The U.S. Department of the Treasury, along with our friends at the Center for Financial Services Innovation and the D2D Fund, have launched a very cool new competition -MyMoneyAppUp Challenge - in order to help Americans gain the tools and information they need to be smarter financial consumers. The Challenge seeks new ideas from the public for mobile applications to empower Americans to shape their financial futures everyday – even while on the move.
The Challenge features two components – an IdeaBank to generate ideas for mobile applications, and an App Design Challenge that solicits more comprehensive mobile application designs for development.
“Mobile technology has become an increasingly important part of many Americans’ lives, creating new opportunities to help consumers make smart financial decisions in user-friendly ways,” said Deputy Secretary Neal Wolin. “The MyMoneyAppUp Challenge is designed to tap into the ingenuity and creativity of the American public to generate ideas for mobile applications that can help families be smarter financial consumers.”
The IdeaBank: The IdeaBank is a call for ideas, in 140 characters or less, for app-based solutions from the general public. Ideas may be submitted on the Challenge website where they will searchable to the general public. Visit the site to vote on your favorite IdeaBank submissions. A panel of judges will select the final winners from the top 10 that receive the most votes from the public. Winners are eligible to receive cash prizes ranging from $250 to $1,000.
App Design Challenge: The App Design Challenge is a call for comprehensive design proposals for mobile apps from companies, individuals, and teams of individuals. Think you have what it takes? Contestants must complete an online submission form detailing their design and how it will improve financial capability and/or access. Contestants are encouraged, but not required, to use ideas from the IdeaBank as the inspiration for their proposals. A panel of judges will review and score the proposals with the winners being announced at an awards event and eligible for cash prizes ranging from $2,500 to $10,000.
The MyMoneyAppUp Challenge is open to all U.S. citizens and permanent residents who are 18 years or older.
To learn more about the Challenge or to submit your idea, visit MyMoneyAppUp.challenge.gov
We think it's a pretty cool competition and could go a long way to spur innovations that will help advance the economic well-being of the working people Opportunity Fund supports with financial tools and products to help them get ahead. Good luck! Even if you aren't an app developer, check out the site and vote on your favorite ideas.