NEW YORK (6/12/15)--Credit unions interested in the next evolution in financial services technology should look no further than the nine entities picked by the Financial Solutions Lab at the Center for Financial Services Innovation (CFSI) as winners of a $3 million tech-innovation competition.
Several of the winners, including Prism and Neighborhood Trust Financial Partners, should be familiar to the credit union movement, while all represent the most promising group of financial technology social entrepreneurs tackling consumer cash flow management in the United States today, according to the Financial Solutions Lab.
Each winner, picked from a pool of 300 applicants nationwide, will receive up to $250,000 in capital to fund the build out of the various products they proposed for the competition.
They will also receive national partnership opportunities to help increase the reach of their products, access to the CFSI network, direct and ongoing mentorship from industry leaders, and peer-learning opportunities.
The idea proposed by Prism, based out of Bellevue, Wash., is a comprehensive bill payment and presentation app that helps millennials better manage their finances and pay bills using their smartphones.
Neighborhood Trust, from New York, has rolled out a workplace tool called PayGoal that helps financially underserved workers improve their standing. The product, which was developed using behavioral economics principles, serves as a simple, guided mobile experience that helps users improve the allocation of wages toward personal goals.
Other winning ideas: