At the center of our commitment to improving financial health is the Financial Solutions Lab, a $30 million, five-year initiative managed by the Center for Financial Services Innovation (CFSI) that supports promising innovations that can help Americans increase savings, improve credit, and build assets. The winners of the first Lab competition were announced in June, 2015.
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 and their advisory council, 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.
The Second Financial Solutions Challenge: Weathering Financial Shocks
A financial shock can come from any angle and at any time, putting consumers in a precarious and difficult position. According to the Pew Charitable Trust, 60% of Americans experienced a financial shock in the past year. 55% reported that that shock made it hard for them to make ends meet. That is why the second Lab Challenge will seek out entrepreneurs who are using technology to help consumers weather financial shocks.