MARLBOROUGH, Mass. (12/16/14)--Digital FCU, Marlborough, Mass., with $5.6 billion in assets, recently crowned the winners of its second annual DCU Innovation Contest.
For their subsection budgeting banking system app, Joseph Baglio and Meghan Foster, or team "The Bears," won this year's DCU Innovation Contest, organized by Digital FCU. (UMass-Lowell Photo)
The competition tasks college students from the University of Massachusetts-Lowell to develop an idea or product that could make a difference in the financial services industry.
Possible areas of focus for the competition included mobile technology solutions, future payment solutions, cloud computing, financial literacy education, small business solutions and payday lending alternatives.
This year's winners, Joseph Baglio and Meghan Foster, under the project title, "The Bears," produced a subsection budgeting banking system app that helps credit union members budget money in different categories.
Called "Subsection Budgeting for DCU Banking," the app would help promote organization and would particularly aid visual learners, who could see that they were saving for individual goals such as paying rent or saving up for a new car.
Jim Regan, Digital FCU president/CEO and one of the judges for the contest, said the competition is healthy for the credit union because the students bring to it a fresh viewpoint on the industry.
"They look at things like student loans and budgeting from very different perspectives," Regan said. "It makes us as a company look at things a little bit differently. It gets us out of our comfort zone of how we're used to looking at things."
Top prize winners of the contest received $500 per team member, and finalists received $100 per team member, resulting in $1,200 for Baglio and Foster.
The DCU Innovation Contest came on the first night of the university's DifferenceMaker event, which was also sponsored by Digital FCU.