- More than 60 Teams – Chosen from More than 700 Submissions across 62 Countries – to Present Innovations at Events in Silicon Valley, New York and Miami
- Citi Mobile Challenge Developer Survey: 88 Percent of Developers See Potential for Financial Innovation in Wearables, but Many Say Banks Are Not Doing Enough to Innovate and Keep Up with Other Industries
Citi surveyed Citi Mobile Challenge participants to ask their perspectives on financial technology innovation. 76 percent believe the biggest opportunities in financial technology are leveraging banks’ large customer bases or their investments in emerging technologies. In addition, 67 percent of the developers cite existing business models or regulatory and legal barriers as the biggest challenges facing financial innovation. At the same time, 88 percent of those surveyed see potential for financial innovation with wearables and the Internet of Things, with 70 percent saying there is “a lot of potential” in this space. The Citi Mobile Challenge resonated with participants, with 42 percent noting that they do not believe banks are doing enough to innovate and keep up with other industries.
“Through Citi Mobile Challenge, we are reaching out to developers in a groundbreaking way with the ultimate goal of improving client experiences,” said Heather Cox, Chief Client Experience, Digital and Marketing Officer for Global Consumer Banking at Citi. “This global initiative is the first of its kind in banking. The scope is unprecedented, with several hundred submissions from 62 countries. We are building strong relationships with developers, connecting them with business leaders and accelerating their concepts to bring them to market all over the world. ”
The Citi Mobile Challenge received participation from more than 3,000 developers across 740 teams from 62 countries in North America, Latin America, Europe, the Middle East, Africa and Asia. The events will convene the finalist teams, representatives from technology firms and a panel of judges including:
- Sarah Austin, Founder and Chief Executive Officer, Peak Energies
- David Berlind, Editor in Chief, ProgrammableWeb.com
- Heather Cox, Chief Client Experience, Digital and Marketing Officer for Global Consumer Banking, Citi
- Jorge Ruiz, Business Development and Digital Banking Head, Latin America, Citi
- J. Schwan, CEO and Founder, Solstice Mobile
- Melissa Stevens, Managing Director, Global Digital, Citi
- Ray Velez, Chief Technology Officer, Razorfish
“The Citi Mobile Challenge is unique in that it rallies global development talent to create new solutions using financial technology for emerging platforms,” said Sarah Austin, founder and CEO at Peak Energies. “I look forward to mentoring Citi’s global developer network for success in new technologies and applications and am eager to identify winning presentations that are most apt for consumer use.”
“We were so impressed with the concepts presented at the Citi Mobile Challenge in Latin America that we immediately decided to convene a global community of developers to push the boundaries of financial technology,” said Heather Cox. “When we surveyed our participants, 79 percent said they believe initiatives like the Citi Mobile Challenge can lead to real change in the marketplace. We are excited to make that happen and to continue this program globally.”
Demo Day events will be held in Silicon Valley on November 10, New York City on November 12 and Miami on November 14.