BankMobile, a division of Customers Bank (CUBI) and the first and only bank offering a no fee, mobile, online and tablet banking platform, today announced the launch of its new crowdsourcing contest, "BYOB - Build Your Own Bank!"
The contest is open to the public and the firm invites everyone to submit an entry as a video or image that describes a product or feature they would implement if they were building their own bank.
"We are a bank that was created as a result of crowdsourced feedback and we are thrilled to launch this competition and see all of the innovative ideas out there," stated Luvleen Sidhu, Chief Strategy & Marketing Officer at BankMobile. "I am looking forward to the breadth of entries that we are certain to get and to continue to build the most revolutionary bank in the country."
Entries into the BYOB contest are accepted through May 3, 2015. One winner will be awarded $5,000 and may be invited to serve as an advisor on the BankMobile Product Team as they work to implement the winning idea. In addition, the winner may be invited to interview for an internship at BankMobile if they are interested.
The judges for the competition are Esha Chhabra, Contributor to Forbes; David Gerbino, Database, Digital and Email Marketer and a Writer for Financial Brand, a prominent banking publication; Luvleen Sidhu, Chief Strategy and Marketing Officer of BankMobile; Jay Sidhu, CEO of BankMobile and Customers Bank; and Warren Taylor, President of BankMobile.
All entries will be evaluated by the five judges who will select 10 finalists based on the following criteria:
- Creativity – Has this been done before by another financial institution?
- Cost: How much would this idea cost to implement?
- Feasibility: Can this idea be implemented?
- Alignment: Does this fit in within BankMobile's value set?
The winner of the competition will be selected from the 10 finalists based on the public's votes.