5 Years of Fintech Innovation: Insights from the Financial Solutions Lab, 2014-2019
In 2014, the Financial Health Network and JPMorgan Chase created an initiative called the Financial Solutions Lab, a community of startups, financial services companies, and nonprofit organizations that seek to identify, test, and bring to scale promising innovations that improve financial health for all. This report shares lessons learned over the past five years of close collaboration and support for fintech solutions big and small. Our hope is that it serves as an invitation to join our efforts to improve the financial health of all Americans.

Garry Reeder, VP of Policy and Innovation, Financial Health Network
Colleen Briggs, Co-Head of Strategy, JP Morgan Chase Foundation

Top Takeaways

As the fintech sector evolves, many providers are adopting increasingly sophisticated business models to solve more complex consumer problems focused on specific use cases, but designed with an eye toward overall financial health.

Keeping low- to moderate-income consumers in mind from product design to distribution models can mean the difference between success and failure for new-to-market ideas.

Three areas of learning gleaned by many teams in the various cohorts include: technology limitations, ecosystem barriers, and revenue model considerations.

When building their products and services, fintech innovators need to:

  • Develop an indirect distribution model that channels companies to offer services to
  • Forge relationships with nonprofits by finding ways to serve their target populations.
  • Develop a strong support network to create greater access to consumer communities and increase opportunities for network engagement.


Data Spotlight

About the Financial Solutions Lab

The Financial Solutions Lab (FinLab) is a $30 million, five-year initiative managed by the Financial Health Network with founding partner JPMorgan Chase & Co. The Lab seeks to identify, test, and bring to scale promising innovations that help U.S. residents increase savings, improve credit, and build assets. Lab participants share a relentless focus on building products that will improve the financial health of U.S. residents. The Lab provides capital, national partnership opportunities, industry expertise, mentorship, and cutting-edge consumer and design insights necessary to build the next generation of leading financial products and services.