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JPMorgan Chase to spend $35m on promoting financial inclusion
This commitment builds on the efforts of the Financial Solutions LabSM, a separate five-year, $30 million program developed earlier this year by JPMorgan Chase and the Center for Financial Services Innovation (CFSI), to identify, test and scale innovative financial products and services to improve financial security.
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Financial Capability isn’t Built in a Day: Can a secured credit card help entrepreneurs build credit and positive financial behaviors?
Can a secured credit card help entrepreneurs build credit and positive financial behaviors? FIELD at the Aspen Institute wrestled with this question as part of an 18-month initiative called the Asset Building through Credit pilot, funded by the Citi Foundation. FIELD director Joyce Klein, with Luz Gomez, discuss the research and its implications.
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A Year in the Life: The U.S. Financial Diaries Project’s groundbreaking exploration of the financial activities of low and moderate-income Americans
The U.S. Financial Diaries project collected highly detailed data on the financial activities of 250 lower-income households over the course of a year. A joint initiative of NYU’s Financial Access Initiative (FAI), CFSI and Bankable Frontier Associates, the project has begun publishing preliminary findings. We spoke with Tim Ogden, managing director of FAI, about the research.
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- Education
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Seven Strategies to Attract 40+ Million New Customers: How U.S. banks can serve immigrants today and tomorrow
The surge of unaccompanied minors crossing the U.S. border has put the immigration debate back in the headlines. But CFSI’s Thea Garon argues that the more important issue is whether the millions of immigrants who already live in the U.S. have what they need to succeed. She lays out new research from CFSI on how financial service providers can serve immigrants - both now and if comprehensive immigration reform is passed.
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- Investing
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NexThought Monday – Financial Innovation Moves Away from the Dark Side
After innovations like subprime securities helped crash the global economy in 2008, former U.S. Federal Reserve Chairman Paul Volcker famously asserted that the only financial innovation that has improved society is the ATM machine. It’s an opinion that many still share - but the recent EMERGE conference showed otherwise. We explore six ways the U.S. financial industry is innovating to actually help low-income consumers.
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Part of the Problem – or Part of the Solution?: EMERGE conference challenges financial service providers to raise their game in serving low-income Americans
Approximately 46.5 million Americans live in poverty, due in part to the 2008 economic crisis. But the industry that sparked the crash may be part of the solution, as financial service providers show increasing interest in the low-income market. In the first post in our Domestic Financial Innovation series, we explore the industry’s shifting attitudes toward bank and non-bank players.
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EMERGE: The Forum on Consumer Financial Services Innovation: Join CFSI June 4-6 in Los Angeles
Since 2006, the Center for Financial Services Innovation and American Banker have hosted hundreds of leading players from the financial services industry at their annual forum. This year’s conference, EMERGE: The Forum on Consumer Financial Services Innovation, will be held June 4-6 in Los Angeles. It will provide opportunities to network, generate new ideas, and advance innovations in the financially underserved market.
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How Small Savings Can Replace Small Borrowing: A well-designed savings product can help low-income consumers avoid costly short-term credit
Everyone is taught that it’s good to save money for a rainy day. Yet low-income people often struggle to save, leading them to turn to more expensive options like high-interest payday loans. But recent research from Doorways to Dreams shows that a well-designed savings product can dramatically help these consumers reduce their reliance on costly short-term credit.
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