Lessons from the Financial Health Network’s Chicago Nonprofit Fintech Distribution Pilot Program
In 2019, Financial Health Network led a pilot program, funded by the JP Morgan Chase Foundation, with Chicago-based nonprofit organizations to explore the role of fintech as part of existing financial coaching services for clients, particularly clients with low incomes. The pilot program had two primary objectives: 1) assist clients with solutions that help build financial health and 2) identify recommendations for deploying fintech products through direct service organizations.
Financial Health Network partnered with:
- Heartland Human Care Services
- Center for Changed Lives*
- North Lawndale Employment Network*
*LISC financial opportunity center
Financial Health Network worked with the Urban Institute to conduct a small implementation study of this pilot program. This brief from the Urban Institute highlights learnings from the planning and implementation phases of introducing fintech products in financial coaching services, as well as specific recommendations for nonprofits, fintech developers, and funders who engage in future research involving fintech introduced through direct service organizations.