SAN FRANCISCO, CA and DURHAM, NC--(Marketwired - Mar 15, 2017) - Common Cents Lab, a financial research lab at Duke University supported by MetLife Foundation, today unveiled the 16 new behavioral design partners selected for its work in 2017. Each year, the lab collaborates with chosen financial services providers to custom design, test, and launch new features and products that aim to increase financial well-being for 1.8 million low- to moderate-income (LMI) households in America.
"In our first year, we showed how behavioral interventions can influence positive, measurable improvements in financial well-being," said Common Cents founder, Behavioral Economics Professor, and New York Times bestselling author Dan Ariely. "The response to our 2017 call for applicants is uplifting because it demonstrates a deep industry-wide desire to use behavioral insights in service to LMI households."
These new partner financial organizations represent a mix of the top fintech companies, financial nonprofits, and innovative credit unions, and were chosen from a field of competitive applicants. Their year-long collaboration with Common Cents will focus on interventions that increase short- and long-term savings, improve access to credit, and better manage debt and cash flow.
Fintech partners include:
-
ActiveHours: provides people access to their paycheck at the tap of a button;
-
Chime: a bank account that helps members avoid fees and automate their savings;
-
CoinFlip: instantly reduces the amount shoppers pay on groceries by applying third party funds.
-
Digital Insight, an NCR Company: provides digital banking solutions to simplify money management;
-
DoubleNetPay: actionable and automated financial wellness;
-
Homebase: helps local businesses save time with scheduling, time clock and team communication tools.
Nonprofit partners include:
-
Accion: provides inclusive access to capital and business support to entrepreneurs across the country;
-
Community Empowerment Fund: builds assets with people experiencing homelessness and financial insecurity;
-
Grameen America: supports low-income women entrepreneurs;
-
Navicore Solutions: offers financial counseling and debt management;
-
Promise Indiana: provides a Children's Savings Account (CSA) program for future education;
-
The City of St. Louis Treasurer's Office of Financial Empowerment: provides college savings accounts for all kindergarten students in St. Louis public schools;
-
United Way of Tucson and Southern Arizona: provides free, quality tax preparation, assists taxpayers to access all tax credits for which they are eligible, and encourages tax-time savings.