Ideas and designs for next generation mobile tools to help Americans shape their financial futures.
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, including among traditionally undeserved consumers. In addition, the expansion of access to data about financial products is creating new opportunities for innovators to create data-driven tools and services that empower financial consumers. These advances in technology make a possible a new class of apps that allow consumers to search for and access financial products on demand, manage their finances, and set and stick to financial goals. In order to foster innovations that capitalize on this opportunity, the Treasury Department, in partnership with the D2D Fund and Center for Financial Services Innovation (CFSI), has launched the MyMoneyAppUp Challenge.
The MyMoneyAppUp Challenge is a contest offering cash prizes 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 Challenge is accepting two types of app ideas from competitors:
The IdeaBank: the IdeaBank will issue a call for ideas, in 140 characters or less, for app-based solutions from the general public (such as industry leaders, academics, and consumer advocates). Ideas will be submitted on the Challenge website. IdeaBank submissions will be put to an open crowd-sourced vote and a panel of judges will pick the final winners from the top 10 vote-getters, with winners receiving cash prizes ranging from $250 to $1,000.
App Design Challenge: The App Design Challenge will solicit comprehensive design proposals for apps from companies, individuals, and teams of individuals. Contestants will complete an online submission form on the Challenge website detailing their design and how it will improve financial access and/or capability. Contestants are encourages, but not required, to use ideas from the IdeaBank as inspiration for their proposals. A small panel of judges will review and score the proposals with the winners being announced at an awards event and receiving cash prizes ranging from $2,500 to $10,000.
The Challenge is part of Treasury’s efforts to promote Smart Disclosure, a new initiative to expand access to data that can fuel the creation of new products and services that benefit financial consumers, such as mobile personal financial management apps. Contestants will be encouraged to create ideas and designs for apps that incorporate data to promote financial capability and financial access.
MyMoneyAppUp competitors who want to take their winning ideas to the next step and develop prototypes may enter the FinCapDev Competition, a complementary competition sponsored exclusively by D2D and CFSI at the conclusion of the MyMoneyAppUp Challenege. During the FinCapDev Competition, contestants will develop fully functioning mobile apps. The best submissions will receive cash prizes, access to expert advice, and other resources to make the app available in the broader marketplace.
Support of prizes and the administration of the Challenge by CFSI and D2D for the MyMoneyAppUp Challenge comes from the Ford Foundation, Omidyar Network, and the Citi Foundation.
To learn more about the Challenge or to submit your idea, visit MyMoneyAppUp.challenge.gov
Submitted by Dorothy Perry, CFS Director