Financial Health Impact Lab: Innovation Highlights
Developing and testing innovative solutions is key to advancing financial health. That’s the driving force behind the Financial Health Impact Lab – a program that supports the groundbreaking work of organizations at the forefront of financial health measurement, like those profiled here.
Available exclusively to Financial Health Network Members, the Impact Lab program supports a select group of companies developing innovations to improve financial health for all.
We collaborate with these companies to help them incorporate behavioral insights into their product design, develop a testing plan, launch an innovation, and measure its financial health impact over time. We publish the findings to build a foundation of evidence about effective financial health solutions. Our partners’ breakthrough efforts are bolstered by support from our experts in behavioral economics and measurement, along with unique promotional opportunities from the Financial Health Network.
To address consumer challenges in managing debt, Commonwealth Bank of Australia partnered with the Impact Lab to examine the impact of precommitment messaging and reminders on debt repayment during tax refund season.
SaverLife, a nonprofit focused on helping working families to save and invest in their futures, partnered with the Impact Lab to test how competitions and motivating text messages can influence people to build savings.
Even Responsible Finance, a financial wellness platform for employees, worked with the Impact Lab to test whether active choice messaging added to the app’s onboarding process would spur more users to enroll in automatic savings.
BECU, the largest credit union in Washington State, partnered with the Impact Lab to study the impact of it’s new mobile app savings feature called Quick Save which allows members to make spontaneous transfers of small amounts to their savings accounts.
Elevate and Finicity worked with the Impact Lab to test their financial health products. Here we share our learnings, including the importance of ensuring the right audience finds and engages with a financial health product in order for the product to have an impact.