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Accessible Financial Services Incubator - Call for Products

We're pleased to issue a call for credit unions to test products in our Accessible Financial Services Incubator. The incubator will contribute significantly to creating a vibrant financial marketplace that offers products beneficial to both underbanked consumers and mainstream financial institutions.

For your product to be considered for inclusion in the incubator, submit the below application by October 1, 2013.

Watch a webinar recording detailing the incubator project and answering frequently asked questions about it above or download the slides here.

PROBLEM TO BE SOLVED. One in five households, or 24 million American homes, are underbanked and lack access to affordable financial services. Mainstream financial institutions consistently fail to improve access for these vulnerable persons to affordable credit and other essential financial products. Consequently, the alternative financial services sector’s providers have ample opportunity to exploit underbanked individuals.

THE SOLUTION. Filene has partnered with the Ford Foundation to create the incubator to identify, test, and scale “good” product innovations for the benefit of underbanked households. US credit unions will be the proving ground for these products with the goal of illustrating product effectiveness for adoption by large, mainstream financial institutions in 24-36 months.

CALL FOR PRODUCTS. To enter the incubator a product must:

  1. Demonstrate the potential to be profitable for financial institutions.
  2. Increase financial services access for underbanked populations.
  3. Be offered currently on a small scale, but show significant potential for future scalability.

Filene will select five products for an 18-month market test in US credit unions to commence in November 2013. Filene will work in close collaboration with the product innovators and provide significant project management resources to lead field-testing and product assessment.

Questions? Contact me at 608.661.3743 or georgeh@filene.org.

Categorized: 'Operations' 'Updates'

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