Colleen Briggs : Financial Inclusion Innovation Powered by JP Morgan Chase

Today's guest is Colleen Briggs, Executive Director for Community Innovation and Corporate Responsibility at JPMorgan Chase. Colleen leads a visionary effort that is part of JPM's commitment to building "more inclusive growth," globally, by finding innovative models that build financial access and economic expansion. Our timing is great because just last week, the Center for Financial Services Innovation announced its new class of winners for the Financial Solutions Lab competition. The Finlab is funded by a $30 million, five-year commitment from JPMorgan that Colleen oversees, aimed at finding, supporting, and scaling innovative ways to promote consumer financial health. This is part of a $1 billion program that the bank has undertaken globally.   Here is a link to the JPMorgan press release on this year's competition, which includes an overview of the winners, and here is a further article by the American Banker. Colleen comes to this work from a diverse background at nonprofits, on Capitol Hill, and now in the private sector, searching for better solutions for lower-income financial consumers. In listening to her, I was struck by the degree to which she has her finger on the pulse of the trends underway, both globally and in the U.S.  She shares insights on how to make it profitable to serve low income customers; how to win the trust of consumers who are wary of digital products; on the failures of traditional financial education; on the primacy of behaviorally-based product design; on the need for new business models; on how to build partnerships between banks, fintechs and community organizations; on how innovative cultures can take root in big banks; on platforms that can get new solutions to scale; on the business opportunity for banks -- and their corporate customers -- from building global inclusion; on mixing high tech and high touch and the limits of automation; and on how to shift the whole marketplace. She has wise advice for all the players. Since we recorded this episode, I've become the board chair at CFSI. Last week we held the Emerge Forum in Orlando, where a record audience talked about exciting new ideas for financial health. There was huge enthusiasm there about the new Finlab winners. In a sign of the maturing of the fintech startup world, three companies in this year's class are reaching beyond the typical millennial customer base and instead building new tools for seniors. Watch for their progress. Here are my other podcasts with the Finlab and past winners Digit, Ascend, and Bee.   More on Colleen Briggs Colleen Briggs is Executive Director of Community Innovation within the Office of Corporate Responsibility and Global Philanthropy at JPMorgan Chase & Co, a global leader in corporate philanthropy with $200 million invested in communities annually. She is responsible for helping establish and execute the firm's global philanthropic and corporate responsibility financial capability, including the Financial Solutions Lab, and community development strategies, including PRO Neighborhoods. The Lab is a $30 million, five-year initiative that convenes leading experts in technology, behavioral economics, and design to improve consumer financial health. PRO Neighborhoods is a five-year, $125 million program that works to increase the availability and accessibility of vital economic opportunities in vulnerable neighborhoods across the country. Colleen also manages the Foundation's portfolio of global financial inclusion grants, impact framework and grant guidelines and works with the lines of business to share best practices to improve the firm's products and services.     Prior to joining, Colleen was the Economic Policy Advisor to Senator Debbie Stabenow. In this role, Colleen managed the Senator's economic portfolio, including policy related to financial services, tax, small business, job creation, community development, manufacturing, and housing. Colleen managed the Dodd-Frank market reforms for the Senate Agriculture Committee, and helped draft the Recovery Act, TARP, the Dodd-Frank Act, and healthcare reform. Colleen is a member of the Asset Funders Network Steering Committee and the Innovations for Poverty Action Policy Advisory Group. She earned an MBA from the Yale School of Management and a B.A. from the University of North Carolina at Chapel Hill. More links Some organizations Colleen mentioned: Neighborhood Trust / FlexWage / Lending Club / LendStreet / Propel And more for our listeners Please remember to review Barefoot Innovation on ITunes, and please sign up to get emails on new podcasts and my newsletter and blog posts at  jsbarefoot.com.   Also go to jsbarefoot.com to send in your "buck a show" to keep Barefoot Innovation going. Please also join my facebook fan page, and follow me on twitter. Support our Podcast - Send "A buck a show" And watch for upcoming podcasts. My guests include Christopher Giancarlo, Acting Chairman of the CFTC; Brett King, founder of Moven; John Ryan of Conference of State Bank Supervisors; and a special series we recorded at the American Bankers Association Regulatory Compliance Conference this month. The ABA show includes a conversation with Promontory CEO (and former Comptroller of the Currency) Gene Ludwig and Alistair Renee of IBM Watson, who have teamed up to bring artificial intelligence to compliance through regtech. See you soon! Subscribe Sign up with your email address to receive news and updates. Email Address Sign Up We respect your privacy. Thank you!