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.

  1. Name of the app – DeMerchant Money Manager (DMM)
  1. A description of the concept or idea for the app

The concept is to build an app that shows persons day-to-day, monthly and annual financial situation.

  1. How is the app innovative and how does it contribute something new to the marketplace? This is innovative because there is not an app out there that has all the features as DMM with the primary goal of getting a handle on day-to-day spending.
  1. How would the app promote financial capability and/or financial access?

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?

FuzionApps, Inc. would like to develop a mobile app that allows users to track all their transactions and set budgets. In addition, the app will store all the users debt information: vendor, balance, and interest rate. At the end of each month, the app will provide recommendations on how much to save and how much of a persons annual salary should be spent on their bills (home, car, food), based on their demographic location. With extra funds at the end of each month, the app will provide recommendations on what to do with it, ie. How much to save, optional places to save it, which debt to send extra money. Then DMM will automatically adjust the time to pay off the debt. Users will be able to run a report on demand and on a scheduled basis to allow users to have a true snapshot of their financial obligations, while also providing real-time recommendations on how to be fiscally responsible. DMM will also have a spending forecaster that will show users, if they keep spending $xx.xx amount per day, how much they will go over or under budget.

DMM will also show users their net worth. It will compare where they should be, based on their occupation and annual salary for the last 10, 20 or x # of years, of which they can define. The app will provide continual reminders on how they user can be back on track to reaching their optimal net worth based upon their age and average annual salary.

By: FuzionApps, Inc.

Laquitta DeMerchant
Feasibility of creating the app

How feasible would it be to create the app? Can the design be implemented with available technology?

FuzionApps already has a beta app with the forecasting and reporting features. So building the app is highly feasible. FuzionApps has access to the technology and staff skill set to build the app.


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?

This app will attract users because for the first time, there will be an app that holds them responsible and allows them to track 100% of their spending, just like a bank, but providing daily corrective recommendations on how to stay on track. The app will have a sustainable business model by having varying pricing models, subscription, membership levels, and providing tools to incorporate retirement financial planning and easy to navigate algorithms that allow users to determine optimal investments for their retirement, kids collect and emergency savings.

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