CHICAGO--()--Aspirational guidelines that encourage the financial services industry to be proactive, creative, and customer-focused when designing products and services have been embraced by two more organizations signing up for Compass Commitments. The Center for Financial Services Innovation (CFSI) is partnering with a variety of companies to craft and execute plans to integrate the Compass Principles into their business through approaches such as making enhancements to existing products and services, or developing new products and services with an emphasis on improving the financial lives of their customers. Seven companies have now completed CFSI’s application process and finalized a Compass Commitment pledge.
“We are asking that more companies commit to specific, measurable, high-impact initiatives that embody the Compass Principles”
“The Compass Principles were developed out of a need for higher quality products in the financial marketplace for underserved consumers—but the ideals of quality are no different for any user of a financial product or service,” says Jennifer Tescher, President & CEO of CFSI. “We believe the principles are a way to inspire financial innovation that links consumer success with provider success.”
By using the Compass Principles, organizations involved in financial services can be profitable while at the same time help customers make day-to-day progress in the short term and build assets for the future. The guidelines affirm standards of excellence in the design and delivery of basic financial tools that can fundamentally improve the U.S. financial services marketplace.
The two Compass Commitments announced today join Core Innovation Capital, Meta Payment Systems, NetSpend Corporation, Plastyc, and University Bank in making specific, measurable, and actionable efforts to increase the delivery of high quality to U.S. consumers. New agreements have been reached with:
- National Community Tax Coalition (NCTC) - The nation's largest, most comprehensive membership organization for community-based organizations that offer free tax and financial services to low-income working families. NCTC’s membership of over 2300 organizations empowers low-income workers to build a more secure financial future for themselves and their families through innovative financial services. NCTC has committed to providing a multi-functional prepaid card account for its member organizations to reduce the number of unbanked clients that frequent Volunteer Income Tax Assistance (VITA) locations, to promote direct deposit, and to reduce tax preparation clients’ fees paid to cash tax return checks.
- Float Money - Float is a shopping club that promotes financial heath through smart planning, shopping, and financing. The company is pioneering an interest-free line of credit powered by consumer spending, and commits to provide this product, over the coming year, to at least 5000 people, including 2000 customers with low credit scores or thin/no credit files.
“We are asking that more companies commit to specific, measurable, high-impact initiatives that embody the Compass Principles,” said Tescher. “By committing to these four guidelines, Embrace Inclusion, Build Trust, Promote Success, and Create Opportunity, we believe financial services companies can create both consumer and provider success and be a force for good in consumers’ lives.”
The Center for Financial Services Innovation is the nation’s leading authority on financial services for underbanked consumers. Since 2004, its programs have focused on informing, connecting, and investing – gathering enhanced intelligence, brokering and supporting productive industry relationships, and fostering best-in-class products and strategies. CFSI works with leaders and innovators in the business, government and nonprofit sectors to transform the financial services landscape. For more on CFSI, go to www.cfsinnovation.com or follow us on twitter @cfsinnovation.