I also think this is a great idea - I believe it is a good incentive for financially weaker people to save and even for people with good control over their financials this can be a fun way to "invest" the liquid cash balance, given that it's FDIC insured (obviously, the bigger part of savings should be invested in real estate, financial markets, etc.). Contrary to some comments here, I don't see anything morally wrong with it.
I do have a couple of questions/concerns/comments, which I'm posting here for everyone's benefit:
1) Have you thought about slowly increasing the jackpot as your customer base grows? That would add another fun element to see the jackpot grow every time nobody hits it (could be in very small steps)
2) Is there any way to verify your partnership with Evolve Bank, other than on your own website? That would give me more peace of mind before depositing a larger balance and recommending it.
3) I agree that posting the name of the insurance company would help trust in the lottery system. Live drawings and/or the insurance company publishing the numbers on their website will definitely help, too. Out of curiosity, given that the insurance company doesn't know the picks beforehand, how do they ensure that you don't alter a pick after the fact to hit the jackpot?
4) Privacy: I agree that the default setting should be invisible. Same goes for friends, as the definition of "friend" seems to be anybody who has my phone # in their contacts. I'd like the functionality of adding individual people via an ID and/or QR Code for friendly competitions. Does the invisible setting also allow to stay anonymous in the scenario of winning the jackpot? The T&C's say otherwise but I wonder if it's legally possible for you to disclose customer data without explicit consent (does accepting T&Cs count as explicit consent)?
5) App User Experience: I'd keep the lottery results and winnings of the current week on the main page until Sunday is over and reset on Monday. It was a little weird at first to log in at 9:05PM on Sunday and see everything blank. Also, a fingerprint/password prompt would increase the feeling of security.
Curious to hear your feedback and awaiting tonight's numbers draw!
I agree, mainly with #3. I think you have to post what insurance company is covering you guys. People know that the Lottery is not rigged because they have the state to back them up. In your case, you need the Insurance company to back you up, and not naming them seems sketchy in my opinion. Best of luck though, I think the overall idea makes sense.
I do have a couple of questions/concerns/comments, which I'm posting here for everyone's benefit:
1) Have you thought about slowly increasing the jackpot as your customer base grows? That would add another fun element to see the jackpot grow every time nobody hits it (could be in very small steps)
2) Is there any way to verify your partnership with Evolve Bank, other than on your own website? That would give me more peace of mind before depositing a larger balance and recommending it.
3) I agree that posting the name of the insurance company would help trust in the lottery system. Live drawings and/or the insurance company publishing the numbers on their website will definitely help, too. Out of curiosity, given that the insurance company doesn't know the picks beforehand, how do they ensure that you don't alter a pick after the fact to hit the jackpot?
4) Privacy: I agree that the default setting should be invisible. Same goes for friends, as the definition of "friend" seems to be anybody who has my phone # in their contacts. I'd like the functionality of adding individual people via an ID and/or QR Code for friendly competitions. Does the invisible setting also allow to stay anonymous in the scenario of winning the jackpot? The T&C's say otherwise but I wonder if it's legally possible for you to disclose customer data without explicit consent (does accepting T&Cs count as explicit consent)?
5) App User Experience: I'd keep the lottery results and winnings of the current week on the main page until Sunday is over and reset on Monday. It was a little weird at first to log in at 9:05PM on Sunday and see everything blank. Also, a fingerprint/password prompt would increase the feeling of security.
Curious to hear your feedback and awaiting tonight's numbers draw!