Our Brand Story

 

 

In 2019, the Center for Financial Services Innovation (CFSI) changed its name to Financial Health Network. Hear more about this transition from President and CEO Jennifer Tescher:

 

Why did we change our name?

CFSI was founded in 2004 to shine a spotlight on the needs of the millions of unbanked and underbanked people in the United States and to leverage new technologies to increase financial services access. We believed that access was the biggest barrier to financial success, and through our research we helped financial services companies better understand the opportunity to serve underserved consumers.

A lot has changed over the last 15 years – the explosion of technology, the financial crisis, and the Great Recession – and our research exposed a deeper level of nuance to peoples’ lives, choices and goals. We found that even those with traditional banking relationships faced financial challenges, and that millions of people were struggling with spending, saving, borrowing and planning. We came to understand that the biggest obstacle was no longer access; it was a lack of financial health.

As a result, CFSI broadened its mission to improving financial health for all – first with a focus on financial services providers, and over time with employers, colleges and universities, health care providers, and others. We changed our name to signal this expansion and better reflect the creation of a financial health ecosystem.

 

How did we decide on Financial Health Network?

We believe this name best represents the breadth of our work and efforts as the leading  authority on financial health. While financial services and innovation remain core to our work, we needed a name that reflects our engagement with an integrated network of leaders across industries and disciplines, all working together to improve consumer financial health.

 

Are we still focused on financial services?

Yes.  We still believe that financial services providers have significant potential for large-scale impact on consumer financial health. However, we also believe that other sectors have a critical role to play in improving financial health, and can benefit from engaging in a cross-sector network to learn about, deploy and share best practices.

 

What is changing about our work (if anything)?

We believe that diversifying our network will enrich the member experience, amplify our mission and yield far greater impact.  The nature of our work will remain largely unchanged, but it will grow exponentially in terms of scope and scale as we engage more deeply with industries beyond financial services.  We will still conduct the kinds of research and consumer studies that have formed our deep foundation of consumer understanding. We will continue to offer membership services with access to research, networking opportunities, and guidance.  We will continue to support innovation, from technology to partnerships and collaborations, to advance financial health impact.

 

How do we define financial health?

We believe that financial health comes about when an individual’s daily financial systems help them build resilience and pursue opportunities over time.  For individuals and households, financial health can lead to greater physical health, job and housing stability, educational success, and reduced overall stress. For businesses, financially healthy customers drive new opportunities for increased engagement, loyalty, and long-term revenue streams. Lasting financial health also has a positive macroeconomic impact on communities at local, regional, and national levels.

 

What does it mean to be a Member of the Financial Health Network?

Becoming a Financial Health Network Member means that your organization is taking the next step in improving the financial health of its customers, employees, and communities.  Our 160+ member organizations, representing a number of industries,  have access to networking experiences, customized advice, peer-to-peer learning opportunities, and curated content to help them design and deploy their financial health strategies.  Together, these organizations reach over 200 million Americans, 80 million of whom are low-to-moderate income, with innovative products and services that pave the way for financial health.  Membership is invitation-only, so if you are interested in learning more, please contact us.

 

Do you have to be a Member to engage with us?

No.  Much of our research and tools are available to anyone.  We also host a number of webinars throughout the year, and our annual financial health conference, EMERGE, is open to all.  Our newsletter and blog provide regular perspectives and links to new material throughout the year, and we encourage you to follow us on Twitter, LinkedIn and Facebook.

 

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