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

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

Jan 06, 2023 252 likes •813 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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   

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Our mission at CFED is to make it possible for millions of people to achieve financial security and contribute to an

  • pportunity

economy.

Who We Are

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   

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About CFSI

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CFSI is a national authority

  • n 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.

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14 Are you prepared for the unexpected? Are you able to pursue

  • pportunities?

Do your daily financial activities support both of these goals?

What does Financial Health mean?

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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:

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  • $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

Update on FSL 1

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FinLab’s 2016 Challenge

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POLL & DISCUSSION

    

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Manage Income and Expenses

FSL Cohort Members Help Users….

Make Decisions and Pursue Goals Build Savings Manage Credit and Reduce Debt Access and Manage Benefits

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POLL & DISCUSSION

Check all that apply.

     

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POLL & DISCUSSION

Check all that apply.

    

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Helping people organize their financial lives

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SLIDE 25 Confidential & Privileged – Do Not Distribute

Bills Are A Critical Problem

The Biggest Stress: Monthly Cash Flow Bills: 11 – 15 / month Bill Payments: 87% of spend Mistakes Cost: $430 / year 2/3 of Americans: <$1,000 in cash

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SLIDE 26 Confidential & Privileged – Do Not Distribute

Prism Is The Solution

  • Universal
  • Transparent
  • Organized
  • Prioritized
  • End-to-end
  • Instant
  • Beautiful
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SLIDE 27 Confidential & Privileged – Do Not Distribute

Our Customer

  • Millennials

– Age 25 – 35 – Earn $30K – $80K – Spend everything

Women Men Total Cash Available on 9/1/14

8% 26% 15% 7% 5% 19% 11% 5% 18 – 24 25 – 34 35 – 44 45 – 54 55+ < $100 (18%) < $1,000 (29%) < $3,000 (25%) < $10,000 (17%) > $10,000 (11%)
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SLIDE 29 version bl09.1 proprietary and confidential, one financial holdings group, inc.
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Safe

Low cost banking for all

Simple, low fees drive $250/yr cost reduction Full featured account drives 4x savings choices in 6 months of use

Fast

20 minutes end-to-end

98% approval rate NY/SF teams live today Non-SSN/TIN welcome

Easy

No commitment

Use your existing

  • ffice

Zero incremental cost Anywhere in the US

Our mission is to deliver financial access to everyone

Bee delivers a low cost bank account to vulnerable populations

OVERVIEW

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We exceed expectations

PRODUCT(

1 / 2 )

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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,
  • ver 90% feature uptake at 1% fee
level

Customer friendly revenue model

Simple fee structure, no surprises,
  • ver $250 cost reduction per year
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We support on-boarding

PRODUCT(

2 / 2 )

32 10 minutes Customers frequently abandon former products

Identity verification Feature walkthrough Explanation +

10 minutes Requirements: SSN or Photo ID Age 18+ Smartphone present
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Our users increase use of savings tools over time

IMPACT

Note: savings represents transfers from Bee Account to Bee Vault

$130 > $570

(that’s 4.4x)

the amount that Bee users increase their savings after 6 months of use

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OUR JOURNEY

MILESTONES

201 4 Q3 SEED FINANCING 201 3 Q4 CONCEIVE IDEA 201 4 Q1 FORM COMPANY 201 5 Q1 PRODUCT 1: CHECKING & SAVINGS 201 5 Q2 LAUNCH NEW YORK CITY 201 5 Q4 SPANISH LANGUAGE INTEGRATION 201 6 Q1 LAUNCH SAN FRANCISCO 201 6 Q3 BEGIN MOBILE ENROLLMENTS 201 7 Q2 PRODUCT 2: CREDIT 34
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SLIDE 35 version bl09.1 proprietary and confidential, one financial holdings group, inc.
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SLIDE 36 Alex solved retail banking problems at Oliver Wyman, managed wireless profitability at Dean & Co for big telecoms, and studied nuclear engineering at Princeton

CFO - Alex Gasner CTO - Max Gasner

TEAM

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CEO - Vinay Patel

Max built and sold a cutting- edge machine learning company to Salesforce, traded equities in NY and London, and studied Sanskrit and Pali at UChicago Vinay ran critical projects for McKinsey’s banking and public sector clients, taught strategy at Columbia, and studied law at NYU and economics at UChicago
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SLIDE 37 share prior solution Brick and mortar costs, no tech 37

STEAL SHARE FROM MULTIPLE CATEGORIES

COMPETITION

CHECK CASHERS

Increasing minimums, shutting branches, pushing
  • verdraft

RETAIL BANKS

High fee products in saturated channels

LEGACY PREPAID

Breakage, stuck with Google

‘MOBILE’ BANKS

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Resides: Annual Income: Occupation: Core use case: Favorite feature: Oakland, CA $28,000 Construction worker Denied an account because of ID verification failures at Bank of America, Chase, and Wells Fargo Text update on account balance

José Martin Rodriguez, Jr. - age 40

Resides: Annual Income: Occupation: Core use case: Favorite feature: Brooklyn, NY $34,000 Health services technician Need an account to deposit income from new job, no bank branches in her neighborhood Instant availability check deposit

Alysha Cooper - age 25 38

WIDE RANGE OF LMI EXPERIENCES

CUSTOMER PROFILES

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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.

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Americans are Vulnerable to Fin inancial Shocks

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  • f

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.

47%

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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.

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In Introducing EARN Starter Savings

A Savin ings Pla latform to In Ince centivize Savin ings Habit its

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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.

90%

People le of f colo lor

76% 76%

Women $21,100 Ave verage household ld inc income

Our r Cu Curren ent t Savers Are:

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EARN’s Impact on America’s Financial Future

Fle Flexible le Savin ings Programs “Savings as a Service” for Organizations Pol

  • lic

icy Chan ange th through Proof Poin

  • ints +

+ Research

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Policy Change FAMILIES PROGRAMS TECHNOLOGY RESEARCH EARN Building the Field

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Finan Financi cial al Aggregator

  • rs

Comm mmuni nica cation

  • ns

Bank nks + 16,000 Statements & Payments Experiences

Our Technology

A Tech chnic ical l Hub for Saving Programs

Infrastructure

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The Starter Savings Experience

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Modular, Customized, , Localized

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EARN’s Expertise + Technology = Results

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80% 80%

Develop a habit of f saving

We have proven su success th through res esearch, , technology in innovation, , an and clo close par artnerships with ith or

  • rganizations acr

across th the Unit ited States.

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