download the free app€¦ · a suite of online and mobile tools to help you manage your personal...

MyMoneyAppUp Challenge August 2012

Created by:Eric Bell | [email protected] | @ericcbell

Never miss another paymentMoneyBugger sends you mobile updates and reminders to help you pay your bills on time, and provides you with a suite of online and mobile tools to help you manage your personal finances.

DOWNLOAD THE FREE APP

Online & Mobile Account Aggregation

Mobile Money Tips & Tools

Automatic Bill Payment Reminders

Discounts, Deals and Rewards

Mobile Payment Processing

View all your financial accounts and bills onlineor on your mobile device.

Get automatic text and/or email reminders to pay credit cards, utilities, taxes, and other bills.

Access a wealth of information and calculatorsto help you make smart financial choices.

Get coupons and rewards for paying your billson time and reaching your financial goals.

Pay bills and manage payments using anymobile device.

FEATURESMoneyBugger is a mobile app that bugs people aboutpaying their bills and rewards them for reaching theirfinancial goals. Here’s how it works.

Users can download the mobile app on their smartphone or sign up online for free. Once registered, they have the option of linking their accounts at financial institutions and service providers or manually entering their bills. Then, MoneyBugger sends automatic SMS text messages alerting them to pay their bills, file their taxes and check their credit report. Users also have the option of setting financial goals and receiving educational and motivational textmessages throughout the year to help them take steps to their goals. As they hit milestones, reach goals and make good financial choices, MoneyBugger rewards them by sending them discounts, deals and rewards from companies where they frequently shop.

MoneyBugger has the potential to help millions of Americans build credit, avoid late fees and save more money. It’s more than a mobile app - it’s your mobile money advisor.

OVERVIEW

MONEYBUGGER

TM

To educate, equip and empower people to live wealthier lives.

MISSION

How MoneyBugger Works

Text from MONEYBUGGERText from MONEYBUGGERCredit card bill due tomorrow...

MONEYBUGGER

Upcoming Bills

ADD A BILL

American Express

GEICO

Comcast

PAY BILL

PAY BILL

PAY BILL

CREDIT CARDS

CAR INSURANCE

CABLE & INTERNET

$89.99

$119.42

$35.00

Due in 1 day

Due in 9 days

Due in 10 Days

My Money My Bills My Tips My Tools My Savings

MONEYBUGGER

Pay your Bill

CREDIT CARDS


American Express

$2,000Balance Credit Limit

$3,000Availability

$1,000

MONEY TIPLearn more

than 39%, and it appears yours is a little higher than that.

35$Minimum Payment Due

1Days until Due

MONEYBUGGER

Payment Method

CREDIT CARD PAYMENT


MONEY TIPLearn more

Paying a little more than the minimum payment this monthcan save you money and help you keep up your credit score.Paying a little more than the minimum payment this monthcan save you money and help you keep up your credit score.

PAY NOW

MONEYBUGGER

You’ve Earn a Reward!

SPONSORED BY


CONGRATULATIONS!!!Share This

card! Learn anything new? Let others know and share it.

Which Account Do you Want to Pay With?

PNC CHECKINGBalance: $6,256

1How Much Do you Want to Pay?

2 $2,000

$35

Recommended!Pay Entire Balance

Minimum Due

Other

MONEY TIPExperts recommend keeping your credit card usage lowerthan 39%, and it appears yours is a little higher than that.

PAY LATER

Learn moreExperts recommend keeping your credit card usage lowerthan 39%, and it appears yours is a little higher than that.Experts recommend keeping your credit card usage lowerthan 39%, and it appears yours is a little higher than that.

PAY NOW

CONGRATULATIONS!!!You reached a new money milestone and paid off a credit

NO THANKS

Share ThisYou reached a new money milestone and paid off a creditYou reached a new money milestone and paid off a credit

CLAIM IT

sponsored by

USER EXPERIENCE

1 2

3 4 5

User receives mobile alert

User views all upcoming bills

User views bill details

User selects bill payment option

User earns bonuses & rewards

1

2

3

4

5

After registering and adding accounts, userswill receive mobile payment reminders inadvance of their due date.

After touching the alert, users are taken tothe app’s bill payment landing page wherethey can view all upcoming bills.

If the user selects the “Pay Bill” option, theycan view the bill’s details and choose if theywant to pay bills using the app or wait.

Users can select which account to pay billfrom and amount of payment. Data feedsprovide real time bank account balances.

Users earn occassional bonuses, dealsand rewards for demonstrating goodbehavior from companies where theyfrequently shop and do business.


Created By:Eric Bell | [email protected] | @ericcbell

TM



MONEYBUGGER

Payment Method

CREDIT CARD PAYMENT


MONEY TIPLearn more

Paying a little more than the minimum payment this monthcan save you money and help you keep up your credit score.

PAY NOW

Which Account Do you Want to Pay With?


1How Much Do you Want to Pay?

2 $2,000

$35

Recommended!Pay Entire Balance

Minimum Due

Other

Key Components


DASHBOARD

ACCOUNT BALANCES

FINANCIAL TIPS

MY MONEY

USER PROFILE

RECOMMENDATIONS

MY SAVINGS

MY TOOLS

MY TIPSMY BILLS

Users can view all sections of theapplication at anytime by clicking onthe homepage icon.

Real-time account balance informationis visible at the point of payment toensure users have available funds intheir bank accounts to pay the balance.This feature lowers the risk that userswill pay overdraft fees on bank accounts.

Users receive personal finance tips andadvice throughout the bill paymentprocess that is relevant to their uniquefinancial circumstances.

Users can view all of their bank accounts,credit cards, loans, and other financialaccounts in one place at any time.

Users can link to service providers andset up automatic bill payment remindersfor recurring payments such as loans,credit cards, insurance, rent, utilities, etc.

Users can update their personalprofile, account settings and security preferences online or ontheir mobile device.

MoneyBugger provides guidanceto users at the decision-makingmoment to help them save money,improve their credit and avoidcommon financial mistakes.

Users can view all rewards anddeals they have earned in oneplace or search for coupons,discounts and deals anytime.

Users can access a suite ofmobile financial calculators tohelp them with money math.

Users can access financial tipsand a library of articles on keyfinancial concepts drawn fromFLEC’s Core Competencies forfinancial education.

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Financial Capability

MoneyBugger was conceived with a single goal in mind: to improve the financial capability of young Americans. In order to achieve this goal, we have incorporated best practices from financial education, financial technology and financial services into the design of the app.In particular, we focused on integrating the following principles into our product design:

Timely Financial Education

MoneyBugger provides users with a library of financial education content that is accessible on demand. More importantly, we have integrated financial tips into the functionality of the application to provide guidance to users at the decision-making point.

Actionable Recommendations

MoneyBugger goes beyong telling people what to do, it gives them a simple, powerful platform from which they can implement the recommendations they receive. We are committed to turning financial knowledge into action.

Ongoing Support

MoneyBugger automatically reminds users of upcoming bill payments, but goes one step further. In addition to annual tax filing and credit report reminders, MoneyBugger also gives users the ability to set goals and get financial tips to help them reach their goals over the long-term.

Reward Good Behavior

At MoneyBugger, no good deed goes unnoticed. That’s why we are partnering up with sponsors and advertisers to send users rewards and discounts for hitting money milestones and reaching goals. In doing so, we transform the mundane task of paying your bills into a positive, rewarding experience.

TM

Target MarketWhile MoneyBugger has a wide variety of applications and uses to the general US population, we are focusing our marketing and segmentation efforts on a specific target market: young adults ages 18-29, or more generally, Generation Y. There are several reasons for this decision.

