In his latest shareholder letter, JPMorgan Chase CEO Jamie Dimon called attention to the work of the Center for Financial Services Innovation (CFSI) in improving the financial health of more than one million Americans.
A non-profit organization, CFSI runs the Financial Solutions Lab, which assists fintechs developing products and services designed to help people manage their finances and improve their long-term financial position. The Financial Solutions Lab is sponsored by JPMorgan Chase.
“Over the last two years, the JPMorgan Chase Institute has helped identify some of the most pressing financial challenges facing American households, such as their difficulty managing income and expense volatility. We are using that data to select and support innovative fintech companies and nonprofits that are designing solutions to address these challenges.
“One example of these efforts is JPMorgan Chase’s Financial Solutions Lab, which, in partnership with the Center for Financial Services Innovation, seeks to facilitate the next generation of fintech products to help consumers manage their daily finances and meet their long-term goals. Highlights of the initiative include:
- To date, the Lab has helped support more than 18 fintech companies working to improve the financial health of more than 1 million Americans. One example is Digit, an automated savings tool that identifies small amounts of money that can be moved into savings based on spending and income. To date, it has helped Americans save more than $350 million.
- Lab winners have raised more than $100 million in follow-on capital.
- In 2017, we launched a new competition seeking innovative fintech solutions to promote the financial health of populations often overlooked, such as people of color, individuals with disabilities and low income women.”
“We were thrilled to see the Financial Solutions Lab highlighted in Jamie Dimon’s Shareholder Letter,” said Ryan Falvey, Managing Director at the Center for Financial Services Innovation, which manages the Lab. “It’s a great recognition of the important work that the teams at CFSI and JPMorgan Chase are doing to help consumers build their financial health.
“The challenges that the Lab is working on are complex and require collaboration across our industry. Jamie Dimon has been a supporter of this work from the beginning — he actually met our first class of finalists before we even publicly launched — and a large part of the success of this program is due to his leadership, and the hard work of individuals from across JPMorgan Chase and the broader industry to support innovation that builds consumer financial health. The Lab is still early in its lifecycle and we’re excited to continue to grow and leverage our early success.”