JPMorgan Chase & Co has partnered with the Center for Financial Services Innovation (CFSI) to set up the Financial Solutions Lab, which intends to catalyze, test and scale promising innovations to help people increase savings, improve credit, and build assets.
The US bank has committed $30m for the five-year initiative that brings together social entrepreneurs and leading experts in technology, behavioral economics, and designs to improve financial capability.
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JPMorgan Chase Foundation CEO Bruce McNamer said, "Living outside the financial mainstream puts financial security further out of reach for one out of every four American households that rely on high-cost, non-bank services to manage their finances."
"The Financial Solutions Lab will bring together the best and brightest to identify innovative solutions that help consumers increase savings, improve credit and build assets."
The lender said that the Financial Solutions Lab will host a series of competitions for social entrepreneurs over the next five years, to recognize products and services designed to enable consumers improve their financial health.
CFSI CEO Jennifer Tescher commented, "Now that financial capability has become the norm, this Lab is the opportunity to scale powerful ideas that will impact millions of Americans."
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By GlobalDataThe Financial Solutions Lab seeks to promote the development of products and services to address various financial challenges and promote opportunities for households to improve financial stability, financial security, and economic mobility.
ideas42 and IDEO.org will act as strategic advisors, and along with JPMorgan Chase, will be key partners in the Financial Solutions Lab’s design, implementation and capacity.
