R E S O U R C E S T O I M P R O V E F I N A N C I A L C A PA B I L I T Y

- D I G I TA L A P P S

Chase Community Reinvestment and Community Partnerships

Disclaimer

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The apps and tools described in this training are intended to serve as examples. This training is not

intended to promote or advocate a specific action or product. Potential users of each product should do

their own research and determine if the product is right for them.

Views expressed are not necessarily those of, and should not be attributed to, JPMorgan Chase.

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Our Financial Capability Strategy

What is FinTech?

Financial technology ( FinTech) can be defined as any technological

innovation in financials services. Examples of FinTech are smartphone apps

that help people to increase their financial capability by budgeting, by

eliminating debt, or by making scheduled/electronic payments

$30M, 5-year initiative managed by CFSI with founding partner JPMorgan Chase & Co.

Run 5 Innovation Challenges over 5 years with the best possible combination of FinTech, incentives and

resources to encourage providers to take action

Working with industry leading advisors and partners

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Identify, Test, and EXPAND

$250,000 to winners

Meet with JPMC experts

Attend D.C. Fly In‘s

FinLab Winners

Source: The Center for Financial Services Innovation (CFSI), About Us- Our Partners,

Retrieved from http://finlab.cfsinnovation.com/about-us/ 2

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Digital Literacy helps you develop a fundamental understanding of computers.

Online Safety – Protect what’s important to you.

Check out Microsoft Online Safety resources for more information on what you can do for yourself and others to help stay safe online.

Source: Microsoft, Retrieved from https://www.microsoft.com/en-us/digital-skills/online-

safety-resources 3

LendStreet: Debt relief for a better future

LendStreet helps:

Borrowers restructure and refinance debt, and allows investors to buy the loan at a discount

The typical LendStreet customer is someone who has run into unexpected financial difficulty, be it a health emergency,

accident, or family crisis that created a financial burden too big to pay off.

LendStreet has settled over $18MM of debt for its customers, and sees median credit score improvements of 51 points

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Source: LendStreet, Retrieved from https://www.lendstreet.com/about-borrowing 10

EARN: The Nonprofit helping people build a savings habit from scratch

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Source: Earn, Retrieved from https://www.earn.org/ 9

Digit: Makes savings easy and fun

Text messaging instead of an App

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Automatic Savings tool

Source: digit, Retrieved from https://digit.co/

Source: Vimeo, Retrieved from https://vimeo.com/130494842

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EverSafe: Fraud & identity theft protection for seniors and families

Scrutinize

financial behavior

Monitoring

accounts

Alert unusual behavior

Resolve Issues

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How It Works

Source: EverSafe, Retrieved from https://www.eversafe.com/ 12

Propel: Makes government user friendly R

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15 million Americans qualify for food stamps but aren't enrolled, and the complexity of the enrollment process is

a major barrier to accessing this critical lifeline.

Propel makes the food stamp program more friendly.

Source: Propel, Retrieved from https://www.joinpropel.com/ 11

Tomorrow: Providing essential estate planning for free

Tomorrow is a trust fund you keep in your pocket to protect your family’s financial

future; the app includes:

• Last Will & Testament

• Revocable Living Trust

• Guardianship for Children

• Guardianship for Pets

• Net Worth Calculator

• Life Insurance Calculator

• Term Life Insurance Comparison Shopping & Purchase

• Complimentary AD&D Insurance Policy

Source: Tomorrow, Retrieved from https://tomorrow.me/ RE

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EarnUp: Intelligent Loan Payment Automation

• EarnUp puts a few dollars aside for loans when consumers can afford it — then allocates funds the way that gets consumers out of debt

fastest.

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.

• Manage all loans in

one place.

• Syncs their payments

directly with their

income schedule

• Automatically budgets

according to cash flow

Source: EarnUp, Retrieved from http://www.earnup.com/ 5

FinLab helps build Successful Nonprofit FinTech Partnerships

Simple

Payment

Plan (SPP)

About the Simple Payment Plan

The Simple Payment Plan (SPP) is a service that GreenPath and EarnUp jointly created that combines EarnUp’s technology

solution with GreenPath’s counseling support to help people navigate challenges and stay on track.

The SPP:

Automates payments by aligning them with a person’s pay schedule and due dates

Assists with budgeting and prioritizing

Accelerates loans by paying more during extra pay periods to increase the savings over the life of the loan.

People can enroll mortgages, auto loans, personal loans, student loans and other fixed payments in the SPP. For a set fee,

EarnUp withdraws a set amount of money from a person’s bank account each pay period and regularly pays their bills.

Learn more about this partnership here.

Source: GreenPath Financial Wellness, Retrieved from

http://www.greenpath.com/resources-tools/blog/changing-world-through-innovative-

nonprofitfintech-partnerships

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Commonwealth

EARN

National Federation of Community Development Credit Unions

The Financial Clinic

Mission Asset Fund

MyPath

Source: The Aspen Institute, Retrieved from https://www.aspeninstitute.org/programs/nlift/ 4

2018 Challenge Winners

Source: CFSi, Retrieved from http://finlab.cfsinnovation.com/companies/ RE

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Best Practices

• Acknowledge and celebrate small wins

• Suggest Apps based on your clients needs

• Encourage you staff to download and try apps to better understand and

explain them

• Help clients download apps and assign “homework” to help them learn

about the apps

• Reach out and contact the developers with question

• Demystify financial myths when appropriate

Appendix: For more information visit: finlab.cfsinnovation.com/

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For additional resources on FinTech’s also visit FinLab’s Blog here.

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