ROUND 1 of Idea Fight Club - FinTech Challenge
This challenge has been cancelled.
Keep an eye out for the future events by the College of Innovation and Design in the
WSU News.
Here is your opportunity to flex your innovation muscles and punch out some impactful ideas to solve our FinTech Challenge. Choose your focus (listed below), create or join a team, and let's get ready to rumble!
Which Focus Will You Choose?
Estimated to grow to $230 billion in net revenue by 2025, Embedded Finance is a rapidly growing partnership between financial services (banks) and non-financial services (retailers). When buying a new refrigerator you pay for it in cash, put it on your credit card or finance it through the retailer. If you purchase a new Tesla, you can sign up and pay for your car insurance in the dealership. What other industries could use an Embedded Finance structure and what might that look and feel like from a bank offered product/service perspective?
Currently apps such as Apple Pay or Google Pay make it easy to pay for purchases if the retailer is set up to transact that way. COVID has increased the need for contactless payments throughout the retail environment. This is driving more retail stores and restaurants to investing point of sale technology to receive digital payments and transfers. What might be the next gen solution for contactless payments and wearable technology?
Why do you have to wait two weeks to get paid? The increased demand for workers has prompted a new need for paying wages daily or even in real time. If you were a restaurant, a retailer, or construction company where you often have to adjust your workforce based on need or time of year, daily payments can increase the employee response. What product can you come up with that could serve daily payments? How would it work and what would the business owner need to do this?