Connecting FinTech Minds
Transform finance with your ideas! Join our challenge to
create tech-based solutions that tailor financial services for
individuals and businesses.
Transform finance with your ideas! Join our challenge to create tech-based solutions that tailor financial services for individuals and businesses.
Deadline to Apply
About
The "FinTech Minds" open innovation challenge is focused on creating tech-based financial solutions that address the unique needs of individuals and businesses. This challenge invites you to develop adaptive technologies that offer personalized financial products and customized business strategies, enhancing user satisfaction and fostering long-term engagement.
Join us for a chance to win cash prizes, collaborate to bring your solution to life, and deepen your expertise through our 6-weekend intensive bootcamp. Whether you're a developer, fintech expert, entrepreneur, designer, product manager, or innovator, this is your opportunity to redefine the future of finance with cutting-edge technology.
The Challenge
The market's current financial solutions often need more personalization and precision to address the specific financial goals of individuals and businesses effectively. The generic financial advice and standardized investment strategies market offerings fail to consider an individual’s unique income patterns, spending habits, and long-term objectives. Similarly, businesses struggle with one-size-fits-all credit options and financial management tools that do not align with their operational needs and growth strategies. This lack of customization in financial products can lead to reduced user satisfaction and limited long-term engagement.
The Solutions
We invite participants to develop innovative solutions that address these challenges by leveraging data, AI, and other advanced technologies. The goal is to create adaptive financial products that enhance user satisfaction and foster long-term engagement and loyalty.
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The First Step is to Identify the Pain Points:
Begin by pinpointing the specific financial challenges that lack effective solutions in the market. Consider areas where existing financial products fail to offer personalized, precise solutions, leading to dissatisfaction or unmet needs. Focus on the gaps where customization and adaptability could significantly improve user experience and outcomes.
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Next, Define Your Target
Audience:
Individuals: Target solutions to enhance user satisfaction and loyalty by addressing the specific financial needs of individuals.
Businesses: Focus on providing customized financial advice, credit options, and investment strategies to support business growth and strategic planning.
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Then, Conceptualize Your Abstract Idea:
Think about potential solutions that could address the identified pain points. At this stage, focus on innovation and creativity, imagining abstract concepts or new approaches that haven't been tried before. Your idea should be forward-thinking and adaptable to different scenarios and needs.
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Now, Choose YourDevelopment Method:
Standalone
Product
Create an independent solution that directly solves the identified pain points, with the bank as a partner.
Integrated
Product
Develop a new product or feature that integrates seamlessly into the bank’s existing services, providing a solid foundation for future development.
Collaborative
Product
Work in partnership with the bank to co-create and refine a product, combining your expertise with the bank’s resources to develop a new co-product.
Eligibility Criteria
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Egyptians above 18 years old.
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It has to be a team with at least two members and a maximum of four members, including at least one developer and one subject matter expert.
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Have an idea/solution in one of the challenge themes and work to develop a prototype during the bootcamp.
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Shortlisted participants must be available to attend our in-person BootCamp in Cairo, which will take place over 6 weekends. Finalists will also be required to attend the live pitching event.
Participant Profiles
We recommend forming a team with members who have diverse skills, as this can greatly improve the team's effectiveness and foster creativity.
Techies
You are a tech innovator with a knack for coding and software development. You enjoy tackling complex problems and driving digital advancements. Participate in our challenge to collaborate with like-minded professionals and create groundbreaking solutions that will take the finance industry forward.
Entrepreneurs
You are a visionary with strategic insights into market trends, operations, and finance. You've mastered the art of turning innovative ideas into real-world products. Join the FinTech Minds challenge to apply your expertise and lead the way in shaping the future of fintech.
Product Managers
You are a strategic product manager/owner with a talent for overseeing the development and launch of successful products. Your ability to align team efforts with business goals and user needs is crucial in driving product success. Join us to lead and guide the creation of impactful fintech solutions from conception to delivery.
Innovators
You are a creative mastermind with skills in UI/UX, design, and storytelling. You excel at crafting engaging user experiences and translating complex concepts into visually compelling and user-friendly designs. Join us to combine your creativity with technology and set new standards in the fintech world.
Timeline
Registration
Deadline Oct 4
Accepted applicants
TBD
Bootcamp
Oct 10 - NOV 15
Finalists announced
TBD
Final Pitching
NOV 19
Prizes
Three winners will receive a total prize of 600,000 EGP.
2nd Place
200,000
EGP
1st Place
300,000
EGP
3rd Place
100,000
EGP
FAQs
You can only apply once, with your best, most comprehensive idea.
We advise that the teams be between 3 – 5 members, which is large enough to have diverse skills yet manageable for the duration of the challenge. The minimum team size is 2 members.