Mobile App Challenge

Overview

Mobile technologies have the potential to transform how consumers access financial products and how they make decisions about their finances. Use of mobile devices is growing rapidly, most notably among low-income consumers. These advances in technology open a world of possibilities for mobile apps that allow consumers to search for and access financial products instantly, manage their finances, and set and stick to financial goals. In order to foster innovations that capitalize on this, D2D has been involved with two separate mobile app development challenges – MyMoneyAppUp Challenge and more recently, the FinCapDev Competition.

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The Financial Capability Development (FinCapDev) Competition aims to develop the best mobile applications to help working Americans make smart financial choices and better access financial services. FinCapDev is cultivating an ecosystem of American innovators, software developers, financial service firms, investors, and nonprofits innovating next-generation mobile tools to help consumers control and shape their financial futures.

Contestants whose proposals progress through the initial qualifying phase will receive startup cash ($100,000 distributed among all teams), expert advice from financial services and technology luminaries, and access to a robust network of investors, nonprofits, leading product designers, and software developers, from some of the most innovative organizations in the world. The total prize purse to be distributed among the winning teams is $100,000, including a $50,000 grand prize.Proposals are due on December 10th. For details on how to enter and more information, visit FinCapDev.com or follow the Competition on Facebook and Twitter.FinCapDev is a joint project between D2D and the Center for Financial Services Innovation. FinCapDev is made possible by the support of the Ford Foundation, the Citi Foundation, and Omidyar Network.

FinCapDev resources

FinCapDev updates:

FinCapDev main contact: Preeti Mehta

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The MyMoneyAppUp Challenge, launched by the U.S. Treasury Department in collaboration with D2D and the Center for Financial Services Innovation (CFSI), was a contest intended to motivate American entrepreneurs, software developers, the public, and students to propose the best ideas and designs for next-generation mobile tools to help consumers make smart financial choices, access high quality financial products and services, and ultimately control and shape their financial futures.  The IdeaBank collected one sentence app-based solutions that were put to a public vote and ultimately selected by judges. The grand prize of $1,000 went to Collin O’Rourke of Waukegan, Illinois for his app idea: 

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Contestant explanations of other winning app ideas can be read on the Treasury’s blog.

The App Design Challenge solicited comprehensive design proposals for apps from companies, individuals, and teams. Contestants completed an online submission form on the Challenge website detailing their design and how it will. Finalists presented their design proposals to a panel of judges at the U.S. Treasury Department, answering questions on their business plans and how their apps would improve financial access and/or capability.

Nicole Kendrot took home the grand prize of $10,000 for Centz, a mobile application that helps users make sense of their student loans and earn cents while doing it. Below are the App Design Challenge runner-ups and honorable mentions:

• Runner-Up, $5,000: Richard Trask and Jason Mastriana, My Next Car
• Runner-Up, $5,000: Pamela Chan and Eric Tyler, MOOLAH
• Honorable Mention, $2,500: Nancy Lottridge Anderson, Crazy Money
• Honorable Mention, $2,500: Rob Scott, Know It ALL

MyMoneyAppUp resources:

MyMoneyAppUp updates: