4 Key Trends From the Citi Mobile Challenge
Making money social
Several solutions involved sharing money or splitting purchases with friends and family. EPAM Systems introduced K-Ching, which lets users request a loan from family or friends through the contacts in their mobile device. The potential lender gets an alert notification and can accept or deny the loan request. If the request is accepted, the lender can set terms for paying the loan back. The money is transferred automatically to the borrower's account.
"Last year, there were $2.4 billion in P2P loans," said Nikolai Chowdhury of EPAM. "We're offering an opportunity" for bankers to participate in that.
And Russ Freeman of Capco's iLabs offered a solution that lets users split large purchases with their family or friends. The user can create an event (like a concert or trip) and then send requests to mobile contacts to chip in. The user draws the money for the event from the accounts of those who accept the request.
"This puts the bank in the middle of people's personal relationships," Freeman said.
Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio
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