A Framework for Quality
The U.S. financial services industry faces several challenges, including increasing regulation, a fragmented marketplace, and the financially precarious state of many American consumers. Millions of Americans don't have access to financial products and services that enable them to manage their money for today or build assets for tomorrow. To address these and other challenges, CFSI - in partnership with a cross-section of industry participants - created the Compass Principles.
CFSI’s Compass Principles serve as a framework to assess quality in financial products and innovations. They are guidelines that define how the industry can design and deliver the basic tools that people use to manage their day-to-day finances and improve their financial health over time. As we help providers design and implement products and programs through our Consulting Services
, we have the opportunity to leverage the Compass Principles framework.
The four Compass Principles are:
- Embrace Inclusion: Responsibly expand access.
- Build Trust: Develop mutually beneficial products that deliver clear and consistent value.
- Promote Success: Drive positive consumer behavior through smart design and communication.
- Create Opportunity: Provide options for upward mobility.