CUA launches financial accelerator program

Credit Union Australia (CUA) has partnered with Slingshot, provider of corporate innovation programs, to introduce a new accelerator program aimed at providing more clarity over personal finances for CUA’s members.

The CUA Next program is seeking innovative solutions from scale-up businesses, including fintech companies, that can assist current and prospective CUA members with their financial wellbeing.

Under the accelerator program, CUA is asking financial wellbeing scale-ups to design, prototype and validate opportunities that would assist CUA members with their financial wellbeing.

Specifically, CUA is calling for applicants to demonstrate how their innovations and designs provide greater clarity around members’ financial situation, more control in positively changing everyday habits, choice of maintaining their current lifestyle while still reaching their future financial goals, and connections with their community to help build financial confidence.

CUA is asking for solutions for Millennials and young middle-income families.

CUA chief of transformation and subsidiaries Steve Chugg said research into financial comprehension and goals showed younger Australians were unsure who to consult for advice.

“The CUA Next accelerator program will be key to supporting this vision, and we are committed to assisting scale-up businesses to realise their business potential sooner by partnering with a leader in the mutual sector with a proud history of innovation,” Mr Chugg said.

“Ultimately, we want to move forward and bring the best ideas to market to transform CUA’s member offering.”

Slingshot will facilitate connections between CUA and later-stage scale-up businesses, and support participants throughout the program.

Slingshot co-founder Craig Lambert said the program also provides scale-ups, including fintech scale-ups, with exposure to CUA’s member base.

“CUA is looking for a meaningful way to connect with members with the goal of financial wellbeing,” Mr Lambert said.

“Our accelerator can help them achieve this by connecting them with scale-ups that also want to improve their customers’ experience in financial wellbeing.”

Scale-up businesses can submit their applications until 20 November.

[Related: Mutual lender CEO to step down]

Malavika Santhebennur is the features editor on the mortgages titles at Momentum Media.

Before joining the team in 2019, Malavika held roles with Money Management and Benchmark Media. She has been writing about financial services for the past six years.