Funding, geography, motivations, team size — many dynamics impact how fintech innovators approach products, design and distribution channels. These dynamics also influence how innovators address the complexities of financial health for American consumers.
FinLab’s first $3M challenge attracted 298 applications, collectively serving a combined 10M+ consumers. The applicants represent 62 non-profit organizations and 236 for-profit companies from 34 states.
What can we learn from the wide variety of products and services featured in the applications?
Collectively, FinLab’s diverse pool of applicants offers a snapshot of consumer-focused financial technology in the United States today, and it allows CFSI to make
a number of observations about the state of emerging technology intended to improve consumer financial health, including the areas of Planning, Credit, Payments, and Savings.
The FinLab team compiled their insights into “FinLab Snapshot: Solutions to Manage Household Cash Flow.” This brief offers financial services providers, funders, and innovators a snapshot of fintech today, as represented by the FinLab applicants. In addition, the FinLab team shared highlights of the paper during a special webinar.
To learn more about the winners of this year’s challenge, check them out here.
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