App Design Challenge Submission Template
INSTRUCTIONS
This document is meant to serve as a template for your 3-5 page mobile app design proposal. You may use it as your file to upload on the MyMoneyAppUp website as part of your submission. In addition to uploading a file, you will also be required to provide the following: 1) A name for the app 2) a brief summary of your app design that will appear in the public gallery, 3) at least one image describing the app, and 4) the emails or usernames of the other members of your team, if applicable.
Please Note: You may provide a link to a video, but are not required to do so.
Please complete the following sections of the template. These sections mirror the submission requirements as laid out in the Official Rules.
- Name of the app
SAFE or SAFE-SKILLS (Student Athlete Financial Education)
- A description of the concept or idea for the app
We would like to develop an app. for the 380,000 collegiate student-athletes so that they can develop financial literacy skills and learn the true value of their athletic grant-in-aid by enabling them to navigate a simulated "Bill Pay" function based on the customized costs of their specific institution's costs; and, a "Choices" function, in which they must divide virtual dollars between "spend", "give" and "save" categories. Each decision they make and action they take (or fail to take) will have a corresponding positive or negative ramification, such as impact on their credit scores, fees/penalties, bonus points, etc. and will determine their level of success within the application. Additionally, each bill payment and choice made would be accompanied by educational information, tips and advice.
- How is the app innovative and how does it contribute something new to the marketplace?
78% of NFL players and 60% of NBA players are broke within 2-5 years of retirement. Additionally, an overwhelming majority of today's youth give themselves a grade of C, D, or F for their knowledge of personal finance. The experiential model of SAFE has been proven most effective in teaching concepts to young people. The SAFE App would combine this learning method with technology, two categories young people are most familiar with, in order to address this issue tackled by many but failed by most. SAFE would be relevant and practical to the student. Life insurance, home mortgage selection, and many other more complicated personal finance categories do not make sense for this age group, especially when half of them are unaware that a high credit score is better than a low one; or, can differentiate between the characteristics of a debit and credit card. The SAFE App would teach the true value of education and financial literacy by basing all the student's finances on the itemized costs of college. The success of this app and of its high profile sub-population of student-athletes could be used as the foundation for other populations and drive increased interest and exposure to the issue of financial illiteracy.
- How would the app promote financial capability and/or financial access?
The SAFE app would initially be targeting collegiate student-athletes, preparing them to navigate their post-graduation careers safely and prosperously. The average college student carries a $3k balance on their credit cards. The proportion of adults who do not pay their bills on time has increased from 28% in 2011 to 33% in 2012. 4 out of 5 young adults feel they would benefit from financial education and guidance. The SAFE App builds the daily and monthly habits all adults must attend to by providing student-athletes with the ability to pay their bills, while also delivering educationally sound tips, advice, and information on practical issues they face on a daily basis. The intent would be for this app to be used next by all scholarship students; student-athletes at different ages; and, eventually, all young people. The App will also build better decision-making skills and behaviors by making the increasingly high costs of education and life more transparent. Students would likely attend classes more diligently, respect the value of money more sincerely, and take more ownership over their lives for the sake of their financial futures.
While the bill payment function teaches the value of education, the "Choices" portion will help create a new generation of savers, investors, and givers. By learning the basic concepts and benefits of saving, investing, and giving, the individual will be more financially secure. The SAFE App should be customizable only by the unique, itemized costs associated with the users school. No personal data or account information should be used for this age group.
How significant is the potential impact on consumers? What is the potential for the app to enhance consumer financial capability and decision-making? What is the potential for consumers to use the app to gain access to high quality financial products and services? What is the potential for the app to help consumers adopt financial behaviors which will help them achieve their financial goals? To what extent does the app incorporate data, such as personal account data or data on financial products, to promote financial capability and/or financial access?
- Feasibility of creating the app
How feasible would it be to create the app? Can the design be implemented with available technology?
I conduct my online bill payment every month like millions of other Americans. This app would only need design features that enable this process to be conducted in a simulated way; to be customizable to the students' school costs; to be able to trigger notifications, alerts, and penalties as the student fails to meet their budget, pay their bills, or make poor financial choices; and to include basic personal finance information. While I am not technologically savvy enough to comment on what is available or not, I cannot imagine the design and production of this app would be too complicated.
Process Flow Diagram
- Potential for sustainability for the app
What is the potential for the app to attract users? What is the potential for the app to have a sustainable business model?
It is well-documented that every parent would like their children to be more financially literate and more cognizant of the value of money (which doesn't "grow on trees"). Athletic directors and institutional leaders are eager for their student-athletes to learn the true value of their education to improve decision-making and behaviors, and provide "added value" to their educational experience. Additionally, the more financially literate a person is the more likely they are to accumulate wealth. These are attractive benefits to all the stakeholders in a student-athletes life, as well as the student-athlete themselves. It is the goal of SAFE to prove the experiential model's efficacy, serve its intended sub-population of student-athletes, and then to use them as the model to scale the methods, content, and financial capability of larger groups.
SAFE has secured a sponsorship from a major financial services firm to promote financial literacy education and career development strategies among student-athletes. With this support, SAFE will leverage its college-based contacts to market the application as a valuable teaching tool. While SAFE attempts to build the capacity to develop a larger software platform and design that includes career development education, the SAFE App would begin to prepare student-athletes immediately. The initial market may be small, but the social currency of this under-educated group will be vital to building bigger communities of financially literate citizens. SAFE management has been in the business of using sport to address social issues for their entire careers. It is clear that sport plays a large role in our society. SAFE would like to leverage the unique status of athletes after successfully navigating the program and developing financial literacy, to reach other populations. It is the hope and mission of SAFE to fortify these community and school leaders with the knowledge and skills in order to build a living network of financially literate Americans. The SAFE App will be the first step in achieving this mission.
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