The Impact Lab is a program for a select group of companies who are current Financial Health Network members and are committed to testing innovations that improve financial health.

The general structure of the Impact Lab program is described in the Impact Lab terms and conditions, although specific timing will vary across companies. The Financial Health Network reserves the right to adjust the program details as necessary.

I. Program Overview

Companies selected to participate in the Impact Lab will work directly with Financial Health Network experts in behavioral economics and measurement and receive the following benefits:

• Product design support using behavioral insights
• Assistance developing a plan for testing the proposed innovation
• Data analysis support
• A public report of the financial health impact of the innovation tested
• Access to the Financial Health Leaders Program for peer learning and recognition

Impact Lab participants will also receive additional promotional opportunities, including:

• Being featured in select publications and deliverables highlighting the findings of the Impact Lab program (e.g., podcasts, webinars, blog posts, reports).
• Sharing learnings and results with peers at our EMERGE and Member Summit events, virtual meetings, webinars, and other conferences.

To participate in the Impact Lab program, companies will be required to:

• Be a Financial Health Network Member
• Test the impact of an innovative product, feature, or tool that aims to improve consumer financial health
• Track financial health data for a control group of consumers
• Share non-confidential, individual-level, de-identified data collected from the test with the Financial Health Network

II. Program Timeline

Companies participate in the Impact Lab program for approximately a year and a half to develop a testing plan, launch an innovation, measure its financial health impact over time, and publish findings. The following chart provides an estimated timeline for the major milestones of the Impact Lab program. Each Impact Lab participant may have a faster or slower timeline, depending on its product roadmap and operational capacity. Because many innovations are expected to improve consumers’ financial health over a period of several months, the final impact analysis generally takes place approximately six months after the innovation launch. In the interim, intermediate analysis of product usage and financial health behaviors provide timely insights for business decisions.

Impact Lab participants are expected to launch the innovation being tested within six months of selection for the program. If a participant is unable to begin testing until more than  nine months after selection, it may need to reapply for the next cohort to continue its participation in the program.

III. Data Sharing and Reporting

As part of the Impact Lab program, Impact Lab participants will test a financial health innovation and share with the Financial Health Network non-confidential, individual-level, de-identified data collected from the test as agreed upon through an evaluation plan. Impact Lab participants will not share any directly identifying personal information with the Financial Health Network (such as names, addresses, account numbers, and Social Security numbers). The results from analysis of these data may be used as part of a research publication, the Financial Health Leaders year-end report, and other marketing materials. Impact Lab participants will have an opportunity to review any published materials in advance of publication.

IV. Disclaimers

The decision to accept companies as part of the Impact Lab program is at the sole discretion of Financial Health Network. All applicants are subject to due diligence and reputational risk assessments.