Pig-e Bank

Category: Contestants

 

Name: Scott Steinhardt

NYU affiliation: Stern

NYU status: Graduate

Did you enter last year?: No

Do you have any teammates?: Yes

How many, including yourself?: 2

 

Concept Name

Pig-e Bank

 

High Concept Statement

Venmo for Group Saving

 

Status Quo

Millennials are statistically bad at saving money. Planning a trip with your friends? Use Pig-e Bank. Want to buy tickets for an expensive concert with your friends? Use Pig-e Bank.

 

Competition

There are many apps that deduct from your personal savings account like Acorn and traditional savings accounts. Also, services like Mint exist to help with budgeting.

 

Solution

Customers will prefer this because it assigns a goal, something tangible, to inspire savings. Adding the social component to it adds additional pressure to change the customer’s behavior, but in a fun way.

 

Revenue Model

Revenue will be generated by investing the savings into higher yield accounts in addition to ad revenue generated by suggesting specific hotels, restaurants, etc.

 

Which platform would you like to launch your app on?

iPhone

 

Which category best describes your app?

Finance