{"id":35280,"date":"2019-05-28T14:55:31","date_gmt":"2019-05-28T14:55:31","guid":{"rendered":"https:\/\/content.centerforfinancialinclusion.org\/?p=35280"},"modified":"2019-06-19T16:23:35","modified_gmt":"2019-06-19T16:23:35","slug":"seizing-opportunities-for-proactive-public-policy-engagement-on-fintech","status":"publish","type":"post","link":"https:\/\/cfi.accion-staging.flywheelsites.com\/seizing-opportunities-for-proactive-public-policy-engagement-on-fintech\/","title":{"rendered":"Seizing Opportunities for Proactive Public Policy Engagement on Fintech"},"content":{"rendered":"
Fueled by algorithms and software to assess credit worthiness, the financial technology industry\u2019s growth has been such that regulators in the United States and elsewhere are exploring ways for these companies to test new products<\/a> and innovate faster without jeopardizing the health of the financial system.<\/p>\n At the same time, however, there are calls from the traditional financial service sector<\/a> (especially community banks) to subject these companies to the same level of regulatory scrutiny banks face, while questions<\/a> continue about their potential risk to the financial system.<\/p>\n In such an environment, it would be a big mistake for fintech companies to maintain a low profile and focus solely on delivering value to their customers and the financial institutions they partner with. Political risks, as well as opportunities, must be factored in.<\/p>\n It would be a big mistake for fintech companies to maintain a low profile and focus solely on delivering value to customers and partners.<\/p><\/blockquote>\n Lawmakers responsible for oversight of the financial services sector have made it clear<\/a> that one of their priorities will be issues they consider to be critically important for the economic well-being of Americans. This includes encouraging what they consider \u201cresponsible innovation in financial technology,\u201d as well as promoting diversity and inclusion in the sector. Given the heightened scrutiny on the industry from Capitol Hill, fintech companies should be actively seeking out opportunities to engage with key stakeholders in Washington, D.C. to demonstrate why their endeavors should be encouraged, not hindered.<\/p>\n The Federal Deposit Corporation\u2019s 2017 National Survey of Unbanked and Underbanked Households<\/a>, a report assessing “Americans\u2019 access to safe, secure, and affordable banking services,” is an example of a perfect educational opportunity.<\/p>\n The report notes that 18.7 percent of U.S. households were \u201cunderbanked\u201d last year, meaning they had an account at an insured institution but also tapped alternative financial services such as: money orders, check cashing, international remittances, payday loans, refund anticipation loans, rent-to-own services, pawn shop loans, or auto title loans.<\/p>\n Many of the above options come with double or triple-digit interest rates, and that is one reason U.S. regulators have encouraged banks, rather than unregulated providers, to make more small-dollar loans<\/a> to customers.<\/p>\n The FDIC report presents a great opportunity for fintech companies, in conversations with lawmakers, regulators, and media, to underscore the key role the industry plays in making loans to under-served borrowers and communities ignored by traditional banks – and without the predatory terms common in payday and title loans. As the report notes, the majority of households using alternative financial services were in a less-advantaged group: low-income, less-educated, younger, black and Hispanic, disabled, and with volatile income.<\/p>\n For banks to offer small-dollar loans to these customer segments in a cost-effective manner will require partnerships with technology firms. Fintech companies can provide access to a broader range of data and analytics, potentially helping banks to serve more consumers responsibly. Richard Cordray, the former director of the Consumer Finance Protection Bureau (CFPB), recently noted<\/a> how “alternative data from unconventional sources may help consumers who are stuck outside the system build a credit history to access mainstream credit sources.”<\/p>\n Additionally, point-of-sale lending is popular with younger borrowers, who are reluctant to take on credit card debt, but are comfortable borrowing for specific purchases. Point-of-sale lending is being fueled by fintech firms, such as Affirm and GreenSky, which have the necessary technology and also relationships with thousands of merchants. They can connect banks with borrowers.<\/p>\n Point-of-sale loans are an important driver of consumer loan growth for banks at a time when many are cutting back on auto lending activity and demand for home equity loans has declined. Smaller, community banks, especially, can become overexposed to specific market segments, particularly commercial real estate. Offering these types of personal loans helps to diversify their risk.<\/p>\n Furthermore, U.S. retail banks are closing branches<\/a> at the fastest rate on record \u2013 1,947 in 2018 alone \u2013 as consumers continue to migrate to online and mobile banking options. Clearly, the future of banking is the internet, and community banks need to partner with fintech firms to keep up with the large Wall Street banks. More to the point, without fintech partnerships, many community banks may go out of business, creating banking deserts that would be a significant blow to greater financial inclusion.