OVERVIEW FEATURES MISSION. Never miss another payment DOWNLOAD THE FREE APP. Created by: MyMoneyAppUp Challenge August 2012

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Download "OVERVIEW FEATURES MISSION. Never miss another payment DOWNLOAD THE FREE APP. Created by: MyMoneyAppUp Challenge August 2012"

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1 Never miss another payment MoneyBugger sends you mobile updates and reminders to help you pay your bills on time, and provides you with a suite of online and mobile tools to help you manage your personal finances. DOWNLOAD THE FREE APP OVERVIEW MoneyBugger is a mobile app that bugs people about paying their bills and rewards them for reaching their financial goals. Here s how it works. Users can download the mobile app on their smartphone or sign up online for free. Once registered, they have the option of linking their accounts at financial institutions and service providers or manually entering their bills. Then, MoneyBugger sends automatic SMS text messages alerting them to pay their bills, file their taxes and check their credit report. Users also have the option of setting financial goals and receiving educational and motivational text messages throughout the year to help them take steps to their goals. As they hit milestones, reach goals and make good financial choices, MoneyBugger rewards them by sending them discounts, deals and rewards from companies where they frequently shop. MoneyBugger has the potential to help millions of Americans build credit, avoid late fees and save more money. It s more than a mobile app - it s your mobile money advisor. MISSION To educate, equip and empower people to live wealthier lives. FEATURES Automatic Bill Payment Reminders Get automatic text and/or reminders to pay credit cards, utilities, taxes, and other bills. Online & Mobile Account Aggregation View all your financial accounts and bills online or on your mobile device. Mobile Money Tips & Tools Access a wealth of information and calculators to help you make smart financial choices. Discounts, Deals and Rewards Get coupons and rewards for paying your bills on time and reaching your financial goals. Mobile Payment Processing Pay bills and manage payments using any mobile device.

2 How MoneyBugger Works USER EXPERIENCE User receives mobile alert After registering and adding accounts, users will receive mobile payment reminders in advance of their due date. ADD A BILL Upcoming Bills User views all upcoming bills After touching the alert, users are taken to the app s bill payment landing page where they can view all upcoming bills. Text from Credit card bill due tomorrow... American Express CREDIT CARDS Due in day GEICO $35.00 $9.4 3 User views bill details If the user selects the Pay Bill option, they can view the bill s details and choose if they want to pay bills using the app or wait. Comcast CAR INSURANCE Due in 9 days CABLE & INTERNET Due in 0 Days $ User selects bill payment option Users can select which account to pay bill from and amount of payment. Data feeds provide real time bank account balances. 5 User earns bonuses & rewards Users earn occassional bonuses, deals and rewards for demonstrating good behavior from companies where they frequently shop and do business Pay your Bill Payment Method You ve Earn a Reward! CREDIT CARDS CREDIT CARD PAYMENT SPONSORED BY American Express Minimum Payment Due $ 35 Balance $,000 Credit Limit $3,000 Days until Due Availability $,000 Which Account Do you Want to Pay With? PNC CHECKING Balance: $6,56 How Much Do you Want to Pay? Pay Entire Balance Minimum Due Other $,000 Recommended! $35 sponsored by PAY LATER NO THANKS CLAIM IT Experts recommend keeping your credit card usage lower than 39%, and it appears yours is a little higher than that. Paying a little more than the minimum payment this month can save you money and help you keep up your credit score. CONGRATULATIONS!!! You reached a new money milestone and paid off a credit card! Learn anything new? Let others know and share it. Share This Created By:

3 Key Components DASHBOARD Users can view all sections of the application at anytime by clicking on the homepage icon. CREDIT CARD PAYMENT Payment Method USER PROFILE Users can update their personal profile, account settings and security preferences online or on their mobile device. ACCOUNT BALANCES Real-time account balance information is visible at the point of payment to ensure users have available funds in their bank accounts to pay the balance. This feature lowers the risk that users will pay overdraft fees on bank accounts. FINANCIAL TIPS Users receive personal finance tips and advice throughout the bill payment process that is relevant to their unique financial circumstances. MY MONEY Users can view all of their bank accounts, credit cards, loans, and other financial accounts in one place at any time. MY BILLS Users can link to service providers and set up automatic bill payment reminders for recurring payments such as loans, credit cards, insurance, rent, utilities, etc. Which Account Do you Want to Pay With? PNC CHECKING Balance: $6,56 How Much Do you Want to Pay? Pay Entire Balance Minimum Due Other $,000 Recommended! $35 Paying a little more than the minimum payment this month can save you money and help you keep up your credit score. RECOMMENDATIONS MoneyBugger provides guidance to users at the decision-making moment to help them save money, improve their credit and avoid common financial mistakes. MY SAVINGS Users can view all rewards and deals they have earned in one place or search for coupons, discounts and deals anytime. MY TOOLS Users can access a suite of mobile financial calculators to help them with money math. MY TIPS Users can access financial tips and a library of articles on key financial concepts drawn from FLEC s Core Competencies for financial education.

