Today, EverFi, Inc., the nation’s leading education technology innovator, announced the launch of the Financial Capability Network (FCN), a coalition of over 750 financial institutions who are committed to improving the financial capability for their consumers and communities.
“As a trusted partner and leader with nearly a decade of experience providing financial education for learners of all ages, EverFi believes that financial capability is and must be within reach for all consumers and communities, regardless of their financial means. That’s why we created a Network that empowers financial institutions by showing them how to educate their consumers to take control of their financial health,” said Ray Martinez, Co-Founder and President of Financial Education at EverFi.
Through the Financial Capability Network, EverFi convenes leading financial institutions gathering best practices that inform industry leaders how to reach consumers in a meaningful way. The Financial Capability Network facilitates understanding, sets standards, and establishes transparency that will ultimately enable individuals, families, and communities to enjoy financial security and freedom. As a part of this investment, EverFi will be unveiling Engage, a new reporting infrastructure that allows institutions to report to regulators more effectively and elevates the importance of the critical work CRA officers are doing to improve financial capability.
The FCN will focus its efforts on providing leadership that facilitates a sharing network for financial institutions who care about improving the financial capability of their consumers. The FCN will also provide access to the strongest thought leaders in the industry with regulatory and finance expertise of industry leaders including Frank Keating, Steve Bartlett,and Kurt Schindler.
“The Financial Capability Network is truly a game changer and will transform the way we empower financial institutions and convene around best practices in the most impactful way. This network is an example where its total is much greater than the sum of its parts. Together, we can empower all consumers to make smart decisions that reflect their values, goals, and potential,” said Steve Bartlett, former CEO of the Financial Services Roundtable and former member of the U.S. House of Representatives.
The Financial Capability Network will prioritize the following core areas:
– Establishing Community Reputation
Consumers don’t have the knowledge or feel they don’t have the confidence to engage effectively with their financial institutions, leading not just to confusion, but to mistrust.
– Focusing on the Whole Family
Young people develop many of their financial habits by watching their parents, but financial institutions too often engage only with the head of household, missing an opportunity to develop meaningful banking relationships with the next generation.
– Amplifying impact through technology
As consumers of all types conduct more of their business — from gathering information through completing transactions — on their mobile devices, consumers are turning to non-traditional financial service providers when their banks don’t provide the technology they need.
– Putting the Consumer at the Center
Consumer expectations have evolved, and they now expect more than ever from each interaction with their financial institutions. When asked why they are turning to non-traditional providers for financial services, customers rank rates and fees first, but the next four reasons all relate to perceptions of better customer experience from FinTech companies.
On April 11, 2017, EverFi will convene the largest institutions in the country at Nasdaq MarketSite in New York City for the Financial Capability Innovation Awards to recognize financial institutions for their innovation and investment in financial education and exchange best practices amongst the member organizations within the Financial Capability Network.
EVERFI – Senior Director of Corporate Communications