<\/p>\n An excellent example of community banks using fintech to compete with the big banks is Radius Bank<\/a>, a $1 billion asset institution in Boston, which is establishing long-term relationships<\/a> with fintech providers, and is finding them to be mutually beneficial. The bank is serving more customers, and standing out from the crowd by partnering with technology firms. The bank is trying to become the Amazon of banking, but according to the article, “It’s hard for banks to reach Amazon-like levels of usability on their own.”<\/p>\n Many U.S. lawmakers have been vocal about their desire to end predatory lending practices, and fintech companies (and businesses more generally) need to aggressively seize opportunities such as these to show how they are part of the solution.<\/p>\n Image Credit: pony rojo<\/a> \/\u00a0 CC BY-NC 2.0<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Fueled by algorithms and software to assess credit worthiness, the financial technology industry\u2019s growth has been such that regulators in the United States and elsewhere are exploring ways for these companies to test new products and innovate faster without jeopardizing the health of the financial system. At the same time, however, there are calls from […]<\/p>\n","protected":false},"author":75,"featured_media":35282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"regions":[55,3167],"series":[],"types":[3123],"client":[],"topics":[44,49,3251,52,48,3347,3254],"personas":[],"institutional_partnerships":[],"clients":[],"program_teams":[],"acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"Fintechs serving U.S. markets should seek opportunities to engage with key stakeholders in Washington. Here's why. "},"post_default":{"description":""}},"authors":[{"ID":35284,"post_author":"75","post_date":"2019-05-28 14:54:37","post_date_gmt":"2019-05-28 14:54:37","post_content":"","post_title":"Brai Odion-Esene","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"brai-odion-esene","to_ping":"","pinged":"","post_modified":"2019-05-28 14:54:37","post_modified_gmt":"2019-05-28 14:54:37","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=35284","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":false,"acf":{"person_name":{"first_name":"Brai","last_name":"Odion-Esene"},"title":"Founder, SW4 Insights, Inc.","position":"staff","social_media_links":{"email":"","linkedin":"","twitter":""},"body":"","header":{"header_type":"people_aligned","people_aligned":{"description":""}},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""},"is_author":true},"url":"brai-odion-esene"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":true,"preview_image":false,"description":""},"related_content":{"cards":[{"ID":42515,"post_author":"75","post_date":"2021-06-01 08:00:46","post_date_gmt":"2021-06-01 12:00:46","post_content":" Tescher and her team often say that \u201cwhat gets measured gets managed<\/a>.\u201d A critical piece of Financial Health Network\u2019s theory of change is that there should be an easy way for companies to measure the financial health of their customers and employees; otherwise, it won\u2019t be prioritized.<\/p>\n To make financial health a priority for the private sector, the Financial Health Network spent the last eight years developing a financial health framework and measurement methodology building on learnings from the FinHealth Score<\/a>, Financial Health Pulse and eight indicators<\/a> the Financial Health Network developed. They worked with dozens of firms to test their measurement framework and help them gain a deeper understanding of their customers and employees.<\/p>\n Turning all of that experience into an end-to-end system, Financial Health Network launched the FinHealthCheck platform in 2020 to make financial health management standard practice. FinHealthCheck will help organizations improve the financial health of their customers and employees, whether through a new strategy, a new product, or a revised policy or process. The platform allows partners to survey, aggregate data, and benchmark their outcomes. Tescher and her team are looking for visionary organizations that share their mission to join a growing roster of early customers.<\/p>\n With the incoming administration in the U.S., Tescher and the Financial Health Network believe there are significant opportunities for the public sector to address the systemic issues underpinning poor financial health. Part of their 2021 plan is to develop a financial health policy agenda<\/a>, which includes how the public sector can leverage Financial Health Network\u2019s data and expertise to support financial health-oriented policies.<\/p>\n One characteristic that remains constant in Techer\u2019s writing, talks, and podcasts is that she is optimistic for the future. In Tescher\u2019s last podcast episode of 2020<\/a>, after acknowledging the tragedies we\u2019ve all witnessed this year, she shares her three \u201cpandemic silver linings\u201d\u2014 the growing energy around stakeholder capitalism, racial equity, and empathy. The challenge, according to Tescher, is to ask ourselves \u201cwhat silo-busting will we accomplish in the new year?