Letter from the CEO

Welcome to 2018!

With the tumultuous 2017 behind us, we are excited to kick off the new year as we continue on the financial health journey with you. With the stock market at record highs and retail holiday spending up, it might seem as if we’ve solved the financial health challenge in America.

We haven’t. What we do have, increasingly, is a country of haves and have-nots. You can see it in the increasing delinquency rates on subprime credit cards and the growing number of gig workers.

At CFSI, we believe everyone should be able to make positive progress on the financial health journey. As a stakeholder , you have an important role to play in making that happen.

Together, we made major progress last year in measuring the financial health of consumers and employees and using those insights to rethink how businesses define success.

With the changing financial regulatory landscape in Washington DC and in the states, we expect more opportunities to develop partnerships around  small-dollar credit product innovation. We will continue efforts to build the ecosystem and framework for the safe and seamless sharing of consumer data. And we will launch a new Financial Solutions Lab challenge as we look for the best of the next generation of fintech providers.

You also will see us investing in several new arenas. For instance, we have begun working with some of the most innovative community colleges in the country to develop strategies to improve the financial health of their students. Look for ways your organization can get involved in these efforts during this year’s #FinHealthMatters Day on April 25.

We also will be focusing heavily on helping consumers build resilience, a critical element of financial health. With support from Prudential and the Prudential Foundation, we are diving deep into insurance with a national survey to understand the challenges consumers face and identify opportunities for innovation. Similarly, we will be bringing a fresh perspective to the retirement challenge, looking at the gap between fintech innovations like robo-advising and what consumers really need to be able to retire successfully.

In the meantime, I challenge you to find one new way to engage in this work this year. Attend the EMERGE: Financial Health Forum, participate in a webinar, reach out for personalized consulting help – there are so many ways to engage.

Onward!

Jennifer Tescher
President & CEO