Why big banks are helping financial tech startups
Digiday details the launch of the 3rd challenge from the Financial Solutions Lab, an 8-month startup accelerator program funded by JPMorgan Chase and run by the Center for Financial Services Innovation, and why big banks are helping financial tech startups. Read the full article here >>>
The data access debate is about to get a lot more interesting
As the data access debate rages on, Beth Brockland and Jennifer Tescher of the Financial Health Network explain we need a broader set of industry-wide standards and best practices if we are to arrive at solutions that support consumer choice and innovation. Read the full article here >>>
The Chatbots Are Coming!
By Tyler Griffin, Financial Health Network This post is a follow-on to our recently released FinLab Snapshot, a report in which we identified industry insights, trends and analyses based on FinLab’s 356 applicants in 2016. In this post, we’ll share more about something we called out as one of the “trends on the horizon” we…
The Financial Health Network Comment Letter on Proposed Guidance for Third-Party Lending
The Financial Health Network is submitting this letter in response to the request for comments on the “Proposed Guidance for Third-Party Lending” issued by the Federal Deposit Insurance Corporation (FDIC) and published on July 29, 2016.
#FinHealthMatters: Know Money
By Steven M. Hughes LET’S REWIND. I’m a freshman in college, hungry for food and new experiences as I’m walking across the library bridge. From one end to the other are tables filled with coupons for free pizza, subs and credit cards (one of these things are not like the others). Shortly after all the…
Financial Solutions Lab Snapshot: Innovations in Helping Consumers Weather Financial Shocks
Over the last year, more than 100 million American households experienced a financial shock. This year the Financial Solutions Lab’s second $3 million challenge was seeking solutions that could help Americans to weather such shocks.
#FinHealthMatters: Saidia Financial Solutions
By Tai Stewart Ever since I can remember, my dad was always the financial manager in our household. He knew how to support 8 kids and a wife on less than $40,000, and we didn’t lack any basic necessities. As the eldest child, I was the recipient of most of the financial lessons since I…
That Moment You Measure What Matters
How to Value the True Cost of a Loan How should we measure the true value of a loan on consumers’ lives? Lower blood pressure, for the anxiety and stress saved? The dollar amount of an additional payday, because someone could afford to repair the car and get to work? The quality of life achieved…
Re-Defining an Awards Strategy: Opportunity Finance Network
By Financial Health Network Consulting Putting Low-Income Consumers First With the Help of Financial Health Network’s Knowledge More than 68 million low-income Americans don’t get the financial services they need. It’s this market gap that prompted the Opportunity Finance Network (OFN), a network of community development financial institutions to turn to the Center for Financial…
That Moment Your Research Breaks Through
What financial providers need to know about young adults. What if we reached young people at the moment they’re primed to to absorb financial education — a moment like their first paycheck? What if we used that moment to capture people’s attention, and we allow them to open that account to help get started? MyPath, a San…
American Banker: CFPB Payday Rule Addresses the Problems, Not the Solution
The CFPB’s proposal protects borrowers from unaffordable loans, cycles of reborrowing, and exorbitant fees—all positive steps in reducing consumer harm. But if the final rule doesn’t create a clear lane for good lenders to step in with a variety of new loan product designs, the CFPB risks leaving important consumer needs unfulfilled. Read the full […]
Press Release: Center for Financial Services Innovation Releases New Indicators for Measuring Consumers’ Financial Well-Being
CHICAGO–(BUSINESS WIRE)–Today, the Financial Health Network released alandmark report that urges financial services providers to measure the financial health of their customers. Thework, which benefitted from the strategic and financial support of MetLife Foundation, equips financial services providers and nonprofits with the tools to better understand the state of their customers’ financial health and their […]