CFSI Launches Financial Capability Innovators Development Lab

The initiative aims to advance Financial Capability Innovators’ efforts to improve financial outcomes for underserved consumers

WASHINGTON--(BUSINESS WIRE)--The Center for Financial Services Innovation (CFSI) announced today the first convening of its Financial Capability Innovators Development Lab. The initiative will serve to support a small group of leading innovators through peer learning opportunities in order to strengthen their capacity, sophistication, and efficiency in delivering solutions that promote the financial capability of underserved consumers.

“Ultimately, we expect this group of thought-leaders will be instrumental in moving the financial education field and the broader financial services industry forward.”

The Lab offers information and training, brainstorming and problem-solving sessions, and cross-sector networking and learning opportunities to assist participants in combining access to quality financial products and services with new and improved educational tools to help underserved consumers better manage their finances.

“The Financial Capability Innovators Development Lab represents an unparalleled network of financial capability innovators and a mechanism for promising programs to grow stronger, get traction, and eventually achieve scale,” said Sarah Gordon, CFSI Senior Relationship Manager. “Ultimately, we expect this group of thought-leaders will be instrumental in moving the financial education field and the broader financial services industry forward.”

Participants in the Financial Capability Innovators Development Lab include the selected grantees of CFSI’s Financial Capability Innovation Fund. The fund provides $1.5 million in grants to five leading nonprofit organizations to launch ground-breaking projects designed to help low-income, underserved consumers better manage their finances. The grantees include: Consumer Credit Counseling Service of Delaware Valley; Co-opportunity, Inc.; Filene Research Institute; Grow Brooklyn with Piggymojo; and Mission Asset Fund. Also in attendance will be a representative group of the Fund’s funders. CFSI plans to add more nonprofit and for-profit innovators to the Lab later this year to bring more perspectives to the table.

The Financial Capability Innovators Development Lab is part of CFSI's Financial Capability Innovation Fund which is supported by a collaborative of funders led by the Citi Foundation also including Bank of America, Morgan Stanley, Experian U.S. Bank and VISA. Special support for the Financial Capability Development Lab is provided by Capital One.

For more information about the Financial Capability Innovators Development Lab, please contact Sarah Gordon at [e-mail] or visit http://www.cfsinnovation.com.

About CFSI:

The Center for Financial Services Innovation is the nation’s leading authority on financial services for underbanked consumers. Since 2004, its programs have focused on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies. CFSI works with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com.