FinCapDev has opened the call for proposals for its 2014 competition.
Cash prizes totaling $100,000 will be given to developers who create innovative mobile apps that help Americans make better financial decisions and access quality financial products. The program will also provide expert technical and consultative resources from well-known leaders in the industry. FinCapDev is made possible through the generous support of the Citi Foundation, the Ford Foundation and the MetLife Foundation.
Entrepreneurs, mobile developers, students, academics, and innovators of all kinds are encouraged to submit their proposals now through April 7, 2014. Teams or individuals may apply. Mobile app proposals will aim to help improve the financial health of underserved Americans. Up to 12 finalists, who will receive a cash stipend and access to technical and expert resources to develop their app, will be announced in early May.
Around two dozen partners in the FinCapDev program are offering technical advice and access to resources to winners or participants, including: AlphaSoftware, Application Developers Alliance, Apsee, ArcWeb, Bing, CAMBA, Citi, Cloud Castle, Intuit, JPMorgan Chase & Co, LevelUp, LLR Partners, NYPAY, PayNearMe, Social Money, Software Nation, Usertesting.com, and Yodlee.
"We know that new technologies can stimulate new financial products and policies, and we aim to reward innovators that design to improve financial outcomes by providing cash prizes and access to industry expertise," said Timothy Flacke, Executive Director of The D2D Fund. The competition includes free access to expert technical resources delivered by financial services leaders throughout the application process.
"Mobile technology has the potential to expand access to critical financial services and support, improving consumer financial health," said Jennifer Tescher, President & CEO of the Center for Financial Services Innovation. "That's what FinCapDev is all about: leveraging that potential and enabling innovators to build products for consumers who want and need better access to high-quality tools and information.