Powering the next-generation of solutions to improve financial health: The Financial Solutions Lab at CFSI with founding partner JPMorgan Chase & Co.
More than half of all Americans lack an emergency savings fund and about 34 million use products like payday loans or check cashing outlets. This drains $89 billion per year on interest and fees. A lack of access to the right financial products and services, and inadequate information about good financial habits – particularly savings – continues to be a daunting obstacle for millions of people. Bringing together innovators from the fields of technology, behavioral economics, nonprofit services and design to provide guidance, share best practices and develop scalable financial product solutions, the Financial Solutions Lab is launching a series of competitions for social entrepreneurs to identify and enhance tech-enabled innovations that address consumer needs. Winning ideas will be supported with capital, technical assistance and third-party evaluation. Learn more at JPMorgan Chase & Co.
The Financial Solutions Lab is managed by the Center for Financial Services Innovation with founding partner JPMorgan Chase & Co.