With the Financial Solutions Lab, the Financial Health Network and JPMorgan Chase are bringing innovators, industry players, researchers, and bank executives to the table to make technology part of the financial health equation. Learn more about the Financial Solutions Lab and apply to its 2016 challenge by April 7, 2016 at finlab.cfsinnovation.com.
The inaugural group of nine Financial Solutions Lab companies, whose stories are shared in the forthcoming pages, aim to help low-income consumers better manage their money across all aspects of their lives. For example, PayGoal, run by New York nonprofit Neighborhood Trust, helps hourly wage employees allocate their paychecks; SupportPay gives divorced parents an easy and digitized way to exchange child support; Digit provides users with an automatic savings tool run through text messaging; and Puddle offers an alternative lending platform based on group borrowing. The companies — which also include Ascend Consumer Finance, Even, LendStreet, Prism, and Propel — each tackle particular cash-flow issues with the goal of helping consumers improve their financial situation. Each of the nine companies has been carefully vetted for quality, consumer protections and impact.
Get all nine profiles below and find out how FinLab is transforming financial services’ most underserved market.