CFO World

CUA reveals new customer-led hackathon

The Aussie credit union is calling on innovative health and finance solutions that resonate with millennials

Australian credit union, CUA, has kicked off a new customer-led hackathon calling for innovative health and finance tech solutions that resonate with millennials.

CUA’s hackathon, Millennials: Tech, Trust and Relationships, invites participants to create a service or product offering that leverages technology to create trusted experiences and relationships that resonate with 18 to 35 year olds.

CUA’s head of innovation, Melissa Witheriff, said the campaign was part of a broader vision to work with members through life changes by developing solutions that enable members to better engage with the brand’s offerings. It's the second to be launched by CUA.

“About 67 per cent of millennials prefer to receive advice on financial products and services via a digital platform,” she said. “There is a huge opportunity for CUA to develop solutions tailored for this demographic which reflect the value they place on secure technology, personalisation and 24/7 access to services."

According to Witheriff, the hackathon will collectively draw expertise from within and outside the organisation to deliver solutions specific to millennials’ needs.

“I was blown away by the ideas generated through the collaborative efforts of participants at last year’s event and look forward to seeing even more new and impactful business ideas this year,” she added.

Participants will include entrepreneurs, startups, members of the community and CUA team members who will collaborate to design, develop and validate their ideas in teams.

They will also have a chance to pitch their ideas to a panel of judges, including CUA CEO Rob Goudswaard and entrepreneur, investor and “Shark” on Channel Ten’s Shark Tank Steve Baxter. The winning team will receive a $5,000 cash prize, a mentoring opportunity with Mr Baxter and $10,000 in branding and marketing support from creative consultancy CXA.

In last year's hackathon, CUA invited participants to find new financial solutions around key life events for customers, such as purchasing their first home or the birth of a child.

The hackathon will be hosted in Brisbane with technology startup hub, River City Labs, from 18-20 August.

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