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Personal finance apps let people extend their banking arrangements into the mobile world, allowing them to check account balances, transfer money and review transactions.
A new developer competition, however, hopes to cultivate a somewhat different set of mobile finance apps. The Financial Capability Development Competition, or FinCapDev, aims to help consumers who may lack access to the full complement of financial products and services. The D2D Fund and the Center for Financial Services Innovation (CFSI) sponsor the challenge, which kicked off in October. The two organizations previously collaborated with the Treasury Department on the MyMoneyAppUp Challenge. In the FinCapDev challenge, developers selected as finalists will qualify for a cash stipend and free evaluation licenses to Yodlee`s SDK. Finalists will present their apps in June 2013. Tim Flacke, executive director of the D2D Fund, describes the challenge and its objectives.
How did FinCapDev come about?
Tim Flacke: Two themes gave rise to this challenge: one is the revolution in mobile technology. Mobile devices are absolutely ubiquitous now. Mobile technology creates new opportunities in products and services -- including financial products and services.