Full participation in the economy depends on households being able to effectively manage their finances with access to high-quality financial products and services and relevant, timely information.

Today, almost 2.5 billion people across the globe don't have a bank account.footnote 1

More than half of Americans lack an emergency savings fund and about 34 million U.S. households lack a checking or savings account, instead turning to costly alternatives.footnote 2

As a result, low-income families using non-bank services spend the same share of their income on interest and fees in a year as the average American household spends on food.footnote 3

To increase financial capability, financial literacy efforts must evolve and go beyond just raising awareness. Behavioral change is also critical to financial success.

It's time for a new approach that harnesses technology, behavioral economics and human-centered design.

The Financial Solutions Lab is a $30 million, five-year commitment from JPMorgan Chase that aims to identify tools to help consumers increase savings, improve credit and build assets. Managed by the Center for Financial Services Innovation (CFSI), in collaboration with JPMorgan Chase, the Lab will support new technology-enabled strategies, products and services that align with consumers' long-term financial needs.

Our Approach:


Uncover and share research-driven insights into the most pressing financial challenges facing consumers.


Launch 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.


Bring 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.

Learn more about this cross-sector approach to supporting financial capability.

Empowering Financial Capability

Find out what inspired the creation of the Financial Solutions Lab.

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Improving Financial Capability

A conversation with Jennifer Tescher, CFSI.

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Our Partners

As one of the country's leading nonprofits promoting the financial health of Americans, the Center for Financial Services Innovation (CFSI) will manage the Lab in collaboration with JPMorgan Chase, ideas42 and IDEO.org will serve as strategic advisors, and will be instrumental partners in the Lab's design, implementation and capacity to yield sustainable, scalable solutions.

"Living outside the financial mainstream puts financial security further out of reach for the one out of every four American households that rely on high-cost services to manage their finances. The Financial Solutions Lab will bring together the best and brightest to identify innovative solutions that help consumers increase savings, improve credit and build assets."

Dalila Wilson Scott, President of the JPMorgan Chase Foundation
The World Bank (2012). Measuring Financial Inclusion: The Global Findex Database.
Federal Deposit Insurance Corp. (2012): 2011 FDIC National Survey of Unbanked and Underbanked Households.
Office of Inspector General, United States Postal Service. 2014. “Providing Non-Bank Financial Services for the Underserved.” White Paper. Washington, DC.; Bureau of Labor Statistics, http://www.bls.gov/cex/2012/combined/income.pdf