Financial Solutions Lab Launches $3 Million Year-Three Competition to Improve the Financial Health of Overlooked Populations

San Francisco, CA (February 22, 2017) – Today the Financial Solutions Lab (FinLab) at the Center for Financial Services Innovation (CFSI) with founding FinLab partner JPMorgan Chase & Co. officially launched its third annual $3 million challenge to identify tech-enabled innovations that improve the financial health of Americans. The $30 million, five-year virtual lab initiative unveiled Financial Health as the broad theme for its third-year challenge, 对解决方案特别感兴趣，以满足经常被忽视的细分市场的独特需求, including people of color, the aging, 残疾人和低收入妇女.

FinLab为每个获奖组织提供250美元的奖金,000 in capital, support from FinLab operating partners IDEO.ORG and ideas42, 由业界领先的咨询委员会提供战略指导, 以及来自创始合伙人CFSI和澳博官方网站app的资源, 包括澳博官方网站app的员工指导计划. The importance of this new challenge topic was determined using CFSI’s Consumer Financial Health Survey, JPMorgan Chase Institute research 以及其他思想领袖的研究.

“迄今为止，FinLab公司对消费者的影响确实令人震惊，”他说 Ryan Falvey, Managing Director at CFSI. “The 18 organizations supported by the lab so far have cumulatively grown to help more than one million Americans improve their financial health — 10 times the consumer base they served before joining the lab. First year Lab winner Digit例如，该公司已经帮助客户节省了3.5亿多美元. And EARN, part of the lab’s second class, 发现83%的客户养成了储蓄的习惯, 低收入家庭六个月平均储蓄558美元. 我们预计FinLab的下一批创新者将继续发挥这种影响.”

“Technology can help us reach overlooked populations with more affordable and convenient financial products and services that can promote financial health,” said Colleen Briggs, Executive Director, Community Innovation,JPMorgan Chase. “But to unlock this potential, we want to see more innovators who understand these communities and are designing solutions that meet their needs and preferences.”

Research shows that certain segments of the population are disproportionately struggling with their financial health.

• People of Color: Over two-thirds of African-American and nearly three-fourths of Latino households lack the savings to recover from a traumatic financial event (job loss or medical emergency)footnote 1.
• Aging Americans: 年龄较大的家庭在固定收入较多的情况下，支出波动较大. 44%的65岁及以上的家庭拥有一辆非凡的汽车, medical-, or tax-related paymentfootnote 2.
• People with Disabilities: 残疾家庭为意外开支储蓄的可能性要小得多. Thirty-nine percent of households with disabilities compared with 61 percent of households with no disabilities saved for unexpected expenses or emergencies in the past 12 monthsfootnote 3.
• Low-income Women: 男性每拥有1美元，女性平均拥有32美分. 种族差异更大, 白人男性每拥有1美元，非裔美国人和拉丁裔女性只拥有不到1美分. 不论种族，许多母亲都面临着 "motherhood penalty" in the workplace. Low-wage working mothers see their wages decrease 7% for each child they havefootnote 4 footnote 5.

Applying for the Challenge

FinTech innovators interested in joining FinLab’s third year class can now complete and submit an application at http://finlab.cfsinnovation.com/. There are two “rounds” for this year’s challenge, with deadlines set for March 16 and April 27, 2017. 获奖名单将在颁奖典礼上公布 EMERGE Forum 2017, held June 15-17 in Austin, Texas.

FinLab Success

同样在今天，FinLab庆祝了其第二批9位金融科技创新者的高潮. FinLab’s first and second challenges, 专注于解决消费者现金流问题和金融冲击, respectively, drew more than 600 total applications from companies and nonprofit organizations serving more than 10,000,000 Americans combined.

To date, the Financial Solutions Lab has supported 18 financial technology companies offering innovative financial products to help more than one million Americans improve their financial health, a 10x growth since joining the lab. 自加入该计划以来，FinLab公司总共筹集了超过1亿美元的资金.

