[April 26, 2013] The Center for Financial Services Innovation Awards Grants Tweet Apr 26, 2013 (Close-Up Media via COMTEX) -- The Center for Financial Services Innovation awarded grants totaling $2.5 million dollars to eight nonprofit financial services initiatives through the Financial Capability Innovation Fund II. In a release dated April 23, the Company said that each grantee will promote greater financial capability through their products and services and offer new approaches for changing consumer behavior. The grant fund was developed in 2010 in partnership with the Citi Foundation, as part of their efforts to build consumer financial capability and outcomes. FCIF is supported by a collaboration of funders led by the Citi Foundation and including Capital One Foundation, NYSE Euronext Foundation, Charles Schwab Bank, Charles Schwab Foundation, and Experian. "The eight organizations funded this year offer fresh perspectives on the industry's efforts to foster positive financial behavior and provide concrete mechanisms for meeting consumer needs in new ways," said Jennifer Tescher, President and CEO, CFSI. "By funding innovative programs like these, we seek to support promising interventions designed to transform the underbanked marketplace. We believe these programs will empower consumers to take greater control over their financial lives." CFSI selected the grantees from a highly competitive pool of proposals that included more than 125 applications from 38 states and Washington DC. The Financial Capability Innovation Fund II grantees are: -Center for Community Self-Help, Oakland, Calif., will test underwriting models and behavioral design features with small-dollar credit products -D2D Fund, Boston, will employ "gamification" mechanics on a national scale to encourage positive savings behaviors in SavingsQuest -Juma Ventures, San Francisco, will develop a Facebook application and mobile alert system to supplement their college savings program for high school youth -Mission Economic Development Agency, San Francisco, will offer secured credit cards at tax time and use text messages to encourage responsible use and build credit -Mission SF Community Financial Center, San Francisco, will leverage technology, the power of peers, and behavioral economics to integrate a scalable savings-focused financial capability model into municipal employment programs for youth and young adults -Moneythink, Chicago, in partnership with IDEO.org, will develop a mobile application to support savings behavior and supplement a financial mentoring program between college and high-school students -National League of Cities Institute, Washington, D.C., will offer financial coaching and repayment supports for households behind on utility bills -Neighborhood Trust Financial Partners, New York City, will partner with employers through their new program, PayGoal, to allocate a portion of employees' wages toward their financial goals and communicate progress toward these goals as part of every paycheck In addition to monetary support, FCIF II grantees will begin a long-term relationship with CFSI through which they will receive strategic guidance, heightened visibility, and access to an unparalleled network in the financial services industry. "It is important for us to support innovative nonprofits and the work they are doing to improve financial capability around the country," said Sarah Gordon, Vice President, Advisory Services and Nonprofit Investments. "Because of their position within underserved communities and the personal relationships they have with consumers, nonprofits play a key role in the effort to transform financial health." The impact of each grantee will be evaluated by research partners including: Innovations for Poverty Action at Yale University; the Take Charge America Institute; Harder + Company Community Research; National Association for Latino Community Asset Builders; the Center for Financial Security at the University of Wisconsin-Madison; the Center for Community Capital at UNC; and the team of Michael Sherraden, Margaret Sherraden, and Vernon Loke. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]