DUCA Launches The DUCA Impact Lab to Explore Banking That Benefits All
To cap off Financial Literacy Month, we hosted the DUCA Impact Lab: Exploring Banking that Benefits All launch event at Public Inc. We are proud to have worked closely with DUCA Credit Union to launch the DUCA Impact Lab and look forward to the amazing work the Lab will undertake.
As a charity founded by DUCA Credit Union, the DUCA Impact Lab It is a hub for the exploration of solutions to inequities in today’s financial system. It brings together a network of partners who want to contribute to positive social change by solving complex problems. The Impact Lab and its partners identify needs and service gaps, formulate experimental solutions and pilot test models for new financial products.
We had a riveting discussion with DUCA CEO, Doug Conick, DUCA Impact Lab Executive Director, Keith Taylor, millennial money expert and host of the Mo’ Money Podcast, Jessica Moorhouse, Co-Founder of FundThrough, Steven Uster and Personal Finance Columnist from the Toronto Star, Ellen Roseman.
With over 60 members of the social innovation community in attendance, we explored barriers to access that exist within our traditional banking system, why they matter and how they can be addressed. At launch, the DUCA Impact Lab will focus on solutions for three groups: credit challenged individuals, foreign trained professionals in transition and small entrepreneurs lacking access to cash flow. Each face significant barriers to accessing traditional modes of banking. As a result, these groups tend to rely heavily on alternative and expensive financing products which tend to increase the obstacles in reaching goals and from achieving financial security.
Throughout the discussion, we found out more about the current pilot initiatives the Impact Lab is working on such as: discounted invoice factoring for qualified underbanked entrepreneurs and social enterprises; term loans based to consolidate high cost debts for credit challenged borrowers; and low interest accreditation loans for foreign trained professionals.
To learn more about these pilot projects and what the DUCA Impact Lab is doing to help Canadians and improve the financial space, visit DUCAImpactLab.com.