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JP Morgan’s CFSi FinLab—PayGoal’s Winner Profile

paygoal-cfsi

We are proud to report that we completed our year-long membership in JPMorgan’s Center for Financial Services Innovation (CFSi) FinLab cohort! As the only nonprofit winner, we made strides on revolutionizing how employees manage their paychecks to better their financial health.

We send our heartful appreciation to JPMorgan Chase, CFSi, and our fellow FinLab winners for their support and guidance throughout this game-changing year.

For more information on PayGoal and our role in the FinLab cohort, please check out our Winner Profile at CFSi: http://finlab.cfsinnovation.com/challenges/2015/paygoal

Fintech Innovations for Low-Wage Workers

Nine financial technology startups and nonprofits have just completed the inaugural Financial Solutions Lab – a $30 million initiative to develop tools to help America’s 100 million workers who struggle with volatile income. What features must fintech tools have to serve this market well? Innovators share their insights.

Seventy-seven million Americans – about half the workforce – work jobs that are paid by the hour. By and large, these are not teenagers working for extra cash. They are hardworking adults trying to raise families on full-time wages that can be as low as $15,000 per year.

On February 4, the Stanford Social Innovation Review hosted the second of a two-part webinar series, The Hidden Financial Lives of America’s Poor and Middle Class, a […]

CFED Report: The Steep Climb to Economic Opportunity for Vulnerable Families

Despite the nation’s ongoing economic recovery, millions of low- and moderate-income Americans are, like the Greek mythological character Sisyphus, perpetually forced to push an outsized boulder up a steep hill with little prospect of reaching stable financial ground. The 2016 Assets & Opportunity Scorecard shows how today’s economic status quo offers little hope to these struggling families.

The main findings report from the 2016 Scorecard, The Steep Climb to Economic Opportunity for Vulnerable Families, is available to view or download below.

CFED report--federal poverty line and household income poverty rate

 

CFED report--Minority-owned businesses and minority doctor visits

 

Millions of Americans Stuck in Perpetual Financial Insecurity

CFED’s 2016 Assets & Opportunity Scorecard concludes that today’s economic status quo offers little hope […]

Designing Tech Solutions for Financial Health

How can providers leverage technology to improve financial health programs?

Programs designed to help people become financially healthy often face challenges in engaging clients and scaling their efforts. Increasingly, many are turning to technology to overcome these challenges and increase their impact.

As CFSI detailed in Financial Technology Trends in the Underbanked Market, the opportunity to leverage technology for financial health becomes clear when looking at the growth in access to and adoption of technology among underserved consumers. According to a 2014 survey conducted by the Federal Reserve, 69% of unbanked consumers have access to a mobile phone, approximately half of which are smartphones (internet-enabled)1. And 88% of the underbanked have mobile phone access, 64% of which are smartphones. Similarly, Pew Research Center found […]

Choices, Not Sacrifices, Learned at UNHP Personal Finance Class

Susan Mohan of Bedford Park admits to having teetered toward overspending. Her take-home pay, which never seemed to go far enough, had somehow slipped into a deep abyss wrapped in mystery. For her sake she realized that taking control of her finances, and envisioning a home she hopes to own in a few years, was a key to unlocking the mystery.

For Greg Lobel of Co-op City, cash withdrawals from ATMs not linked to his bank certainly cut into his costs, though looking back, he dismissed how far they were setting him back. “It’s one of those things you don’t think about sometimes,” said Lobel, a substitute teacher.

The two, having never met, decided they needed help. After all, Mohan was a single mother and sole breadwinner while Lobel was facing […]

The Economist Features Neighborhood Trust Federal Credit Union on Its Service to Immigrant Community

MOST banks wouldn’t lend to Roberta. She arrived in New York from Mexico with papers but no credit history. But Neighborhood Trust Federal Credit Union, which specialises in lending to immigrants, gave her advice and a $2,000 loan. She started out selling Mexican food from a cart. She now runs a food truck, employs five people and has plans to expand.

Many immigrants, like Roberta, want to save or start a business. But they struggle to get finance. In America 23% of households headed by a non-citizen, and 35% of households where only Spanish is spoken, have no bank accounts—compared with 8% for the population as a whole. There are multiple barriers: not just low incomes, which make it hard to meet minimum-balance requirements, but also trouble with language, identification […]