CFSI is the authority on consumer financial health, leading a network of committed financial services innovators to build better consumer products and practices.

Their mission is to improve the financial health of Americans, especially the underserved, by shaping a robust and innovative financial services marketplace with increased access to higher quality products and practices. Through their Compass Principles and a lineup of proprietary research, insights and events, CFSI informs, advises, and connects members of its network to seed the innovation that will transform the financial services landscape. 

They believe finance can be a force for good in people’s lives, and that serving the needs of consumers responsibly is ultimately more profitable for the financial services industry. Their vision is of a financially healthy America where people’s day-to-day financial system functions well and increases the likelihood of long-term resilience and opportunity.  

HISTORY

In 2004, they set out to shine a spotlight on the tens of millions of Americans who were falling through the cracks of the traditional banking system.  They founded CFSI to catalyze innovation in the financial services industry to meet the needs of the underbanked.

As they reflect on the birth of their organization and the vision they had, they are proud of what they have accomplished since then.

Became the first and only center for innovation to leverage technology changes to improve the quality of financial services for low- to moderate-income Americans
Conducted the nation’s first study on the un- and “underbanked” 
Identified and seeded innovations in transactions, savingsand credit
Founded the nation’s premier conferencearound better serving the financially underserved
Developed the Compass Principles, a framework to guide the design and delivery of high-quality financial services 
Championed financial capabilityas a more effective framework for driving consumer behavior change, successfully shifting both U.S. policy and practices on the ground
Invested over $30 million in promising fintech innovationsthat improve the financial lives of everyday Americans 
Increased understanding of underserved consumers and the market opportunities to serve them profitably and responsibly, through our notable research in tracking the financially underserved marketplaceand the state of Americans’ financial health

Along the way they have built an incredible network of like-minded partners and providers.  They have advised some of the largest brands in the financial services industry on products and strategy development, which in turn has improved the lives of millions of Americans.
With ongoing support from founding partner Ford Foundation and many other organizations, they embark on a second decade focused on further advancing quality in financial services and promoting mutual, long-term benefits in the consumer-provider relationship.