App that shares financial data between millennials and their parents wins River City Labs hackathon

It seems like every weekend now there’s a hackathon happening in Australia which is absolutely fantastic, often with prize money on the line, but ideas often turn into businesses...

It seems like every weekend now there’s a hackathon happening in Australia which is absolutely fantastic, often with prize money on the line, but ideas often turn into businesses which help Australians and the world. The latest one was hosted by Brisbane-based technology startup hub River City Labs. The Hackathon challenged participants to create a unique service or product offering that leverages technology to create trusted experiences and relationships that resonate with 18 to 35 year olds.

Hosted by Australia’s largest credit union CUA, around 160 people attended the 48-hour Millennials: Tech, Trust and Relationships hackathon. Beating out 7 other teams, the winner of the hack, was Bank of Mum and Dad (BOMAD), an idea that provides structure to otherwise casual lending arrangements between parents and millennials for major life purchases.

The idea is to instil a sense of responsibility in millennials when taking on credit and assist them with setting, as well as working towards, their financial goals such as buying their first car or home. The solution includes an app that millennials and their parents can use to track loan repayments on the go.

The winning team took home a $5,000 cash prize, a place in CUA’s Sponsored Entrepreneur Program with River City Labs, a mentoring session with entrepreneur and investor Steve Baxter from Channel Ten’s Shark Tank, as well as marketing and consulting support.

The judges were River City Labs founder, Steve Baxter, CUA CEO Rob Goudswaard, CUA CDO Sue Coulter and Pivotus Ventures President Oren Goldschmidt.

Mr Goudswaard said the hackathon was an excellent opportunity for people to collaborate and provide an outside-in view to CUA.

“We were blown away by the quality of ideas that were generated over the weekend and appreciate that seven CUA members took part in a focus group so that participants could validate their concepts.

The results of the collaborative efforts and enthusiasm of the teams are just incredible. It goes to show how much we can achieve when we work together, which is what CUA is about.”

Greater Bank IT Program Manager Karie James, a member of the BOMAD team, said she came up with the idea after speaking to her niece and nephew, who are millennials, about the concept of obtaining financial assistance.

“I felt there was a need for some structure and more understanding amongst millennials around how they were going to fund their purchases. By starting with a lending arrangement with their parents, millennials can learn about the various factors that underpin a loan. Armed with this knowledge, they can be more confident in making their own loan arrangements with financial institutions”.

CUA Head of Digital Innovation Melissa Witheriff said BOMAD aligned with CUA’s focus on enabling members to access CUA through the channel of their choice, whenever they want.

“Millennials are at the age that most consumers commit to financial services products 1 and BOMAD reflects the value that this demographic places on 24/7 access to services.”

River City Labs CEO Peta Ellis said that the organisation was proud to co-host the Hackathon with CUA.

“We’ve been so impressed by the quality of ideas to create trusted experiences and relationships for millennials via technology. There is no set formula for innovation and the teams have clearly displayed their ability to think outside the box.

On behalf of River City Labs, I’d like to thank everyone who participated in the Hackathon – from the teams to mentors – and look forward to charting the progress of the solutions presented.”

The BOMAD team comprises Greater Bank representatives Karie James, Justin Salmon, Veronica Lee and Stewart Evans, CUA team members Tui Wiapo, Sharon Gunson, Tracey Powell and Sandra Di Salvatore, and Jen Witheriff and Barry Devlin.

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Creator of techAU, Jason has spent the dozen+ years covering technology in Australia and around the world. Bringing a background in multimedia and passion for technology to the job, Cartwright delivers detailed product reviews, event coverage and industry news on a daily basis.