JPMorgan Chase Fosters Innovation In Personal Finances With Financial Solutions Lab Competition

The Financial Solutions Lab, a $30 million, five-year initiative managed by the Center for Financial Services Innovation (CFSI) with founding partner JPMorgan Chase & Co., launched its first competition in February 2015. The goal of this competition was to identify emerging innovations that leveraged technology to reduce the cost, time, and stress Americans face as they manage their household cash flows. The Lab's $3 million competition is the first competition to help design the next generation of consumer products. From hundreds of applicants, the nine winners were chosen by a panel of judges. The problem to solve was stated by the Lab as follows:

According to the Brookings Institution, more than one hundred milli ...