BURBANK, Calif. — A year after winning the CO-OP THINK Prize, Robert Baron is looking on the bright side.
"The good news is that [in the past year] everybody around the industry seems to have embraced virtualization a lot more as far as branch operations, and I've seen many large credit unions that have already taken the mantle and begun to use outsource centers and even video conferencing to conduct branch transactions," he said.
Baron, who serves as marketing director at Technicolor FCU here, won last year's $10,000 THINK Prize for his virtual teller concept. In the past year "you see newer ATM models starting to utilize pilot programs with virtual tellers to communicate with people," he said. "That's been very positive."
Less positive is that Baron's idea is still in limbo.
He said he has spoken several times with CO-OP representatives, but for now the project is on hold. While the winner of each year's THINK Prize receives $10,000 from MasterCard, neither MasterCard nor CO-OP are obligated to move forward with the winning concept. The other two previous winning ideas have also had similar fates with their development after the competition.
The prize money can be put toward implementing the winner's idea, but it is not a requirement, and legally the money is considered by the IRS to be a taxable gift, according to Baron.
The former winner had high praise for the THINK Conference itself, including innovative ideas and great speakers.
But Baron also said that with no impetus to move forward with the winning idea, "I wonder what the purpose for this is? I just wonder what they're trying to accomplish aside from marketing themselves, which they do a fine job of. I wonder if a contest is really the right thing?"
He suggested that CO-OP could "put more focus on helping you make the idea a reality. I'm just one guy in a small credit union and I love to dream big and come up with ideas about how we can improve and change the credit union industry, but at the same time I feel like they really could provide more support for making it actually work out."
He has not yet given up hope on his idea being implemented, and believes that because of the industry-wide advances being made, the "virtual teller" concept remains as relevant as ever.
Asked what advice he had for this year's three finalists, he advised them to "enjoy the process. Ultimately I would say don't get discouraged in regards to whether or not your idea will be implemented, because hopefully really what the forum is about is sharing ideas and trying to find ways collectively to improve and grow the credit union movement. That's my best advice.
"And if you do win the prize, it's just a very sweet icing on the cake for having been recognized by your peers."
