-
Serving the 57 Percent: That’s the percentage of American adults who are struggling financially – CFSI research illuminates their needs
At first, the headline number may seem hard to believe: 57 percent of American adults are struggling financially. But that's what the Center for Financial Services Innovation found in its recent Consumer Financial Health Study. We spoke with Aliza Gutman, the CFSI director who has led the study, about the challenges facing this group - and the opportunities in serving them.
- Categories
- Education
-
In America’s Payday Loan Capital, Innovative Microcredit Helps Break The Debt Cycle
Mississippi has more payday lenders per capita than anywhere else in America, but an innovative partnership is helping to give the state's residents access to responsible small-dollar loans.
- Categories
- Uncategorized
-
It’s Hard Out Here for a Personal Finance App: CFSI offers tips on creating a successful app for the underserved in a tough competitive landscape
As mobile access has exploded worldwide, smartphone ownership has skyrocketed among low-income Americans, spawning countless personal finance apps for the underserved. These apps can provide services, offer timely guidance, and help users achieve financial goals. CFSI discusses how developers can create apps that improve financial health, while surviving in a cutthroat market.
- Categories
- Technology
-
Four Ways Big Data Can Improve Financial Lives: CFSI previews its upcoming report on harnessing data technology for the underserved market
Big Data is a buzzword, but it’s also a very real phenomenon: analysts estimate that annual data production will increase by a whopping 4300% between 2009 and 2020. In advance of a new report on the subject, the Center for Financial Services Innovation discusses four key trends driving Big Data innovation that can unlock value for both financial providers and consumers.
- Categories
- Education
-
Competing with the ‘Bank of Mom’: What makes informal finance so popular – and how can financial services providers respond?
After tracking the financial activities of lower-income Americans for a full year, the U.S. Financial Diaries project found that informal financial mechanisms were enduringly popular - even when formal alternatives were used. What makes them so appealing - and how can financial services providers respond? We discuss these issues in part two of our Q&A with FAI Executive Director Jonathan Morduch.
- Categories
- Education
-
Understanding the ‘Invisible Finance Sector’: FAI Executive Director Jonathan Morduch discusses the U.S Financial Diaries’ research on informal finance – Part 1
It’s easy to assume that informal financial tools like family loans are only used when people lack access to formal finance. But that’s not what the U.S. Financial Diaries project has found. In part one of this Q&A, Financial Access Initiative Executive Director Jonathan Morduch discusses the enduring appeal of informal finance among low-income people - and what it means for financial services providers.
- Categories
- Education
-
A Better Way to Get Paid? : Defining quality for ‘payroll cards’
For low-income employees who lack access to bank accounts, payday often comes in the form of cash or a paper check. But cash can easily be lost or stolen, and checks often require a costly or time-consuming visit to a check casher. Reloadable, prepaid "payroll cards" are a much better alternative, says Thea Garon at the Center for Financial Services Innovation, in describing CFSI’s new Compass Guide to Payroll Cards.
- Categories
- Uncategorized
-
Building Quality Products to Improve Low-Income Americans’ Financial Health: CFSI, Visa discussion conveys key challenges and opportunities for U.S. financial services providers
What is needed to improve the financial lives of low-income people in the U.S.? CFSI and Visa recently hosted a discussion on this question with notable financial services executives. They challenged the group to identify solutions for the 68 million financially underserved Americans. Kimberly Gartner, CFSI’s Senior Vice President, Strategic Partnerships, describes the conversation that ensued.
- Categories
- Uncategorized
Parent Organization
