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The Shift to Financial Capability: Spurring Innovation and Behavior Change

The Shift to Financial Capability: Spurring Innovation and Behavior Change. FDIC Advisory Committee on Economic Inclusion June 2, 2011. What we know. What we do. What we know. What we do. What we know. What we do. What we’ve been doing:. Credit Counseling Financial Coaching.

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The Shift to Financial Capability: Spurring Innovation and Behavior Change

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  1. The Shift to Financial Capability: Spurring Innovation and Behavior Change FDIC Advisory Committee on Economic Inclusion June 2, 2011

  2. What we know

  3. What we do

  4. What we know

  5. What we do

  6. What we know

  7. What we do

  8. What we’ve been doing: • Credit Counseling • Financial Coaching • Seminars • Classroom Education • Online Curricula From Financial Education to Financial Capability Access: Financial Products, Services, Experiences Personal Financial Management Tools In-Line Messaging Text/Email Social Media Educational Gaming

  9. Real-Time Education: The Aspiration Access + Information Leveraging Technology Behavioral Economics Cross-Sector Partnerships

  10. Access + Education Actionability

  11. Leveraging Technology Promising projects leveraged technology to improve the customer experience or to enhance the provider’s efficiency. • 13% involved new/existing online financial education curriculum • 8% involved text alerts, 4% email alerts • 13% involved social media, mostly Facebook • 5% proposed building new online platforms to provide education and products while 5% utilized existing personal financial management platforms

  12. Applying Behavioral Economics 9% of proposals mentioned behavioral economics

  13. Partnerships Education + Access to Products for most nonprofits, that means strategic partnerships • 96% of proposals involved partnerships • 85% - nonprofits partnering with for-profits, mainly financial institutions Note: Many organizations had multiple financial service providers as partners.

  14. Recommendations • Innovate: Use competitions to seed innovative approaches to financial capability that marry access and information. Evaluate new approaches to determine what works. • Scale: Provide tools and funding to replicate the approaches that work best. • Leverage: Build from existing government-driven touch points, such as tax time and benefits payments. • Lead: Use the bully pulpit of government to motivate fresh thinking and action.

  15. The Center for Financial Services Innovation 2230 S. Michigan Ave., Suite 200 Chicago, IL 60616 www.cfsinnovation.com Jennifer Tescher, President & CEO 312-881-5818 jtescher@cfsinnovation.com

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