This week, Citi launched Citi Mobile Challenge, a global initiative aimed to inspire technology developers to reimagine mobile banking and payments and to stimulate digital progress in the industry. Citi will provide developers with a suite of tools they can use to build solutions to benefit consumers either through mobile applications or the Internet of Things. Selected participants will present their concepts at demonstration events in Miami, New York and Silicon Valley and finalists will have the chance to take their technologies into production with the support of Citi. Citi has teamed up with Intuit, Plug and Play, Wearable World and other firms to connect with the developer community. Below is a post from EarlyShares with more information.
By Madelyn Young
Citi has officially launched a new global “mobile challenge” – a virtual competition designed to accelerate digital banking innovation. The Citi Mobile Challenge will give the world’s most talented, creative developers and designers the opportunity to create cutting-edge applications for Citi’s digital banking platforms. EarlyShares is proud to be an official Collaborator in this exciting initiative.
Developers and designers interested in participating must apply by Friday, October 3 to be considered.
How it Works
If you’re interested in creating a banking- or payment-related solution for mobile or interconnected devices, register for the Citi® Mobile Challenge here. (You can register your whole dev team or join an existing one.) On October 10, Citi will notify registrants who have been selected.
Following that, over the course of nine days in October, Citi will make available a variety of its APIs to enable the developers to create real-world innovations that could function with existing Citi technology. Participants will submit their final concepts or prototypes on October 19.
A panel of entrepreneurs, investors, and leaders in technology and banking will review submitted innovations and select the finalists, who will present at the demonstration events in Silicon Valley on November 10, New York on November 12, and Miami on November 14. EarlyShares CSO Heather Schwarz-Lopes will serve on the review panel and be a judge at the Miami event.
Winning developers will have the opportunity to consult with technology mentors, share in a cash award, and connect with Citi’s partners for a chance to put their solutions into production. There will be $100,000 in prize money available, with $50,000 for the most Innovative Mobile Solution category and $50,000 going to the best Internet of Things/Wearables concept category.
Through the collaboration with EarlyShares, Citi will also refer a small selection of eligible Mobile Challenge participants to EarlyShares for potential investment offerings on our platform.
Why It’s a Big Deal
Though this is first time Citi has hosted a global Mobile Challenge, the competition is not a new idea. The company’s 2014 ‘Citi® Mobile Challenge LatAm,’ which wrapped up in April, brought together nearly 500 developers from around the world to present consumer and B2B projects in Buenos Aires, Argentina and Bogota, Colombia. Citi is currently evaluating several interesting pilot projects that came out of the LatAm program, including a personalized e-retail app, B2B mobile commerce platform, and a mobile customer service solution.
For more on the Citi Mobile Challenge, go to citimobilechallenge.com.
Written by Madelyn Young of EarlyShares.
Posted Sept. 25, 2014