Challenge solicits ideas for mobile applications to help empower
Americans with new tools to shape their financial futures
- The U.S. Department of the
Treasury today launched the MyMoneyAppUp Challenge to help Americans gain the
tools and information they need to be smarter financial consumers. The
Challenge, launched in partnership
with the D2D Fund and Center for Financial Services (CFSI), seeks new
ideas from the public for mobile applications to empower Americans to shape
their financial futures everyday – even while on the move.
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. The public may begin submitting ideas today for both parts of the
Challenge at MyMoneyAppUp.challenge.gov.
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.”
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. Visitors to the site will be able to vote on
their favorite IdeaBank submissions and 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.
Challenge: The App Design Challenge is
a call for comprehensive design proposals for mobile apps from companies,
individuals, and teams of individuals. 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.
for prizes and the administration of the Challenge by D2D and CFSI comes from
the Ford Foundation, Omidyar Network, and the Citi Foundation. No government
funds were used as part of the MyMoneyAppUp Challenge.
Challenge is open to all U.S. citizens and permanent residents who are 18 years or
older. For complete details on Challenge eligibility requirements and rules,
About the MyMoneyAppUp Challenge
The MyMoneyAppUp Challenge, launched by the U.S. Treasury Department in
partnership with the D2D Fund and Center for Financial Services
Innovation, is a contest offering cash prizes for the best mobile app ideas and
designs to help Americans make smart financial choices, access high quality
financial products and services, and control and shape their financial futures.
is part of Treasury’s efforts to promote Smart Disclosure, a new initiative by
the Obama Administration to expand access to data that can fuel the creation of
new products and services to benefit financial consumers. Contestants will be
encouraged to create ideas and designs for apps that incorporate data to promote
financial capability and access.
To learn more about the
Challenge or to submit your idea, visit MyMoneyAppUp.challenge.gov.