In celebration of Financial Literacy Month, Citi Foundation and the Center for Financial Services Innovation (CFSI) held a webinar about the new strategies being tested by the Financial Capability Innovation Fund.
In 2010, CFSI launched the Financial Capability Innovation Fund to identify, support and evaluate new and improved strategies that deliver positive behavior changes and improved financial outcomes for low-income, financially-challenged consumers. The Citi Foundation is the major funder of this groundbreaking initiative and played a leadership role in the Fund’s design and in building a collaborative of other financial institution funders including Bank of America, Capital One, Morgan Stanley, Experian, U.S. Bank, and Visa Inc.
Through a competitive request for proposals process which yielded 246 proposals totaling more than $67 million in requests from organizations across 44 states, CFSI selected 5 cutting-edge projects to receive $1.5 million total in grant support. These projects promote financial capability by leveraging technology, applying behavioral economics concepts, and closely combining relevant, timely, actionable, and ongoing messaging with access to high-quality financial products and services.
Attendees heard from these innovators about the new approaches currently supported by the Financial Capability Innovation Fund and our early learnings about what works for promoting financial capability.
See below for presentations and the recording of the webinar.