\u201d<\/p>\n"}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"breaking-silos-and-challenging-inequities-in-america-an-interview-with-jennifer-tescher"},{"ID":41111,"post_author":"75","post_date":"2021-01-11 17:30:20","post_date_gmt":"2021-01-11 21:30:20","post_content":"Following nearly a year of limited direct access to the lives of the vulnerable people who are the subject of his research, Prof. Jonathan Morduch<\/a> -- economist, co-founder of the Financial Access Initiative<\/a> (FAI), scholar of the lives of the poor and CFI Advisory Council<\/a> member \u2013 has been working beside a white-hot forge of projects, continuing to help shape the global body of knowledge about the lives that inclusive finance seeks to improve.\r\n\r\n\u201cIt\u2019s been a very busy time, even though we haven\u2019t been able to do what we really want to do, which is being in the field: doing surveys, doing research, getting to know people and better understand problems.\u201d\r\n\r\nFor Prof. Morduch and his team<\/a>, co-led by Timothy Ogden, that\u2019s meant building partnerships and assembling teams for four different projects focusing on people from a range of backgrounds: from ultra-poor workers migrating to Dhaka from northwest Bangladesh, to families in Compton, California, struggling in a pandemic-scarred economy.\r\n\u201cWhen an institution finds itself in severe crisis, it\u2019s normal to panic. As delinquencies mount, staff morale declines, and investors start calling and demanding answers, managers can be forgiven if they pine for the simplicity of the OMS \u2014 the Ostrich Management System. There is nothing quite so calming as sticking one\u2019s head in the sand while the world goes crazy\u2026\u201d<\/h4>\r\nWeathering the Storm II \u2013 conducted as part of our partnership with the Mastercard Center for Inclusive Growth and produced with the European Microfinance Platform<\/a> \u2013 is a follow-up to the original report and case studies<\/a>, published in the aftermath of the financial crisis. This updated Weathering the Storm synthesizes experiences and lessons from 16 institutions in 14 countries on four continents over 15-year period (including five new case studies from Azerbaijan<\/a>, Bosnia and Herzegovina<\/a>, India<\/a>, Nicaragua<\/a>, and Palestine<\/a>). Nearly every type of institution \u2013 from NGO to bank \u2013 is included.\r\n\r\nThe goal is to inform best practices for triaging the critical and the merely very important in order to survive and thrive. Content is organized by a hierarchy of needs for survival: liquidity, confidence, portfolio, and capital. Readers will come away with a better understanding of how leaders \u2013 with the support of investors and ecosystem actors -- stabilized their financial institutions and embarked on a full recovery. The hope is that no one reading this will go through a similar crisis, but if so, Weathering the Storm II will be a useful guide in addition to a history lesson.","post_title":"Weathering the Storm II: Tales of Survival from Microfinance Crises Past","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"weathering-the-storm-ii-tales-of-survival-from-microfinance-crises-past","to_ping":"","pinged":"","post_modified":"2022-02-11 11:48:09","post_modified_gmt":"2022-02-11 15:48:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=42515","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/05\/CFI71_weather_storm_II_cover_image.jpg","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":128,"filter":"raw","term_order":"0"},"header":{"header_type":"post_cover","post_cover":{"description":"Lessons learned from 16 institutions that dealt with crises, framed by a four-part hierarchy of needs: liquidity, confidence, portfolio, and capital. "},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26527,"post_author":"1","post_date":"2018-08-20 15:28:08","post_date_gmt":"2018-08-20 15:28:08","post_content":"","post_title":"Daniel Rozas","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"daniel-rozas","to_ping":"","pinged":"","post_modified":"2021-01-13 18:42:05","post_modified_gmt":"2021-01-13 22:42:05","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/daniel-rozas\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"Download","cta_media":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/05\/CFI71-weather_storm_II_FINAL.pdf","cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"logo_wall","title":"Partner","heading":"","description":"This work is part of our partnership with the Mastercard Center for Inclusive Growth.","logo_cards":[{"logo":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/05\/MA_CFIG_Logo_2020_stacked.png","company_title":"Mastercard Center for Inclusive Growth","meta_label":"","description":"","link_url":"https:\/\/www.mastercardcenter.org\/"}]}],"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"weathering-the-storm-ii-tales-of-survival-from-microfinance-crises-past"},{"ID":41205,"post_author":"75","post_date":"2021-01-20 13:31:12","post_date_gmt":"2021-01-20 17:31:12","post_content":"Jennifer Tescher, CEO of the Financial Health Network<\/a> and CFI advisory council<\/a> member, is used to drawing the attention of regulators, policymakers, bankers, and financiers to financial health inequities in the U.S. With the pandemic raging, these inequities have only become more evident \u2013 and the need to draw attention to them even more urgent.\r\n\r\nTescher\u2019s passion for financial health research and consumer advocacy has been at the forefront of her work since founding the Financial Health Network (formerly the Center for Financial Services Innovation) in 2004. Recently, Tescher has been hosting leaders on her EMERGE Everywhere podcast<\/a>, writing articles<\/a>, and speaking<\/a> about building financial health ecosystems so everyone can benefit.\r\n
