Financial Health Network
| Company type | nonprofit |
|---|---|
| Industry | financial services |
| Founded | 2002 |
| Headquarters | Chicago |
| Website | finhealthnetwork |
The Financial Health Network, previously known as the Center for Financial Services Innovation (CFSI), is a nonprofit financial services consultancy headquartered in Chicago. Its primary mission centers on supporting unbanked and underbanked populations.
As an affiliate of ShoreBank Corporation, CFSI was established following a 2002 research initiative commissioned by ShoreBank for the Ford Foundation. This project examined the deficiencies in financial service availability for low-income groups and proposed methods to bridge these gaps. The study, authored by Ellen Seidman and Jennifer Tescher, highlighted that millions of Americans lack access to affordable, well-designed financial products that cater to immediate needs while promoting long-term wealth accumulation.
Work
The Financial Health Network fulfills multiple roles: it serves as an educator by producing and sharing industry research; acts as a facilitator by linking various stakeholders; and functions as an investor by providing funding to both nonprofit and for-profit ventures. Collaborations include partnerships with tax preparation companies aimed at assisting underbanked individuals with tax filing. Additionally, the organization regularly grants funding to researchers focused on financial services. It has also investigated mobile banking technologies tailored for underserved communities and hosts the annual Underbanked Financial Services Forum, recognized as a premier event in the sector.
In April 2013, through its Financial Capability Innovation Fund II (FCIF II), the Network awarded $2.5 million in grants to eight nonprofit organizations dedicated to enhancing consumers’ credit scores, boosting savings, and minimizing avoidable fees.
See also
- ShoreBank
- Political and Economic Research Council—a think tank based in Chapel Hill, NC, addressing related issues
References