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Citi, an American multinational banking and financial services corporation, has as part of its Digital Acceleration program announced that its Mobile Challenge is coming to Europe, Middle East and Africa in search of ideas which can change the way we bank. That a bank is sponsoring an initiative to disrupt the way banking is being done is further proof that banks are being left with no choice but to adapt or lose the war.
“Through Citi’s Digital Acceleration program, our goal is to unleash the power of the tech community, develop new solutions and change the way banks have traditionally approached innovation,” said Heather Cox, Chief Client Experience, Digital and Marketing Officer for Global Consumer Banking at Citi. “Citi Mobile Challenge has helped us connect with top developers in Latin America and the US, and we are excited to bring this opportunity to Jerusalem, London, Nairobi and Warsaw.”
The registration for the challenge opened on 23 February 2015 and closes on 6 March 2015. The participants will then demonstrate their concepts at events in 22 April in Nairobi, 26 April in Jerusalem, 28 April in Warsaw and 30 April in London.
Citi is going around the world in search of developers and designers who can help take it change the way banking is being done.
I addition to the participants having access to APIs that power Citi’s digital banking, payments and rewards, they will also have access to APIs from leading technology companies that have collaborated with Citi Mobile Challenge.
Participants can enter their ideas in two categories: consumer and business solutions. The bank states that the consumer solutions must provide it with personalised, intuitive products and services that they think about banking. And for the business solution category, the bank wants particitipants to “develop the next big FinTech solution for Citi’s business clients”. The clients range from small businesses to large corporations, including institutions, organisations and governments.
“We anticipate that the Citi Mobile Challenge will help us to create a truly distinguished experience for our clients while uncovering fresh approaches for broader financial inclusion.” Cowles said.
Prototypes will be evaluated on its integration to Citi platforms, uniqueness, innovation, business potential, functionality, usability, scalability, rapidly add value to business and easily implemented.
The challenge comes with a total of US$100 000 thousand in cash awards. There are other benefits apart from the cash, a potential commercial engagement with Citi and a potential fast-track participation in a partner accelerator programs, which could include mentoring, office space and/or investment.
Participants that impress Citi will have the opportunity to present their solution at a Demo Day to judges from Citi and more than 50 leading FinTech companies who can help participants reach the next level.