COVID-19\u2019s Impact on Racial and Financial Inequities<\/h2>\r\nAs Tescher sees it, the typical data used to gauge the overall health of the economy bears little resemblance to the financial lives of most Americans. Compare the stock market\u2019s recent rally to the rising unemployment claims<\/a> and the disconnect becomes clear. Adding in COVID-19\u2019s disproportionate impact on people of color, the ramifications of the current economic crisis -- including the loss of wealth and unemployment -- also become clear.\r\n\r\n\"What's different this time around is that we're having a conversation about systemic racism and the numerous structural challenges Americans face,\u201d Tescher said in a recent interview with CFI.\r\n
Over two-thirds of Americans are still not considered financially healthy.<\/blockquote>\r\nWhile the Financial Health Network\u2019s U.S. Financial Health Pulse: 2020 Trends Report<\/a> indicates that financial health has actually improved, Tescher highlights that over two-thirds of Americans are still not considered financially healthy, and much of the improvement can be attributed to the decade-long financial recovery finally trickling down to middle and lower-income Americans \u2013 a recovery that is now over. The report further highlights that financial health disparities have widened when considering race and income. \u201cTaking into account COVID-19, Black Americans, people with low incomes, and women are bearing the brunt of the economic burden,\u201d the report states.\r\n
\u201cBreaking Silos\u201d with the EMERGE Podcast and Platform<\/h2>\r\nHighlighting COVID-19\u2019s impact on racial and economic inequity is just one way Tescher champions the need for meaningful action to address financial health. Another way has been hosting the EMERGE: Financial Health Forum<\/a>. Given the restrictions of COVID-19, EMERGE was reimagined this year. The Financial Health Network team created a new platform for the forum and has since leveraged that platform for a range of content such as blog posts, virtual events, and the podcast.\r\n\r\nThe idea behind the podcast, as listeners quickly learn, is the need to \u201cbreak silos\u201d to further financial health. And the diversity of professionals Tescher has on the show indicates that she means it: Dan Schulman of PayPal, Mayor Melvin Carter III, Jelena McWilliams of the FDIC, and Bill Bynum of HOPE are a few of her recent guests.\r\n\r\n\u201cThe leaders that I\u2019ve been privileged to interview during the first few months of Emerge Everywhere are flourishing during these challenging times precisely because of their ability to embrace complexity, demonstrate empathy, and act boldly. They see in 3-D,\u201d Tescher points out.\r\n\r\nAlthough the topics Tescher addresses in her podcast are focused on financial inclusion, she makes it a point to discuss topics relevant to leadership, industry partnerships, gender, and community engagement. For example, in the episode \u201cBanking with Empathy<\/a>\u201d with McWilliams, the pair discuss disenfranchisement and inclusion in financial services as well as Jelena\u2019s personal and financial challenges after immigrating to the U.S. with only $500.\r\n\r\nIt may seem like there isn\u2019t much her guests have in common, but each episode includes key requirements to creating a holistic approach to financial health and (re)building the economy to work for everyone. For example, we learn in one episode that one of those requirements, feeling what it\u2019s like to go without, is taken literally for employees at PayPal: Dan Schulman requires his staff to spend a day living without digital financial services.\r\n
Tescher on CFI\u2019s Priorities in Inclusive Finance<\/h2>\r\nWith regard to CFI\u2019s four strategic priorities<\/a> \u2013 data risks and opportunities, mitigating and adapting to climate risks, consumer protection, and women\u2019s financial inclusion -- Tescher believes that although these areas could be tackled individually, the intersection and interconnection amongst these topics are what interest her.\r\n\r\n\u201cThinking about CFI\u2019s priorities together as one is where the geographic boundaries become less relevant, which creates an opportunity for the financial inclusion industry to collaborate.\u201d\r\n\r\nClimate change is still an evolving topic that Tescher and her team are thinking through. The U.S. is lagging behind the rest of the world in terms of both the ramifications -- i.e. droughts and food shortages, and risk management -- as they relate to climate change\u2019s impact on financial services and consumer financial health. When it comes to climate change, it is important to recognize the connection between physical and financial health, Tescher notes.\r\n\r\nOn gender, Tescher points out that women historically have not had the same financial health outcomes as their male counterparts, yet women have shown<\/a> they are better at repaying debt like mortgages or microloans. The challenge now is connecting women to tools that are aimed at helping them become entrepreneurs and financially healthy.