Chicago, IL- November 1, 2011 –The Center for Financial Services Innovation (CFSI) today commenced the inaugural workshop for the Financial Capability Institute, sponsored by the Citi Foundation. The goal of the Institute is to build a pipeline of high-performing, well-positioned nonprofits that embrace the financial capability framework by linking their clients with both high-quality financial products and relevant, timely, actionable, and ongoing guidance to help them use those products well. At the two-day workshop this week in Chicago, participating nonprofits will thoughtfully assess the opportunity of product distribution and understand what it takes to implement successfully.
“CFSI is helping to create new norms for how nonprofits engage with their clients and the role of financial capability in their work,” said Sarah Gordon, Director, Advisory Services & Nonprofit Investments. “By combining group training, one-on-one consulting and online self-help tools, CFSI will support these organizations in leveraging their relationships with underbanked consumers to provide immediate results and capacity, and send a signal to others about the importance of this work. As more nonprofits integrate a financial capability framework into their efforts, lower-income, underserved consumers will have greater access to the products and information they need to better manage their money in the short run and be financially prosperous in the long run.”
“Research shows that one of the best ways to help underserved consumers better manage their resources and build financial assets is to pair financial education and coaching with access to appropriate financial products,” said Pam Flaherty, President & CEO of the Citi Foundation. “By supporting the Financial Capability Institute, we are confident that CFSI will provide nonprofits with the tools to launch successful product distribution programs and help underserved consumers achieve improved financial outcomes.”
CFSI selected the five participating nonprofits based on their interest and mission alignment, capacity to implement effectively, and potential to achieve scale. The participating Financial Capability Institute organizations include: Goodwill Industries International, Local Initiatives Support Corporation (LISC), National Community Tax Coalition (NCTC), Seedco, and United Neighborhood Centers of America (UNCA).
Participants will engage in a self-assessment exercise and discussion about their organization’s readiness to distribute financial products, learn about best practices in conducting market research and engaging for-profit partners, and examine case studies of nonprofit efforts to distribute prepaid cards and credit building products. For more information about the Financial Capability Institute, please contact Sarah Gordon at sgordon@cfsinnovation.com or visit http://www.cfsinnovation.com.
About CFSI
The Center for Financial Services Innovation (CFSI) is the nation's leading authority on financial services for underserved consumers. Through insights gained by producing original research; promoting cross sector collaboration; advising organizations and companies by offering specialized consulting services; shaping public policy; and investing in nonprofit organizations and start-ups, CFSI delivers a deeply interconnected suite of services benefiting underserved consumers. Since 2004, CFSI has worked with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com
### Media Contact:
Maris Bish Specialist CFSI, Marketing and Communications T: 312-881-5847 mbish@cfsinnovation.com
