Virtual Financial Technology Lab Launched by
CFSI and JPMorgan Chase Helps Startups Improve and Scale High-Tech
Solutions to Improve Consumers’ Financial Health
Today the Financial Solutions Lab (FinLab) at the Center for
Financial Services Innovation (CFSI) with founding partner JPMorgan
Chase & Co. announced its $3 million year-two challenge, while
celebrating the culmination of its first-year challenge with an
inaugural group of nine FinTech innovators. FinLab, a $30 million,
five-year virtual lab initiative, unveiled Financial Shocks
as the theme for its second-year challenge. More information and
images are available at
finlab.cfsinnovation.com/Pressroom.aspx.
For its second challenge, FinLab announced it is seeking
innovators providing solutions that help Americans prepare for --
and weather -- financial shocks. The importance of this new
challenge topic was determined using CFSI’s Consumer Financial
Health Survey as well as research from other thought leaders,
including a Pew Charitable Trusts study that revealed that 60% of
Americans experienced a financial shock in the past year, and that
only 6 in 10 households had enough liquid savings to cover a $2,000
unexpected expense. A recent study by the JPMorgan Chase Institute
estimated that a typical middle-income household needed
approximately $4,800 in liquid assets to sustain monthly
fluctuations in income and spending, but had only $3,000 available.
These financial shocks may cause consumers to draw upon their
long-term and retirement savings, sell assets or default on their
existing debts. A brief detailing the choice of this challenge
topic was released today by CFSI and can be found here:
http://bit.ly/ShocksBrief.
During the event, year-one FinLab innovators were on hand to
talk about the consumer impact of their solutions, their
experiences with the lab, and how FinLab is building an ecosystem
for FinTech innovators promoting financial health. FinLab’s first
challenge, focused on solving consumer cash flow issues, drew
nearly 300 applications from companies and nonprofit organizations
serving more than 10,000,000 Americans combined.
Since their acceptance into the lab, the nine members of
FinLab’s inaugural group have improved their products and scaled
their businesses to help more Americans improve their financial
health. FinLab provided each member with $250,000 in capital,
support from FinLab operating partners IDEO.ORG and ideas42,
strategic guidance from its industry-leading advisory council, and
resources from founding partners CFSI and JPMorgan Chase. FinLab’s
year-one members include Ascend Consumer Finance, Digit, Even,
LendStreet, PayGoal by Neighborhood Trust, Prism, Propel, Puddle
and SupportPay.
“The lab was instrumental in helping us grow our business and
providing the expert insights we needed to expand our solution to
more underserved consumers,” said Jimmy Chen, Founder and CEO of
Propel. “In fact, the newest iteration of our product was inspired
by collaboration we developed through FinLab, and this re-thinking
has made our product attractive for Silicon Valley-style investors
as a result.”
“FinLab and CFSI have given us an unparalleled opportunity to
work with executives from the largest banks in the country, along
with government and regulatory bodies,” said Ethan Bloch, CEO of
Digit. “This access has been phenomenal as it has allowed Digit to
be involved in conversations directly impacting the future of
FinTech.”
“The opportunity for technology to create meaningful change in
consumers’ financial lives has never been greater,” said Susan
Ehrlich, Board Chair of CFSI and FinLab Advisory Council member.
“FinLab's first-year challenge harnessed innovation to improve cash
flow management for millions of Americans. I am excited to see the
lab build on this success. By powering creative ideas with the
right people and resources to make them happen, FinLab is a
catalyst for producing a more financially healthy America.”
“JPMorgan Chase is proud to play a role in the first-year
success of the Financial Solutions Lab and of the groundbreaking
contributions made by the FinLab’s first class of entrepreneurs,”
said Noah Wintroub, Vice Chairman, J.P. Morgan. “Through technology
and innovation, they’re tackling some of the biggest financial
issues facing people today. The work of this and future FinLab
classes will change the way Americans are managing their finances –
allowing them to stabilize their finances, build resiliency and
meet their long-term goals.”
Starting today, FinTech innovators interested in joining
FinLab’s sophomore year can complete and submit an application at
http://finlab.cfsinnovation.com before April 7, 2016. Each
application will be closely reviewed by an expert, cross-sector
group including strategic partners in human-centered design,
behavioral economics, community outreach, and for-profit
entreprenuership. Finalists will be invited to pitch their solution
to a panel of judges at the EMERGE Forum 2016, held June 15-17 in
New Orleans, La.
The announcement was made at a private event in San Francisco,
which gathered FinLab staff, members and partners, as well as
notable venture capitalists and FinTech industry players.
About the Financial Solutions Lab
The Financial Solutions Lab is a $30 million, five-year
initiative managed by the Center for Financial Services Innovation
(CFSI) with founding partner JPMorgan Chase & Co. to identify,
test and expand the availability of promising innovations that help
Americans increase savings, improve credit, and build assets. The
lab will launch a series of competitions to identify solutions to
specific consumer financial challenges. It will provide incentives
for entrepreneurs, businesses, and nonprofits to enhance financial
products and services that address these challenges and improve
consumers’ financial health. For more information, visit
http://finlab.cfsinnovation.com.
About the Center for Financial Services Innovation
CFSI is the nation’s authority on consumer financial health.
CFSI leads a network of financial services innovators committed to
building a more robust financial services marketplace with higher
quality products and services. Through its Compass Principles and a
lineup of proprietary research, insights and events, CFSI informs,
advises, and connects members of its network to seed the innovation
that will transform the financial services landscape. For more
on CFSI, go to www.cfsinnovation.com and follow on
Twitter at @CFSInnovation.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE:JPM) is a leading global
financial services firm with assets of $2.6 trillion and
operations worldwide. The Firm is a leader in investment banking,
financial services for consumers and small businesses, commercial
banking, financial transaction processing, and asset management. A
component of the Dow Jones Industrial Average, JPMorgan Chase &
Co. serves millions of consumers in the United States and many of
the world’s most prominent corporate, institutional and government
clients under its JPMorgan and Chase brands. Information about
JPMorgan Chase & Co. is available at www.jpmorganchase.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160212005101/en/
Zeno GroupAaron Conn,
312-396-9779Aaron.Conn@zenogroup.comorJPMorgan ChaseNicole Kennedy,
609-458-1128Nicole.kennedy@chase.com
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Mar 2024 to Apr 2024
JP Morgan Chase (NYSE:JPM)
Historical Stock Chart
From Apr 2023 to Apr 2024