By Jennifer Tescher, CFSI
The Center for Financial Services Innovation (CFSI) was founded 10 years ago to answer a simple question: How can technology innovations in financial services benefit those who need them the most? Millions of Americans were falling through the cracks of the traditional banking system, but technology promised opportunities to expand access and reduce the cost of serving these consumers.
|If we want to consolidate the gains we’ve made and scale the innovations we’ve seeded, we need to think big.|
Great strides have been made in the industry since then. In payments alone, mobile technology is evolving to enable consumers to pay for purchases and manage their money more conveniently than ever before, prepaid cards are becoming robust financial platforms, and strategies to link products with timely information and advice are helping consumers succeed.
But, if we want to consolidate the gains we’ve made and scale the innovations we’ve seeded, we need to think big. We need to redefine financial services from the pursuit of wealth to the pursuit of health.
Financial health isn’t just about bank accounts, and it isn’t just about the underserved. It is about all of us. Financial health means that an individual’s day-to-day financial system functions well and increases the likelihood of long-term financial resilience and opportunity.
There’s simply no better way to build a profitable franchise in financial services—one positioned for the long run—than to offer financial products designed to actively contribute to the financial health of customers.
Financial health, like physical health, is not a one-time result. It requires access and engagement over a lifetime. It is a chance for providers to improve long-term revenue streams, increase loyalty and create new opportunities for engagement.
And, it represents the most promising future path for the financial services industry.
Jennifer Tescher is president and CEO of the Center for Financial Services Innovation (CFSI), the nation’s authority on consumer financial health. CFSI leads a network of financial services innovators committed to promoting high-quality financial products. Through its Compass Principles and a lineup of proprietary research, insights and events, CFSI connects members of its network to build a more robust financial services marketplace. Follow Jennifer on Twitter @jentescher.