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose from vacations, To education, To unique purchases.

We offer the following types of loans:

* Car Loan
* Home Loan
* Mortgage Loan
* Investment Loan
* Commercial Loan
* Construction Loan
* Debt Consolidation Loan
* Business Loan [secure and unsecured]
* Personal Loan [secure and unsecured]
* Student Loan and so many more.

We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 2% per annul for individuals, Companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via

Email: info@financiallnservice.com
Text or call: +1-210-556-0342
Website: financiallnservice.com

WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS

Photo of James Carter
Team

Good Day Everyone,

Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes? Our loans are well insured for maximum security is our priority, Our leading goal is to help you get the services you deserve, Our program is the quickest way to get what you need in a snap. Reduce your payments to ease the strain on your monthly expenses. Gain flexibility with which you can use for any purpose from vacations, To education, To unique purchases.

We offer the following types of loans:

* Car Loan
* Home Loan
* Mortgage Loan
* Investment Loan
* Commercial Loan
* Construction Loan
* Debt Consolidation Loan
* Business Loan [secure and unsecured]
* Personal Loan [secure and unsecured]
* Student Loan and so many more.

We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 2% per annul for individuals, Companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via

Email: info@financiallnservice.com
Text or call: +1-210-556-0342
Website: financiallnservice.com

WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS

Photo of Joseph Tetro
Team

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Text or Call: +1 (210) 556-0342
Website: financiallnservice.com
Email: info@financiallnservice.com

Photo of Harriet  Sebastian
Team

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Email: info@financiallnservice.com

Best Regards,
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Photo of Diogo
Team

Pitch Phrase (update):
"Matching a virtually infinite set of financial, care and social needs, by trading in a co-op way with Credit Unions and other Dedicated Providers, using a shared marketplace platform."

Photo of Diogo
Team

Hi there (and Uff, especially to the good supporting Team )!
It has been a very busy time (amongst some other flu episodes). But, in the end, I was able to make a "rush contribution". Only possible by following your guidance, examples and tools.
I think that the uploaded info (experience maps and first set of prototype) is easily understandable.
(Very) Unfortunately, this timing does not allow for an active and constructive feedback, and contribution from the community (which ends up being the best part of it). Nevertheless, I wanted to complete this phase. And it was very fun doing it!
Future work (if one gets to it) includes:
1. Validate with a pool of "real potential" customers. Unfortunately, we don't have an equivalent bank that matches the overall mission of the Credit Union (at least with the same level of territorial dimension) and where I can partner to do some tests.
2. X-check with other design thinking tools / experts at IDEO community.

Hope to have given back the same gratitude and enthusiasm that I got from everybody throughout this great period of time.

Photo of Kate Rushton
Team

Thank you Diogo and I hope you are feeling better now. There are some nasty flu illnesses going around.

Photo of Diogo
Team

Top!

Photo of Kate Rushton
Team

Hi Diogo!

I hope you had a good start to the year.

Have you thought about the user journey for your idea and what small part of the user journey you could prototype?

There is a really good example of the Women's Pool Idea in İstanbul that might give you a few ideas - https://challenges.openideo.com/blog/experience-prototyping-preparations-for-womens-pool-idea

There is also an idea from a previous challenge that you want to look at called 'Unbroke'. 'UnBroke creates a new marketplace by negotiating down tuition costs and helping the majority of colleges fill seats.' It is the closest example I could find to the 50+ Marketplace and it has a really good example of a user journey.
https://challenges.openideo.com/challenge/higher-ed/impact/unbroke

Photo of Diogo
Team

Hi There and Happy New Year as well!

I have been thinking about it. And, as much, as busy I am these days. Next week will look into it more with more detail.

The User Journey is clearly an applicable tool to better understand how can the solution fit the user capabilities (namely accessibility). In this way, I foresee 2 ways:
1. Directly on the platform
2. Via Credit Union clerks or account managers, who can lead some lower tech literate people into executing (trading) their needs for them (probably with an extra commission fee or not)

Will get back to it next week. Will also attend the video conf.

Photo of Kate Rushton
Team

If you are short of time, perhaps you might consider helping people better grasp how this idea could play out by describing some of the proposed activities you've outlined. Check out this example: http://www.openideo.com/open/e-waste/concepting/neighbourhood-e-waste-champion/ where a few scenarios were created to explain the idea in a human-centered way.

Photo of OpenIDEO
Team

Welcome to the Refinement phase Diogo! We've added new Refinement questions to your original submission that we'd love for you to answer. Please check out the Refinement Phase Toolkit for instructions on how to answer the new questions and other recommendations we encourage all idea teams to consider in the upcoming weeks.

Refinement Phase Toolkit: http://ideo.pn/2du9sf7

Lastly, here's a useful tip: When you update the content of your post, it'd be helpful to indicate this in your idea title by adding an extension. For example, you can add the extension " - Update: Experience Maps 12/21" to you idea title. This will be a good way to keep people informed about how your idea is progressing!

Photo of Kate Rushton
Team

Hi Diogo!

I look forward to seeing how this idea develops in the refinement phase.

Photo of Kate Rushton
Team

Hi Diogo!

It is a very innovative and big idea. Are there analogies in other sectors? What can be the simplest and easiest way of testing the idea?

Photo of Diogo
Team

Hi Kate :)

The research I have made didn't retrieve any specific analogies (even though there might be some).
The easiest way to test the idea, would probably be through direct approach on potential customers. There is some information available (eg www.sifma.org ) shading some light on their specific needs, such as avoiding financial exploitation and fraud. Namely for those cases where some cognitive losses are found. Perhaps a focus group identified by a Credit Unios (or a set of 2 or 3) would be a good starting point. Other could include some senior association / partnership.

Photo of Diogo
Team

Kate Rushton 
Well, as promised :) Not quite well 'illustrated' but counting on every expert advise to enrich and deliver!