1.) Market Size

There are nearly 76 million young adults in America who are members of Generation Y. According to a study by Deloitte, the net worth of Generation Y is expected to grow from $2-$9 trillion over the next 10 years. Given these numbers, we believe this market segment presents an enormous opportunity for MoneyBugger, sponsors and financial institutions that are able to earn the respect and business of the next generation of wealth.

2.) Market Need

According to a recent PNC Study, nearly 60% of 20-somethings claim to be “stressed” about money. Furthermore, Generation Y is facing severe financial distress due to high unemployment, rising levels of student loan and credit card debt and flat wages. In fact, young adults are the fastest growing segment of bankruptcy filers in the country. MoneyBugger intends to help this segment get their financial lives back on track.

3.) Technology Adoption Rates

Generation Y is more likely to use technology as a source of information and a means of performing financial transactions than any other generation. While rates are increasing in other market segments, MoneyBugger believes focusing on willing participants will lower the barriers to user adoption.

4.) Area of Expertise

MoneyBugger’s creator, Eric Bell, is an expert of financial education for Generation Y. He has led efforts across the country serving college students, and is currently the founder and CEO of YoBucko.com - a personal finance site tailored to Generation Y. Rather than focusing our time and attention on markets where we are not experts, we will initially focus our marketing, sales and public relations efforts around the customer segment we know best.



Feasibility

Based on our research and understanding of the mobile banking marketplace, all of the technologies that would be needed to execute and develop MoneyBugger’s design are readily available and accessible to our development team. The website would be developed using Ruby on Rails and the mobile application would be developed using open-source platforms.

The primary technological challenges we will face will be the integration of data feeds from financial institutions and mobile payment processing platforms. However, we have found that we can license these capabilities from companies such as Yodlee and payment processors for version one of our app.

Our ApproachWe will be using the Lean Startup approach to building and developing MoneyBugger. As a result, we will not be overinvesting in MoneyBugger until we can demonstrate its viability and validate our business model. To test the viability of our model, we will build the minimum viable product (i.e. basic platform with essential features) between August and November 2012, and proceed to test the following 5 business assumptions:

1. Users will sign up to receive bill reminders from MoneyBugger

2. Users will pay their bills on MoneyBugger using their mobile device

3. Users will return to MoneyBugger to pay bills more than once

4. Users will use discounts and rewards for good financial behavior

5. Advertisers will sponsor discounts and rewards through MoneyBugger

TM

SustainabilityMoneyBugger was created to be a for profit business. While we have not validated our business model with potential customers at this stage, we are confident that the application and business model are sustainable in the long-run.

To fully develop and implement our concept, it is likely that we will need additional funding from social venture funds and angel investors. Nevertheless, we expect investors will earn a healthy risk-adjusted return on investment.

The key to our sustainability is revenue generation. As long as we can demonstrate that our platform can attract a large number of users, and advertisers are willing to sponsor rewards, we believe our platform has the potential to generate enough revenue to finance continuing operations and enough profit to earn investors a good return.

Eric Bell, 28, is a personal finance expert and social entrepreneur who is committed to helping young adults reach their financialgoals. He is the creator of MoneyBuggerand the Founder & CEO of YoBucko.com.

Eric’s passion for financial education started in college when he started a non-profit to educate college students on the basics of personal finance and investing. After expanding his program to four school in Arkansas, Eric took a job on Wall Street at the Citi Private Bank. At Citi, he worked as the analyst for the Head of the US Ultra High Group in New York and as a private banker associate in Washington, DC where he helped manage money for the world’s wealthiest families. In 2010, Eric resigned from Citi to pursue his entrepreneurial ambitions and start YoBucko.

Eric has remained actively involved in the financial literacy community throughout his career as the former President of the Greater Washington Jump$tart Coalition, a Board Member at Microfinance Opportunities, and a councilmember on the Citigroup Financial Education Council.

Eric earned his bachelors degrees in English and Economics from Hendrix college, studied abroad at Oxford University and graduated from Georgetown University’s McDonough School of Business with an MBA in 2012. He currently resides in Arlington, VA.

Founder Bio

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