Funding, geography, motivations, team size — many dynamics impact how fintech innovators approach products, design, and distribution channels. These dynamics also influence how innovators address the complexities of financial health for American consumers.
Financial Solutions Lab’s first $3M challenge attracted 298 applications, collectively serving a combined 10M+ consumers. The applicants represent 62 non-profit organizations and 236 for-profit companies from 34 states.
What can we learn from the wide variety of products and services featured in the applications?
Collectively, Financial Solutions Lab’s diverse pool of applicants offers a snapshot of consumer-focused financial technology in the United States today, and it allows Financial Health Network to make a number of observations about the state of emerging technology intended to improve consumer financial health, including the areas of Planning, Credit, Payments, and Savings.
The Financial Solutions Lab team compiled their insights into “Financial Solutions Lab Snapshot: Solutions to Manage Household Cash Flow.” This brief offers financial services providers, funders, and innovators a snapshot of fintech today, as represented by the Financial Solutions Lab applicants. In addition, the team shared highlights of the paper during a special webinar.
To learn more about the winners of this year’s Challenge, check them out here.
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