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Who We Are Our mission at CFED is to make it - PowerPoint PPT Presentation

Jan 06, 2023 •252 likes •807 views

Who We Are Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an opportunity economy. About CFSI

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  6. Who We Are Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an opportunity economy.

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  13. About CFSI CFSI is a national authority on consumer financial health. We lead a network of financial service innovators that are committed to improving the financial health of the underserved by building better products, programs and practices. 13

  14. What does Financial Health mean? Are you prepared for the unexpected? Are you able to pursue opportunities? Do your daily financial activities support both of these goals? 14

  15. Financial Solutions Lab supports solutions improving consumer financial health Purpose : To support entrepreneurs & innovators to develop & test technology- enabled, high-quality solutions that improve consumer financial health. • $30M, 5-year initiative managed by CFSI with founding partner JPMorgan Chase & Co. • Identify, test and bring to scale promising innovations that help Americans increase savings, improve credit, and build assets • Run 5 Innovation Challenges over 5 years with best possible combination of incentives & resources to encourage providers to take action • Working with industry leading advisors, and partners: 15

  16. Update on FSL 1 • $100 MM in Follow-on Capital since April ’ 15 • Over 140,000 new users • 1 acquisition – Founder joined CFSI as Inaugural Entrepreneur-in-Residence • Teams more than 2x in size • Impact: – Mission evolution – Improved Credit Scores – More savings – More money in consumer pockets – Greater access • Founders are advocates for Financial Health

  17. FinLab’s 2016 Challenge 17

  18.     POLL & DISCUSSION 

  19. FSL Cohort Members Help Users…. Make Decisions and Pursue Goals Build Savings Manage Credit and Reduce Debt Access and Manage Benefits Manage Income and Expenses

  20. Check all that apply.    POLL & DISCUSSION   

  21. Check all that apply.    POLL & DISCUSSION  

  24. Helping people organize their financial lives

  25. Bills Are A Critical Problem The Biggest Stress: Monthly Cash Flow 11 – 15 / month Bills: Bill Payments: 87% of spend $430 / year Mistakes Cost: <$1,000 in cash 2/3 of Americans: Confidential & Privileged – Do Not Distribute

  26. Prism Is The Solution • Universal • Transparent • Organized • Prioritized • End-to-end • Instant • Beautiful Confidential & Privileged – Do Not Distribute

  27. Our Customer • Millennials 26% 15% Women – Age 25 – 35 8% 7% Men 5% 5% 11% – Earn $30K – $80K 19% 18 – 24 25 – 34 35 – 44 45 – 54 55+ – Spend everything > $10,000 (11%) < $100 (18%) < $10,000 (17%) < $1,000 (29%) < $3,000 (25%) Total Cash Available on 9/1/14 Confidential & Privileged – Do Not Distribute

  29. version bl09.1 proprietary and confidential, one financial holdings group, inc.

  30. OVERVIEW Bee delivers a low cost bank account to vulnerable populations Our mission is to deliver financial access to everyone Safe Fast Easy Low cost banking for all 20 minutes end-to-end No commitment Simple, low fees 98% approval rate Use your existing drive $250/yr cost office reduction NY/SF teams live today Zero incremental Full featured cost account drives 4x Non-SSN/TIN savings choices in welcome Anywhere in the US 6 months of use 30

  31. PRODUCT ( 1 / 2 ) We exceed expectations Robust mobile interface Designed for LMI experience (e.g., simple UX, for range of devices) Instant mobile check deposit Funds available in under 30 minutes, over 90% feature uptake at 1% fee level Customer friendly revenue model Simple fee structure, no surprises, over $250 cost reduction per year 31

  32. PRODUCT ( 2 / 2 ) We support on-boarding Explanation Identity verification + Feature walkthrough 10 minutes 10 minutes Requirements: SSN or Photo ID Age 18+ Smartphone present Customers frequently abandon 32 former products

  33. IMPACT Our users increase use of savings tools over time $130 > $570 (that’s 4.4x) the amount that Bee users increase their savings after 6 months of use 33 Note: savings represents transfers from Bee Account to Bee Vault