\r\n\r\nFinancial Health Network\u2019s data work<\/a> continues to be one of its main policy priorities. Tescher sees the importance of data rights as a means to empower consumers<\/a> to have control over, and access to, the information they need to make better decisions and leverage data for good.\r\n\r\n\u201cConsumer protection is certainly an aspect of financial data; however, the focus shouldn\u2019t be solely on how data is used for bad, but also how to use data for good.\u201d","post_title":"Breaking Silos and Challenging Inequities in America: An Interview with Jennifer Tescher","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"breaking-silos-and-challenging-inequities-in-america-an-interview-with-jennifer-tescher","to_ping":"","pinged":"","post_modified":"2022-01-05 15:53:51","post_modified_gmt":"2022-01-05 19:53:51","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=41205","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/01\/black-owned-business-covid-mask-open-USA-woman.jpeg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"The founder and CEO of the Financial Health Network discusses COVID\u2019s impact on communities of color, Financial Health Network\u2019s projects for 2021, and her take on CFI\u2019s strategic priorities. "},"post_default":{"description":""}},"authors":[{"ID":33178,"post_author":"75","post_date":"2018-10-23 18:29:34","post_date_gmt":"2018-10-23 18:29:34","post_content":"","post_title":"Garrett Jaso","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"garrett-jaso","to_ping":"","pinged":"","post_modified":"2021-08-23 13:47:01","post_modified_gmt":"2021-08-23 17:47:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=33178","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":[{"acf_fc_layout":"testimonial","quote":"\u201cWhat\u2019s different this time around is that we\u2019re having a conversation about systemic racism and the numerous structural challenges Americans face.\" ","attribution":"Jennifer Tescher","image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/01\/Jennifer-Tescher-bio-pic.jpeg","size":"small"},{"acf_fc_layout":"text_block","heading":"","quick_links":false,"heading_label":"","subheader":"","body":"
FinHealthCheck<\/h2>\n
Looking Ahead to 2021<\/h2>\n
\nShe believes there is no doubt we\u2019ll look back at this time as one that has brought to light so many persistent issues such as racial justice, economic inequality, and public health.<\/p>\nSmall Firm Diaries: Applying the \u201cPortfolios\u201d Model<\/h2>\r\nPerhaps the most visible of these so far is the Small Firm Diaries<\/a> project. Morduch, co-author of \u201cPortfolios of the Poor<\/a>\u201d and U.S. Financial Diaries<\/a>, is part of a team that will apply the financial diaries model -- collecting data from hundreds of poor households frequently and regularly over a long period of time (at least a year) -- to firms with 1 to 20 employees, in contrast to CFI\u2019s research<\/a> on MSMEs, which has been focused on collecting and analyzing survey data on COVID-19's impact on the financial health of owners of a broader range of business sizes.\r\n\r\n\u201cThere\u2019s a lot of great research available on small firms from different angles \u2013 liquidity, gender, how they use digital services... The diaries instead present a chance to look at firms holistically, without imposing a particular agenda from the start. The diaries are a way to understand the lives of firms and whom they employ, whom they serve \u2013 and whom they are served by \u2013 and try to understand them on their own terms.\u201d\r\n
The diaries present a chance to look at firms holistically, without imposing a particular agenda from the start.<\/blockquote>\r\nWith financial support from the Mastercard Center for Inclusive Growth, the Bill & Melinda Gates Foundation, and the Argidius Foundation, the team will collect data for one year from firms in Colombia, Fiji, Indonesia, Kenya, Ethiopia, Uganda and Nigeria. In addition to following cash flows, the researchers will also complete qualitative interviews in roughly 100 households per country from a variety of sectors.\r\n
From South Asian Cities: Researching Digital Remittances Back Home<\/h2>\r\nA second project Prof. Morduch is leading is digitally connected and builds on a pilot in Bangladesh<\/a> that connected ultra-poor families \u2013 whose working-aged children were employed mostly in garment factories in Dhaka and who were largely excluded from technology -- with digital networks to send money home easily. This pilot intervention revealed a 25 percent boost in money going to home villages; the team also found that consumption was smoothed during the lean season and increased overall. The project was spearheaded to fill a knowledge gap in the impact of domestic remittances. Beyond the numbers, it has also changed the way Prof. Morduch has viewed microfinance interventions, which have traditionally been about bringing resources like microcredit to grow businesses in villages.\r\n\r\n\u201cThis project shows other ways to improve rural conditions. One is to make it easier for younger people to move to cities where they can be more productive and earn higher wages. What about the people who are left behind in rural areas? They can benefit if migrants have reliable ways to send money home.\u201d In addition to introducing the technology to urban migrants and their rural families, the team translated the digital interfaces (which were mostly in English) and gave users hands-on experience. The initial result? Active use of the product went from 20 percent to 70 percent.\r\n\r\nThe team hypothesized that urban-to-rural remittances would become more frequent as a result of the digital ease of transacting. Surprisingly, the frequency remained largely the same, but the amounts grew.\r\n\r\nWhile the financial and usage results were positive, the treatment group of migrants reported worsened physical and emotional health. The team suspects that migrants started working longer hours as expectations to remit were increased by the digital technology.\r\n
