Innovators Improve Consumer Confidence in the Financial Solutions Lab
Low-income American families spend the same share of their yearly income on interest and fees as the average American household spends yearly on food. Worse still, low-income households face financial literacy and infrastructure challenges at a much higher rate than the average American household. Full participation in the global economy depends on numerous variables, starting with access to financial products, services, and information.
JPMorgan Chase launched The Financial Solutions Lab, in partnership with the Center for Financial Services Innovation (CFSI) to specifically address this problem and expand the accessibility of innovations that can help Americans increase their savings, improve their credit, and build assets. There will be a set of challenges, aimed at creating solutions to specific obstacles that individuals and households face when handling their finances. The first challenge, Managing Household Budgets, will kick off the five-year, $30 million initiative.
Innovators are encouraged to submit financial product and service solutions to The Financial Solutions Lab that help households create budget-friendly plans to save and manage money. Through April 7, 2015, entrepreneurial and nonprofit organization applicants have the chance to receive up to $250,000 in capital, along with partnership opportunities and mentorship for their innovation to power a new generation of financial services.
JPMorgan Chase is committed to supporting innovators who share our goal of helping low- to moderate-income consumers better manage their daily financial lives, improve resiliency and promote economic security," says Janis Bowdler, Head of Financial Capability at JPMorgan Chase.
Challenge solutions should incorporate a consumer friendly design, promote consumer success, and allow for a partnership to build between the consumer and the provider. JPMorgan Chase’s support of CFSI and The Financial Solutions Lab is part of its broader commitment to help Americans better understand and manage their finances through these insightful and collaborative competitions.
The personal financial security of individuals impacts the financial health of their household, their community and the overall economy,” explains Bowdler.
Find out more about the program and apply by April 7th at the JPMorgan Chase Financial Solutions Lab site.