The two FinLab classes to date include Albert, bee, EARN, EarnUp, eCreditHero, Everlance, Remedy, Scratch, and WiseBanyan from the just-completed Year Two, and Ascend Consumer Finance, Digit, Even, LendStreet, PayGoal by Neighborhood Trust, Prism, Propel, Puddle and SupportPay from Year One.

“Creating new products is difficult, 尤其是在一个由几家大公司主导的领域,” said Sameh Elamawy, co-founder of Scratch. “CFSI的知识和人脉触手可及, 以及我们在澳博官方网站app的导师提供的资源, 对我们的产品设计产生了巨大的影响.”

非营利性实验室成员EARN的首席执行官利·菲利普斯(Leigh Phillips)也赞同这些观点. “我们在实验室的经验远远超出了我们的预期，”菲利普斯说. "In just a few short months, we've expanded our user base more than ten-fold across all fifty states and we can directly attribute those new savers to connections that the FinLab helped us make."

Statements of Support

“Working-age people with disabilities are more than twice as likely to be living in poverty as those without disabilities (28.5% compared with 11%),” said 汤姆·福利，世界残疾研究所副所长. “揭示了这一群体面临的独特挑战, 努力确定金融工具，以支持其财务健康和稳定, is critically important. World Institute on Disability applauds the Financial Solutions Lab and looks forward to being a part of this important work.”

他说:“帮助100多万美国人改善财务状况不是一件小事 Andrea Levere, President of CFED. “作为FinLab咨询委员会的成员, I've been greatly impressed with the quality and innovation of the companies supported by this program. 我很高兴看到真正的金融解决方案能够帮助那些经常被忽视的消费者."

“在我们的一生中，我们都需要安全的方式来帮助建立、管理和保护储蓄. 随着寿命的延长和人口老龄化的加剧, 解决这些挑战从未像现在这样紧迫,” said 美国退休人员协会首席公共政策官黛布拉·惠特曼博士.D. “AARP applauds the Center for Financial Services Innovation’s Financial Solutions Lab for launching their competition to develop innovative approaches to help families build and maintain their financial resilience as they age.”

“Now more than ever, 上了年纪的美国人面临着越来越多的债务和财务不安全感,” said 劳拉·卡斯坦森，斯坦福长寿研究中心主任. “Innovation is critical to tackling this issue and we are encouraged to see the Center for Financial Services Innovation’s Financial Solutions Lab challenging the fintech industry to play an important role.”

“有色人种受到财务困境的影响尤为严重, 然而，他们往往缺乏抵御这些挑战的财政缓冲," said 本·杰勒斯，前全国有色人种协进会主席兼首席执行官，现为卡普尔资本合伙人. "The Financial Solutions Lab has done a terrific job of shining a light on the issue of financial health in a way that attracts more entrepreneurial attention to this important issue. 我期待着看到今年的挑战会出现哪些创新."

About the Financial Solutions Lab

金融解决方案实验室有三千万美元, five-year initiative managed by the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co. to identify, 测试和扩大有前途的创新的可用性，帮助美国人增加储蓄, improve credit, and build assets. The lab will launch a series of competitions to identify solutions to specific consumer financial challenges. 它将为企业家提供激励, 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/.

关于金融服务创新中心(CFSI)

CFSI是美国消费者金融健康方面的权威机构. CFSI leads a network of financial services innovators committed to building a more robust financial services marketplace with higher quality products and services. 通过指南针原则和一系列专有研究, 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 http://finlab.cfsinnovation.com/.

About JPMorgan Chase & Co.

可持续金融，澳博官方网站app企业责任的一部分 & Co.他领导了本报告的咨询委员会. JPMorgan Chase & Co. (纽约证券交易所代码:JPM)是一家全球领先的金融服务公司.5 trillion and operations worldwide. 这家公司是投资银行业务的领导者, 为消费者和小企业提供金融服务, commercial banking, financial transaction processing, and asset management. 道琼斯工业平均指数的一个组成部分，澳博官方网站app & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, 其J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at wt8n.byum.net.

Media Contacts:
Shannon Austin, saustin@cfsinnovation.com
Nicole Kennedy, nicole.kennedy@chase.com