NACUSO announces Next Big Idea contestants for 2018 contest
A record number of applicants enter the to win the title and the trophy
NEWPORT BEACH, CA (March 29, 2018) — NACUSO, the only trade association for the Credit Union Service Organization (CUSO) movement announced the five finalists for the 2018 Next Big Idea Competition to be held at the NACUSO Network Conference in Anaheim on April 18th at the Disneyland Hotel.
“This year we received a record number of applications – 14 total,” said Jack Antonini, CEO. “This is our sixth year of the competition and we are very excited to see it grow each year making it more competitive. The Next Big Idea Competition is our version of Shark Tank where 5 of the best new ideas in the marketplace for credit unions and CUSOs compete for the title, a trophy, a speaking spot at the NASCUS conference and an $8000 media package from CU Journal.” The competition is sponsored by Mastercard, NACUSO’s Exclusive Premier Card Partner.
The five finalists will have just 7 minutes on stage to present their idea to a panel of judges who will ask them the tough questions for another 10-15 minutes. The judges this year are Herb Wegner Award winner Sarah Canepa Bang, last year’s Next Big Idea winner Kris Kovacs, CEO of Constellation, author of CU 2.0 and CEO of Ongoing Operations Kirk Drake and President of Michigan Business Connection and NACUSO Board Member Bill Beardsley. The conference attendees will decide the winner by voting using an app at the end of the competition.
The five finalists for the 2018 NACUSO Next Big Idea Competition are:
KnocKnock(by CU Rate Reset)
KnocKnock is a disruptive digital solution that provides bilateral interaction between the credit union and the member to deliver “just in time offers” based on real time triggers that leverage the ability to design approval models that reside in the credit bureau or within the credit union LOS. It also delivers on the vision of what financial institutions of the future must do – allow members to see what financial products they have with the credit union and elsewhere, how it performs, what options they have, and most important, the ability to take advantage of the options they choose with a few clicks of a mouse!
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CULedger recently announced a new consumer-focused global digital identity solution called MyCUID, in partnership with Evernym, who pioneered a new form of identity called self-sovereign. The concept of self-sovereign identity promises to give credit union members a digital identity that is completed owned and controlled for life by the identity owner and which cannot be taken away by any administrative authority. Because they don’t rely on any centralized authority, self-sovereign identity systems are decentralized and are supported through the use of distributed ledger technology. The other “pillars” or applications that CULedger will be focused on is in the area of loan participation and utilizing smart contracts and cross border payments.
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The National Association of Credit Union Service Organizations was formed in 1985 to help credit unions explore the use of CUSOs and the delivery of non-traditional products and services. Over the years, NACUSO’s focus has evolved to helping credit unions form multi-owned CUSOs and participate in collaboration and the cooperative business model.