Mobile Apps Sparking Financial Literacy Success

Financial education professionals are buzzing over several recent technology developments poised to help drive financial literacy to new levels of success. And with the latest announcement that the global Financial Capability Development Competition has unveiled 10 finalist teams that will create and launch new mobile apps designed to assist millions of consumers in making more informed decisions about their financial affairs, it is clear that even more ground-breaking innovations are on the near-term horizon.

The financial literacy industry has been watching FinCapDev closely as new innovations in the development and delivery of financial education and financial products are widely expected to spur greater solutions and wider access to consumers in both developed and developing nations. FinCapDev is a mobile app development competition with $100,000 in prizes to winning participants. The competition is managed by the Center for Financial Services Innovation and the D2D Fund.  More information on FinCapDev can be found here.

Another focus on FinCapDev relates to its funding by major foundations, including the Citi Foundation, the Ford Foundation and the MetLife Foundation, as funding to support financial literacy initiatives has skyrocketed in recent years. Among the fast-growing sources of financial literacy funding are corporate foundations, private foundations, government agencies and grass roots efforts that are pouring substantial resources into financial capability programs and initiatives.

Given the very large number of unbanked, under-banked and financially illiterate individuals who own mobile phones, the opportunity for mobile apps to power financial education and broader access in the next few years and beyond is enormous.  Moreover, with major funders and other key constituencies poised for continued support of technology development in this area, the financial literacy industry stands to benefit greatly as this trend continues.