Report
507
Number
Jun 08 2020

FinTech Catalyst Incubator: Steady

Through a partnership with CMFG Ventures, Filene Research Institute continues the work of the FinTech Catalyst Incubator to test promising concepts that could make a difference in the credit union marketplace. In this report we analyze the desirability and feasibility of Steady and if it can create a positive influence on the member’s and credit union’s financial health.

George Hofheimer
George Hofheimer
EVP + Chief Research + Development Officer
Filene Research Institute
Adam Lee
Adam Lee
Incubator Director
Filene Research Institute
Megan Jackson
Megan Jackson
Incubator Manager
Filene Research Institute
Report Number 507

Executive Summary

In the next several years, more than half of the workforce will consist of independent work. This socio-economic shift faces a growing demographic with unique financial needs, specifically income instability.

During a three-month pilot, Filene tested a unique solution to address consumer challenges and assess the concept’s desirability, feasibility, and viability. Knowing that 46% of independent workers find it difficult to deal with unpredictable income, Steady, an income-building, mobile platform, can help connect consumers with independent and part-time job opportunities.