Improving Americans' financial health
If you have an innovative product that can improve the financial health of Americans, apply now.
Most American adults are struggling financially. This group is larger than just the “unbanked” or “underbanked.” Many Americans are having difficulty managing their day-to-day financial lives, establishing a cushion for financial resilience, and achieving financial security.
CFSI’s 2016 Financially Underserved Market Size Study found that underserved Americans spent $141 billion in fees and interest to meet their financial needs. New innovation is needed to address this massive market opportunity.
Over the last two challenges, we’ve seen a growing recognition of the need to improve the financial health of Americans. We’ve also seen that innovative solutions can come a variety of sources, solving problems that were once considered too hard, and for customers that many thought were too difficult to reach.
We want to see more of these ideas.
So this year we’re broadening our search. If your product improves the financial health of Americans, apply.
138 million adults are struggling
with their financial health
Serving the underserved
Financial health comes about when your daily systems help you build resilience and pursue opportunities.
Industry research, including CFSI’s, shows that several demographic groups suffer from poor financial health at greater rates than the overall U.S. population. This year, we want to highlight the unique challenges facing a number of communities in our country. We continue to believe technology has the promise to extend and improve financial services in new and truly transformative ways.
In the coming weeks, we will highlight some of the financial services needs of underserved populations across America. If you have a product that is leveraging technology to improve the financial health of those that have been hardest to reach, apply.
Apply to the Lab!
We are accepting applications for our third class of the Financial Solutions Lab, a virtual program which will run from mid-June 2017 through February 2018. If you have a startup or nonprofit that improves the financial health of Americans, you should apply. We look forward to reading your application!
This year, there are two application rounds with two separate deadlines.
– Round 1 – March 16, 2017
– Round 2 – April 27, 2017
We will be admitting applicants throughout the Spring so we encourage you to apply early!
81% of Americans face a financial shock every year. In 2016, we looked for innovations that helped Americans weather financial shocks.
More than 100 million Americans struggle to manage cash flow, and our challenge in 2015 was to find innovators working to find solutions that can solve this problem — making financial health a reality for more Americans.