NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, May 30, 2014

NEW YORK, May 29, 2014 (BUSINESS WIRE) — JPMorgan Chase & Co. and the Center for Financial Services Innovation (CFSI) today announced their collaboration on the Financial Solutions LabSM, a new $30 million, five-year initiative that brings together social entrepreneurs and leading experts in technology, behavioral economics and design to improve financial capability. This cross-industry initiative intends to catalyze the development of innovative, technology-enabled strategies, products and services that align with consumers’ financial needs.

“Living outside the financial mainstream puts financial security further out of reach for one out of every four American households that rely on high-cost, non-bank services to manage their finances[1],” said Bruce McNamer, Chief Executive Officer of the JPMorgan Chase Foundation. “The Financial Solutions Lab will bring together the best and brightest to identify innovative solutions that help consumers increase savings, improve credit and build assets.”

Identifying Solutions

Over the course of the next five years, the Financial Solutions Lab will host a series of competitions for social entrepreneurs to identify products and services designed to help consumers improve their financial health. Leading ideas will be able to be supported with capital, technical assistance and third-party evaluation.

“CFSI has spent the last decade understanding the financial needs and behaviors of consumers and has a strong track record of seeding promising innovations that help to address them,” said Jennifer Tescher, CEO of CFSI. “Now that financial capability has become the norm, this Lab is the opportunity to scale powerful ideas that will impact millions of Americans.”