The team suspects that migrants started working longer hours as expectations to remit were increased by the digital technology.<\/blockquote>\r\n\u201cIt\u2019s a reminder that digital financial services can disrupt social relationships. All of a sudden, migrants are available to their families all the time, both to talk and to send money. This changes how we go through life. These technologies can be powerful, but they disturb a social balance.\u201d\r\n\r\nWith support from the Bill & Melinda Gates Foundation, the team will replicate the work in six other sites in India, Pakistan and Bangladesh.\r\n
To the Homes of Compton: A Guaranteed-Income RCT<\/h2>\r\nProf. Morduch is also part of a group that\u2019s working on a guaranteed-income randomized control trial in Compton, California, involving several hundred families whose incomes are below twice the U.S. poverty line. The purpose of this RCT is to test a premise about being poor and facing instability<\/a>: while financial services\u2019 role in smoothing consumption via saving and borrowing is critical, the poor also need a \u201cusefully large sum<\/a>\u201d from time to time.\r\n\r\nAs Morduch says, families need to both \u201csmooth\u201d and \u201cspike\u201d during the year.\r\n\r\n\u201cThese are different savings problems. We tend to focus on smoothing, but both smoothing and spiking are really hard for poorer households, and they call for different solutions.\u201d So for the duration of the experiment, some families will get a check every couple of weeks (smoothing), and another group will get a larger disbursement of funds less frequently, which Prof. Morduch and his collaborators hope will allow them to support important purchases.\r\n\r\nMorduch points out that even though the U.S. has the Earned Income Tax Credit (a de facto<\/em> lump sum payment in the form of a tax refund) and programs -- like SNAP -- to support food purchases for low-income families (a smoothing mechanism), \u201cwe never really step back and think about them as financial mechanisms, and that\u2019s what the Compton project is all about.\u201d\r\n\r\nIndeed, thinking about stability\u2019s role has been a common theme throughout his planning and executing of projects. \u201cOne of the great inequalities in life is that people who have better paying jobs also have more stable jobs. People who earn the least have the least protection and stability.\u201d\r\n
\"People who have better paying jobs also have more stable jobs. People who earn the least have the least protection and stability.\u201d<\/blockquote>\r\nWith that instability and seasonality of employment for the poor, there needs to be more frequent measurements to understand poverty, be them quarterly, or monthly, as opposed to yearly. And the kind of instabilities we saw in \"Portfolios of the Poor\" are also faced by American workers as the power of labor (i.e., declining unions, monosponies<\/a>) falls away, Morduch points out. The Compton project could help inform ways to better collect data frequently.\r\n
A New Primer on Financial Inclusion<\/h2>\r\nAs if that weren\u2019t enough to keep them busy, a new book is also in the works. \"Financial Inclusion: What Everyone Needs to Know,\" by Prof. Morduch and Ogden, will be an explainer organized in Q & A form, a chance for the pair to \u201cpull together ideas and evidence that we talk about all the time, but that may be new to readers.\u201d Prof. Morduch pointed out that while organizations like CFI implicitly explain topics by offering solutions, a book that explains the problems for a broader audience will help advance financial inclusion objectives even more. The book is slated for fall 2021 release.\r\n
CFI\u2019s Strategic Shift<\/h2>\r\nIn some ways, Prof. Morduch\u2019s strategizing and planning is similar to that undertaken by CFI, for whom he has advised for many years. And the excitement is shared.\r\n\r\n\u201cCFI\u2019s strategic priorities show an organization that\u2019s truly looking forward, while also looking back. CFI is not losing sight of unfinished agendas in women\u2019s financial inclusion and consumer protection while looking forward to challenges like climate risk, where there doesn\u2019t yet exist a well-formulated agenda.\u201d\r\n
\"CFI is not losing sight of unfinished agendas in women\u2019s financial inclusion and consumer protection while looking forward to challenges like climate risk, where there doesn\u2019t yet exist a well-formulated agenda.\u201d<\/blockquote>\r\nFor the latter topic, Morduch urges CFI to make it clear why climate risk is important for people concerned with financial inclusion. \u201cIf everyone worried about finance also understands why they should get excited about climate risk, then they will follow CFI, and they will push CFI to push harder, and I am excited about that possibility.\u201d\r\n
