The Detroit Fintech Challenge is a competition that unites key players in the Fintech ecosystem to generate enduring solutions to the biggest challenges and major concerns in the financial, payments, banking, and insurance sectors. Through the Fintech Challenge Pitch Competition, early-stage companies will be given a theme/ challenge statement category. Finalists from each "challenge statement category" will be asked to present their concept as a part of the Fintech Challenge Pitch Competition during the Detroit Fintech Challenge weekend.
Anyone who is active in Private Banking, Insurance, Investment and Asset Management, Payment Solutions, Gaming Services and Ecosystems, Digital Money, Blockchains, Real Estate, Government and City Solutions, Autonomous Vehicles and Transportation, IoT, Fraud or Cyber Security, Data and Credit Analytics, AI and Machine Learning, and Law and Policy experts are welcome to participate and compete!
The Challenge Statements are the guiding force of the Detroit Fintech Challenge. Each and every participating team will choose one or more challenge statements to create their projects. Each statement addresses a broad area of concern as well as a few possible entry points for a technical solution. Teams’ effectiveness in creating a viable solution in the challenge they have chosen will be essential to their success in the competition.
EXAMPLE CHALLENGE STATEMENTS
Cashless Payments & Micro Transactions
Tools that enable merchants and customers to make payments in new ways. Easier payment processing will show immense potential particularly engaging and activating underserved and underbanked populations. Cash is still king in the micropayment market. Tools that enable cashless payments for the smallest of transactions.
Applications of blockchain to a variety of FI problems - distributed ledger, cross-border payments, smart contracts, etc.
Solutions that enable the provision of wealth management / investment services in new ways for both the retail investors (i.e. robo advisors, tools for self-directed clientele), and the institutional side of brokerages (registered investment advisors).
AI/ML and Data / Credit Analytics
Tools to enable analysis of large data sets, often unstructured. Customer-focused uses: credit scoring, insurance, and client-facing chatbots. Operations-focused uses: capital optimization, model risk management and market impact analysis; trading and portfolio management in financial markets; and uses of AI and machine learning by financial institutions for regulatory compliance (RegTech) or by public authorities for supervision (SupTech).
Applying blockchain and cryptocurrencies for gaming services and ecosystems as part of city solutions.
Fraud, Cyber Security and Biometrics
IT security solutions against cyber-attacks as well as biometric access solution. What solutions can we create using cyber security for the rising data breaches? IT security solutions against cyber-attacks as well as biometric access solution. Within the autonomous vehicle space, in vehicle tools for mobility and social transactions, and data privacy.
Credit Lending & Micro Loans
While the traditional financial institutions are turning their backs to small businesses, other financing options are opening up. We look at tools that change how we borrow and lend.
You should attend if you have programming or design experience, project management skills, have an interest in financial, payments, insurance, banking, engineering, software or hardware development, or are interested in making a difference for others in your community.
Anyone who is active in Private Banking, Insurance, Investment and Asset Management, Payment Solutions, Gaming Services and Ecosystems, Digital Money, Blockchains, Real Estate, Government and City Solutions, Autonomous Vehicles and Transportation, IoT, Fraud or Cyber Security, Data and Credit Analytics, AI and Machine Learning, and Law and Policy experts, are welcome to participate and compete!
Sponsor & Partner
We are seeking industry leaders and organizations who are enthusiastic about innovation and getting involved in the start-up and entrepreneur ecosystem. As a sponsor and/or partner, you are given the opportunity to curate challenge statements, along with access to a pool of talented designers, developers, and entrepreneurs to work on your specific challenges, needed solutions, and general technology interests. Sponsors and partners get to speak, mentor, judge, curate challenge statements, and receive global brand recognition throughout the event. With your help we can bolster the capacity of the Fintech Challenge program to cultivate and launch powerful new solutions across a variety of impact spaces. Increase your organization’s visibility in the emerging fintech innovation sector and drive solutions to your most profound and interesting financial, payment, insurance or banking challenges by funding a prize. View the sponsorship packages here.
Are you a startup? Do you have a great idea? Do you work for a large organization and see an opportunity to create a technology or solution? Are you a coder, developer, or designer? Come participate, or attend an event to see what we are all about! You can join an innovation team or form your own team (no more than 5 team members) that will seek to create solutions to selected Detroit Fintech challenge topics and thereby compete for prizes to be extended at the Fintech Challenge in Detroit on August 3rd 2019. There will be numerous opportunities to recruit new talent, both in-person and through a web platform, therefore your organization can enter the competition with partial teams (with or without internal technical skills) or as a team with expertise in financial, banking, payments, or insurance industries and succeed in the competition. Join the competition here.
Are you a finance or industry expert? Business/entrepreneurial representative or technology enthusiast? Corporate executive or IT Professional? Policy or regulatory expert? Attorney or Banker? Passionate about working with new ideas and startups? We are seeking mentors to work with the challenge teams.
Augment the Fintech Challenge process with your organization’s experience and expertise. Influence and empower the projects of competing teams by answering questions, providing context, and making suggestions. Create an opportunity for your organization to drive the creation of tools that advance its mission while simultaneously enabling competing teams to succeed. (Note: coaches will not be "assigned" to any specific team and therefore will be able to provide whatever amount of time during April - July that they desire). We are looking for coaches who simply want to contribute and help make this a success! Participants may have a wide variety of backgrounds and disciplines (engineers, financial enthusiasts, techies and coders, designers, business strategists, scientists, researchers, data specialists, students and more). If you are interested in being a mentor at the Detroit Fintech Challenge, please complete the Mentor Participation Form.
Are you an investor, financial advisor, representative of an incubator/accelerator, corporate executive, or subject matter expert? Detroit Fintech Challenge is seeking judges to come participate and select our winners. Judging spots are limited (sponsors are given first choice) and time commitment will only be required during the Fintech Challenge product demos and pitch competition on August 3rd. If you are interested in participating as judge for DFC, please complete the Judge Participation form.
Manage a Team
Enter a five-person team in the Detroit Fintech Challenge. Integrate the competition into your organization’s workflow as a development process or team building activity. Numerous opportunities to recruit new talent, both in-person and through a web platform, means that your organization can even enter partial teams or teams with expertise in Finance, Insurance, Payments, or Banking, but few technical skills and still succeed in the competition. If you are interested in managing a team at the Detroit Fintech Challenge, please contact Kyyba Innovations: email@example.com
Contribute to the curated Fintech Challenge and Data Library that is tied to the key issues or identified “challenge statements”. Add to a unique collection of Data Sets drawn from organizations like yours and empower hundreds of dedicated developers to create technologies that will further the mission of positive impact on the fintech industry. If you are interested in contributing data to the Detroit Fintech Challenge, please contact Kyyba Innovations: firstname.lastname@example.org
|4/25/19||Public Data Portals Open and Challenge Statements Released - Registration Opens.|
|5/16/19||Official Detroit Fintech Challenge Kick-Off + Information Session (Thursday 5-8pm) @ TechTown|
|6/12/19||Second Fintech Detroit Information and Mentor Session (Wednesday 5pm-8pm) @ Grand Circus|
|6/30/19||Team Registration Closes|
|7/19/19||Pitch Workshop for Teams – Practice your pitch with experts!|
|8/3/19||Detroit Fintech Challenge & Pitch Competition at TechTown!|