Fall 2016 | Issue 23
Welcome to In the Community
Shifting community needs can create challenges, but also produce opportunities for innovation. Chase responds to these needs by collaborating and leveraging resources through strategic partnerships.
Chase supports many initiatives that provide tools for success in communities across the country. We've highlighted them in this latest edition of the In the Community newsletter:
- Innovative solutions that help people prepare for – and weather – financial shocks through technology at the Financial Solutions Lab
- Equity and debt funding for additional transportation resources to increase mobility and access to healthcare, education, employment and healthy food for those who are at-risk or geographically isolated
- Financing to help create rental and homeownership opportunities that are affordable to those with low and moderate incomes
- Education through tennis and fun opportunities for youth to learn in partnership with the Return the Serve program
We hope you’re inspired by these projects and appreciate your ongoing partnership and feedback.
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Innovating Tools to Help Achieve Financial Stability
The latest FinLab winners were selected from a pool of over 300 applicants from across the country that participated in a live pitch-off in New Orleans at the annual EMERGE Conference. The conference put on by the Center for Financial Services Innovation and Source Media gathers banks, credit unions, FinTech innovators and other financial services providers to generate ideas around the new era of financial services.
Unexpected financial emergencies can come from any angle and at any time, putting consumers in a difficult position. Innovation through technology provides an opportunity to address this issue and increase access to tools that help manage financial shocks that negatively impact households, communities and the economy.
To help address these emergencies, in 2014 Chase launched the Financial Solutions Lab (FinLab), a $30 million, five-year initiative managed by the Center for Financial Services Innovation to help people increase savings, improve credit, build assets and, ultimately, achieve financial stability. The initiative is competition-based and winners are selected by judges that review their ability to improve consumers’ financial health.
FinLab announced nine financial services innovators as the winners of this year’s competition. Each winner will receive $250,000 and additional resources to test, enhance and scale the availability of their products and services.
As a founding partner, Chase also uses the expertise of its employees to help advise FinLab winners on how to improve their products and make financial health a reality for more communities.
FinLab’s first year winners focused on solutions that help consumers manage cash flow and have raised nearly $90 million in funding and acquisition deals since being selected. The winners included Ascend Consumer Finance, Digit, Even, LendStreet, PayGoal by Neighborhood Trust, Prism, Propel, Puddle and SupportPay.
Learn more about our work with the Financial Solutions Lab.