4 Financial Capability MoneyBugger was conceived with a single goal in mind: to improve the financial capability of young Americans. In order to achieve this goal, we have incorporated best practices from financial education, financial technology and financial services into the design of the app. In particular, we focused on integrating the following principles into our product design: Timely Financial Education MoneyBugger provides users with a library of financial education content that is accessible on demand. More importantly, we have integrated financial tips into the functionality of the application to provide guidance to users at the decision-making point. Actionable Recommendations MoneyBugger goes beyong telling people what to do, it gives them a simple, powerful platform from which they can implement the recommendations they receive. We are committed to turning financial knowledge into action. Ongoing Support MoneyBugger automatically reminds users of upcoming bill payments, but goes one step further. In addition to annual tax filing and credit report reminders, MoneyBugger also gives users the ability to set goals and get financial tips to help them reach their goals over the long-term. Reward Good Behavior At MoneyBugger, no good deed goes unnoticed. That s why we are partnering up with sponsors and advertisers to send users rewards and discounts for hitting money milestones and reaching goals. In doing so, we transform the mundane task of paying your bills into a positive, rewarding experience. Target Market While MoneyBugger has a wide variety of applications and uses to the general US population, we are focusing our marketing and segmentation efforts on a specific target market: young adults ages 8-9, or more generally, Generation Y. There are several reasons for this decision..) Market Size There are nearly 76 million young adults in America who are members of Generation Y. According to a study by Deloitte, the net worth of Generation Y is expected to grow from $-$9 trillion over the next 0 years. Given these numbers, we believe this market segment presents an enormous opportunity for MoneyBugger, sponsors and financial institutions that are able to earn the respect and business of the next generation of wealth..) Market Need According to a recent PNC Study, nearly 60% of 0-somethings claim to be stressed about money. Furthermore, Generation Y is facing severe financial distress due to high unemployment, rising levels of student loan and credit card debt and flat wages. In fact, young adults are the fastest growing segment of bankruptcy filers in the country. MoneyBugger intends to help this segment get their financial lives back on track. 3.) Technology Adoption Rates Generation Y is more likely to use technology as a source of information and a means of performing financial transactions than any other generation. While rates are increasing in other market segments, MoneyBugger believes focusing on willing participants will lower the barriers to user adoption. 4.) Area of Expertise MoneyBugger s creator, Eric Bell, is an expert of financial education for Generation Y. He has led efforts across the country serving college students, and is currently the founder and CEO of YoBucko.com - a personal finance site tailored to Generation Y. Rather than focusing our time and attention on markets where we are not experts, we will initially focus our marketing, sales and public relations efforts around the customer segment we know best.

5 Feasibility Based on our research and understanding of the mobile banking marketplace, all of the technologies that would be needed to execute and develop MoneyBugger s design are readily available and accessible to our development team. The website would be developed using Ruby on Rails and the mobile application would be developed using open-source platforms. The primary technological challenges we will face will be the integration of data feeds from financial institutions and mobile payment processing platforms. However, we have found that we can license these capabilities from companies such as Yodlee and payment processors for version one of our app. Our Approach We will be using the Lean Startup approach to building and developing MoneyBugger. As a result, we will not be overinvesting in MoneyBugger until we can demonstrate its viability and validate our business model. To test the viability of our model, we will build the minimum viable product (i.e. basic platform with essential features) between August and November 0, and proceed to test the following 5 business assumptions:. Users will sign up to receive bill reminders from MoneyBugger. Users will pay their bills on MoneyBugger using their mobile device 3. Users will return to MoneyBugger to pay bills more than once 4. Users will use discounts and rewards for good financial behavior 5. Advertisers will sponsor discounts and rewards through MoneyBugger Sustainability MoneyBugger was created to be a for profit business. While we have not validated our business model with potential customers at this stage, we are confident that the application and business model are sustainable in the long-run. To fully develop and implement our concept, it is likely that we will need additional funding from social venture funds and angel investors. Nevertheless, we expect investors will earn a healthy risk-adjusted return on investment. The key to our sustainability is revenue generation. As long as we can demonstrate that our platform can attract a large number of users, and advertisers are willing to sponsor rewards, we believe our platform has the potential to generate enough revenue to finance continuing operations and enough profit to earn investors a good return. Founder Bio Eric Bell, 8, is a personal finance expert and social entrepreneur who is committed to helping young adults reach their financial goals. He is the creator of MoneyBugger and the Founder & CEO of YoBucko.com. Eric s passion for financial education started in college when he started a nonprofit to educate college students on the basics of personal finance and investing. After expanding his program to four school in Arkansas, Eric took a job on Wall Street at the Citi Private Bank. At Citi, he worked as the analyst for the Head of the US Ultra High Group in New York and as a private banker associate in Washington, DC where he helped manage money for the world s wealthiest families. In 00, Eric resigned from Citi to pursue his entrepreneurial ambitions and start YoBucko. Eric has remained actively involved in the financial literacy community throughout his career as the former President of the Greater Washington Jump$tart Coalition, a Board Member at Microfinance Opportunities, and a councilmember on the Citigroup Financial Education Council. Eric earned his bachelors degrees in English and Economics from Hendrix college, studied abroad at Oxford University and graduated from Georgetown University s McDonough School of Business with an MBA in 0. He currently resides in Arlington, VA.