Wanted: Closer Public Sector Involvement<\/h2>\r\nWhether it\u2019s CFI, FAI or other organizations advocating for inclusive finance, Morduch believes that public sector interventions need more prominence.\r\n\r\n\u201cThe microfinance ethos, in some sense, got us off on the wrong foot. It seemed very anti-government in the beginning -- a private sector intervention. Politically, that was aligned with the moment, but it cut off important conversations. Instead of minimizing connections to public action, financial inclusion should be coming alongside steps by governments to support citizens. That\u2019s one of the great omissions of the financial inclusion conversation: it has been too optimistic about the power of finance alone to address inequality.\u201d\r\n\r\nWe at CFI agree that the conversation must go beyond private sector interventions: \u201cHow are public policy, social safety nets, systemic discrimination or other underlying issues influencing people\u2019s financial health circumstances?\u201d Mayada El-Zoghbi, CFI Managing Director, asked<\/a> readers of this blog last June.\r\n\r\nAnd we\u2019re looking forward to learning and comparing what we\u2019ve discovered.","post_title":"Prof. Jonathan Morduch\u2019s Four New Projects","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"prof-jonathan-morduchs-four-new-projects","to_ping":"","pinged":"","post_modified":"2021-01-14 15:30:05","post_modified_gmt":"2021-01-14 19:30:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=41111","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2021\/01\/los-angeles-freeway-morduch-posts.jpeg","acf":{"types":{"term_id":3123,"name":"Blog Post","slug":"blog-post","term_group":0,"term_taxonomy_id":3123,"taxonomy":"types","description":"","parent":0,"count":2142,"filter":"raw","term_order":"0"},"header":{"header_type":"post_aligned","post_cover":{"description":""},"post_aligned":{"description":"With the pandemic restricting direct research, 2020 was a year of planning and preparing for a busy 2021 that will (if the pandemic abates) take Prof. Morduch and his collaborators from rural villages in South Asia to Compton, California \u2013 all with a view towards further deepening our understanding of the lives of the poor."},"post_default":{"description":""}},"authors":[{"ID":28059,"post_author":"75","post_date":"2018-08-23 17:53:47","post_date_gmt":"2018-08-23 17:53:47","post_content":"","post_title":"Ezra Mannix","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"ezra-mannix","to_ping":"","pinged":"","post_modified":"2021-03-02 17:22:50","post_modified_gmt":"2021-03-02 21:22:50","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/?post_type=people&p=28059","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":false,"cta_button_text":"","cta_media":false,"cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"prof-jonathan-morduchs-four-new-projects"},{"ID":40764,"post_author":"75","post_date":"2020-12-02 18:18:26","post_date_gmt":"2020-12-02 22:18:26","post_content":"This report, the third in a series<\/a> on municipal cash transfers in the U.S., focuses on data protection for undocumented or mixed-status beneficiary households. In the context of cash-based assistance (CBA) programs, poor data protection practices could add additional risks for low-risk individuals by providing data trails that could pave the way for unauthorized access to applicant or beneficiary data or leakage of personally identifiable information. These could leave a digital footprint that can make it easier for law enforcement to target undocumented individuals.\r\n\r\nConsidering these risks, we have identified and detailed approaches and strategies used to protect applicant and beneficiary data through four programmatic phases: targeting beneficiaries, outreach and onboarding, disbursement and distribution, and ongoing monitoring and data storage\/retention. Insights in this report are gleaned from CFI interviews with cities, community-based organizations (CBOs), debit card providers, and privacy advocates.\r\n\r\nThis report and the others in this series are intended to guide municipal officials and CBOs considering or developing programs to support undocumented or mixed-status households. The insights may also be of interest to organizations advocating for and supporting the rights of undocumented populations, students and academics, and anyone interested in <\/span>access to financial and<\/span> public<\/span> services<\/span> for all members of U.S. communities. <\/span>","post_title":"Protecting Beneficiary Data: Guidance for Municipal Cash Transfer Programs Responding to COVID-19","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"protecting-beneficiary-data-guidance-for-municipal-cash-transfer-programs-responding-to-covid-19","to_ping":"","pinged":"","post_modified":"2020-12-02 18:20:54","post_modified_gmt":"2020-12-02 22:20:54","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=40764","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2020\/12\/municipal-cash-transfer-data-protection_cover-photo.jpeg","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":128,"filter":"raw","term_order":"0"},"header":{"header_type":"post_cover","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":36852,"post_author":"75","post_date":"2019-10-03 16:58:33","post_date_gmt":"2019-10-03 20:58:33","post_content":"","post_title":"Madeleine