Financial insecurity is a global, but solvable problem that requires more than just improving financial knowledge. It requires pairing relevant, actionable information with a product that helps people put their knowledge into action. That's why we launched the Financial Solutions LabSM, a $30 million, five-year initiative managed by the Center for Financial Services Innovation (CFSI) to identify, test, and expand the availability of promising innovations that can help Americans increase savings, improve credit and build assets.

The Lab's $3 million competition for technology innovators was launched in 2015—the first competition to help design the next generation of consumer products. From hundreds of applicants, the nine winners were chosen by a panel of judges—including national thought leaders in behavioral economics, technology, financial services and design—and announced on June 11, 2015 in Austin, TX, at the EMERGE Forum, the nation's premier conference on consumer financial health.

2015 Financial Solutions Lab Winners

The Problem:

According to the Brookings Institution, more than one hundred million Americans struggle with balancing their household budgets. When bills are due one day, and paychecks come another, consumers are caught in a cycle of debt as they are forced to rely on alternative services like payday lenders or check-cashers to bridge the gap.

The innovators who will help solve it:


Ascend Consumer Finance reduces risk on current loans and rewards the borrower by lowering interest payments thanks for responsible financial behavior.

Ascend Consumer Finance


Digit is an automated savings tool with that uses an algorithm to move small amounts of money from checking into savings based on spending habits.

Digit logo


Even turns the inconsistent income of hourly and part-time workers into a steady salary by saving money from above average paychecks and boosting low paychecks.

Even logo


LendStreet is a marketplace-lending platform which helps borrowers reduce their debt and rebuild their credit.

LendStreet logo


PayGoal is a workplace tool that enables workers to put more wages toward their principal financial goals using a simple, guided mobile experience.

PayGoal logo


Prism is a comprehensive bill payment and management app that helps people across the country better manage their personal finances by giving them a platform to review, manage and pay their bills for free.

Prism logo


Propel's technology simplifies the SNAP application process by streamlining enrollment, eliminating paper documents, and providing a phone-friendly mobile interface.

Propel logo


Puddle is a platform for reputation-based borrowing, allowing anyone with a debit card to make small short-term loans to other trusted borrowers.

Puddle logo


SupportPay is an automated child support payment platform that enables parents to share child expenses and exchange child support directly with each other.

SupportPay logo

Finding the Lab Winners

Take a look inside the selection process for the Financial Solutions Lab winners.

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Finding the Lab Winners

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 and their advisory council, ideas42 and 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