MADISON, Wis. – Credit unions and others in the financial services and nonprofit sectors have until Dec. 4, 2015 to submit their product or program for consideration (via form available at filene.org) in Filene Research Institute’s latest incubator project, “Reaching Minority Households,” a multi-year program to find viable, scalable solutions for the approximately 50% of minority American households that are un- or underbanked.
“We have a significant opportunity to improve financial access for literally thousands of people who are struggling,” said Andrew Downin, innovation director at Filene. “One of the great aspects of this project is that we are looking at a broad range of products and services that may, or may not, have been originally designed to reach a particular population.”
Five products or programs will be selected for pilot testing. Submissions could include deposit, loan, or payments products that have a demonstrated positive impact on improving financial access for minority households. Financial literacy, marketing, and staff training initiatives may also be considered. Filene will begin recruiting credit unions to test the concepts in early 2016. Live pilot tests with members will take place over the course of 12 to 18 months.
The Reaching Minority Households incubator work is possible thanks to a grant from Visa and complements the current work in Filene’s Accessible Financial Services incubator.