Longwell","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"madeleine-longwell","to_ping":"","pinged":"","post_modified":"2021-08-02 14:48:45","post_modified_gmt":"2021-08-02 18:48:45","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?post_type=people&p=36852","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26330,"post_author":"1","post_date":"2018-08-20 13:50:31","post_date_gmt":"2018-08-20 13:50:31","post_content":"","post_title":"Alexandra (Alex) Rizzi","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"alexandra-alex-rizzi","to_ping":"","pinged":"","post_modified":"2021-03-02 17:16:39","post_modified_gmt":"2021-03-02 21:16:39","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/alexandra-rizzi\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"Download","cta_media":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2020\/12\/Protecting_Beneficiary_Data_Municipal_Cash_Transfers_CFIreport_Final.pdf","cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"protecting-beneficiary-data-guidance-for-municipal-cash-transfer-programs-responding-to-covid-19"},{"ID":40768,"post_author":"75","post_date":"2020-12-02 17:17:20","post_date_gmt":"2020-12-02 21:17:20","post_content":"Though U.S. citizens and residents received economic support following passage of the CARES Act in spring of 2020, undocumented and mixed-status households were left behind. To bridge this assistance gap, state and local governments across the U.S. have partnered with community-based organizations (CBOs) to establish cash transfer programs to support these populations during the pandemic.\r\n\r\nThis report, part of a three-part series<\/a>, provides practical guidance to municipalities considering or currently operating direct cash assistance programs. It is based on insights from in-depth, semi-structured interviews conducted by CFI with 12 program administrators representing seven cash assistance programs.\r\n\r\nWe identify and detail practices for defining target beneficiaries, establishing eligibility criteria, conducting outreach, onboarding recipients, and disbursing funds. This report also highlights the relative advantages and disadvantages of different approaches at each step of the process.\r\n\r\nThe insights here may also be of interest to organizations advocating for and supporting the rights of undocumented populations, students and academics, and anyone interested in <\/span>access to financial and<\/span> public<\/span> services<\/span> for all members of U.S. communities. <\/span>","post_title":"Designing Municipal Cash Transfer Programs to Mitigate the Economic Impact of COVID-19","post_excerpt":"","post_status":"publish","comment_status":"open","ping_status":"open","post_password":"","post_name":"designing-municipal-cash-transfer-programs-to-mitigate-the-economic-impact-of-covid-19","to_ping":"","pinged":"","post_modified":"2020-12-03 18:25:00","post_modified_gmt":"2020-12-03 22:25:00","post_content_filtered":"","post_parent":0,"guid":"https:\/\/content.centerforfinancialinclusion.org\/?p=40768","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw","featured_image":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2020\/12\/designing-municipal-cash-transfer_cover-photo.jpeg","acf":{"types":{"term_id":28,"name":"Report","slug":"report","term_group":0,"term_taxonomy_id":28,"taxonomy":"types","description":"","parent":0,"count":128,"filter":"raw","term_order":"0"},"header":{"header_type":"post_cover","post_cover":{"description":""},"post_aligned":{"description":""},"post_default":{"description":""}},"authors":[{"ID":26617,"post_author":"1","post_date":"2018-08-20 15:28:46","post_date_gmt":"2018-08-20 15:28:46","post_content":"","post_title":"Eric Noggle","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"eric-noggle","to_ping":"","pinged":"","post_modified":"2021-06-14 10:01:28","post_modified_gmt":"2021-06-14 14:01:28","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/eric-noggle\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":26368,"post_author":"1","post_date":"2018-08-20 13:50:32","post_date_gmt":"2018-08-20 13:50:32","post_content":"","post_title":"Tess Johnson","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tess-johnson","to_ping":"","pinged":"","post_modified":"2021-03-31 16:07:45","post_modified_gmt":"2021-03-31 20:07:45","post_content_filtered":"","post_parent":0,"guid":"http:\/\/cfi.accion.flywheelsites.com\/people\/tess-johnson\/","menu_order":0,"post_type":"people","post_mime_type":"","comment_count":"0","filter":"raw"}],"meta_cta":{"download":true,"cta_button_text":"Download","cta_media":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2020\/12\/Designing_Municipal_Cash_Transfer_Programs_CFIbrief_Final_2.pdf","cta_url":"","additional_links":false},"blocks":false,"page_settings":{"":null,"email_sign_up":true,"show_related_content":true,"show_contextual_menu":false,"contextual_menu_cta":null,"replace_global":false,"hide_sticky_share":false,"hide_date_when_featured":false,"is_list_view":false,"premium":false,"preview_image":false,"description":""}},"url":"designing-municipal-cash-transfer-programs-to-mitigate-the-economic-impact-of-covid-19"}]}},"featured_image_url":"https:\/\/cfi.accion-staging.flywheelsites.com\/wp-content\/uploads\/sites\/2\/2019\/05\/checks-cashed-public-policy-US-fintech.jpg","featured_image_caption":"Best way forward? 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