  34. 201 Q4 CONCEIVE IDEA 3 201 Q1 FORM COMPANY 4 201 4 Q3 SEED FINANCING MILESTONES 201 Q1 PRODUCT 1: CHECKING & SAVINGS 5 OUR 201 JOURNEY 5 Q2 LAUNCH NEW YORK CITY 201 Q4 SPANISH LANGUAGE INTEGRATION 5 201 Q1 LAUNCH SAN FRANCISCO 6 201 Q3 BEGIN MOBILE ENROLLMENTS 6 201 Q2 PRODUCT 2: CREDIT 7 34

  35. version bl09.1 proprietary and confidential, one financial holdings group, inc.

  36. TEAM CTO - Max CEO - Vinay Patel CFO - Alex Gasner Gasner Vinay ran critical projects for Max built and sold a cutting- Alex solved retail banking McKinsey’s banking and public edge machine learning company problems at Oliver Wyman, sector clients, taught strategy to Salesforce, traded equities in managed wireless profitability at at Columbia, and studied law at NY and London, and studied Dean & Co for big telecoms, and NYU and economics at Sanskrit and Pali at UChicago studied nuclear engineering at UChicago Princeton 36

  37. COMPETITION STEAL SHARE FROM MULTIPLE CATEGORIES share prior solution CHECK CASHERS Brick and mortar costs, no tech RETAIL BANKS Increasing minimums, shutting branches, pushing overdraft LEGACY PREPAID High fee products in saturated channels ‘MOBILE’ BANKS Breakage, stuck with Google 37

  38. CUSTOMER PROFILES WIDE RANGE OF LMI EXPERIENCES Oakland, CA Resides: $28,000 Annual Income: Construction worker Occupation: Denied an account because of ID Core use case: verification failures at Bank of America, Chase, and Wells Fargo Favorite feature: Text update on account balance José Martin Rodriguez, Jr. - age 40 Brooklyn, NY Resides: $34,000 Annual Income: Health services technician Occupation: Need an account to deposit income Core use case: from new job, no bank branches in her neighborhood Favorite feature: Instant availability check deposit Alysha Cooper - age 25 38

  40. EARN Big ig Dreams Start with Small Savings The nation’s leading microsavings provider since 2002 2002. Our mission is is to to help working families save and in invest in in their futu futures.

  41. Americans are Vulnerable to Fin inancial Shocks 47% of f Ameri ricans can not t meet t an unexpected $400 exp xpense with ithout going ing in into debt or r se sellin lling so somethin ing. 41

  42. BUT…Saving Gives Families Stability Familie ilies with ith a sa savin ings cush shio ion of f as s li little le as $250 are les less li likely ly to be evic victed, , miss iss a housin ing or r utili tility payment, , or r receiv ive public lic benefit its after r a fin inancia ial l sh shock. 42

  43. In Introducing EARN Starter Savings A Savin ings Pla latform to In Ince centivize Savin ings Habit its EARN helps America’s most vulnerable families start sa savin ing and keep sa savin ing, lea leadin ing to las lastin ing fin financia ial l stabil ilit ity. Desi signed for and with ith lo low-in income work rkin ing consumers. Our r Cu Curren ent t Savers Are : 76% 76% 90% $21,100 Ave verage household ld People le of f colo lor Women inc income 43

  44. EARN’s Impact on America’s Financial Future Fle Flexible le Savin ings Programs “Savings as a Service” for Organizations Pol olic icy Chan ange th through Proof Poin oints + + Research Building the Field Policy Change EARN TECHNOLOGY RESEARCH PROGRAMS 44 FAMILIES

  45. Our Technology A Tech chnic ical l Hub for Saving Programs Experiences Financi Finan cial al Comm mmuni nica cation ons Aggregator ors Statements & Payments Infrastructure Bank nks + 16,000

  46. The Starter Savings Experience 46

  47. Modular, Customized, , Localized 47

  48. EARN’s Expertise + Technology = Results We have proven su success th through res esearch, , technology in innovation, , an and clo close par artnerships with ith or organizations acr across th the Unit ited States. 80% 80% Develop a habit of f saving 48

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