05/15/2019 | Press release | Distributed by Public on 05/15/2019 07:21
Investing in fintech solutions and financial coaching to help underserved communities increase savings, build credit, reduce debt and achieve their financial goals
New York City, NY - May 15, 2019 - JPMorgan Chase today announced a $125 million, five-year global commitment to improve the financial health of underserved communities. Through collaboration with community organizations, the investment will also help inform the development of products and services that can make banking more accessible to more people.
The new philanthropic investment is part of JPMorgan Chase's efforts to drive economic opportunity in cities across the world. The bank will identify, evaluate and help expand fintech solutions, and financial coaching programs to help people increase their savings, build credit, reduce debt and achieve their financial goals.
'When we create opportunities that make prosperity possible for more people, we become stronger as a country,' said Thasunda Brown Duckett, CEO of Consumer Banking at Chase. 'Our firm is being intentional in our approach by bringing together our people, our products and branches, our digital tools, and our community investments so we can serve everyone, including those who need it most.'
According to the World Bank's Findex, more than 1 billion adults across the world struggle managing their financial lives. In the U.S., new research from JPMorgan Chase and Morning Consult found that:
This is in line with findings from the JPMorgan Chase Institute that most households do not have sufficient liquid assets to weather 90% of income and expense fluctuations.
The $125 million investment will help tackle these issues for underserved communities - including low-income women, immigrants, people of color and the aging - by supporting the creation, testing and enhancement of innovative fintech tools that address their unique financial needs. In addition, it will support the development and expansion of proven financial coaching and just-in-time resources that can help people weather unexpected emergencies and meet their long-term financial goals - from building credit to buying a home.
'Good financial health is a key component of creating economic opportunity for residents,' said Clarence E. Anthony, CEO and Executive Director at National League of Cities. 'The investment JPMorgan Chase & Co. is making in underserved communities will support local leaders' efforts to build more financially resilient and inclusive cities.'
Examples of new philanthropic investments include:
Meeting mid- and long-term financial goals
'Financial health is foundational to every dream realized,' said José Quiñonez, CEO of Mission Asset Fund. 'JPMorgan Chase's leadership and investments to help new Americans improve their financial lives ensure that everyone has the opportunity to fulfill their economic potential, live their dreams, and contribute their part in making America better.'
'Helping more communities access the tools that they need to manage their financial lives and meet their goals is a critical component of ensuring that more people benefit from economic growth,' said Colleen Briggs, Head of Community Innovation at JPMorgan Chase. 'Through this effort, we will test and scale promising financial solutions to support the prosperity of households and communities around the world.'
Supporting the financial needs of our customers
In the past five years, the firm has been working with 250 organizations globally to create paths to financial health, including new savings products and models. Insights from that experience are helping inform new products and services at Chase, and the bank's market expansion.
Some examples include:
A History of Advancing Financial Health
Over the last five years, JPMorgan Chase committed over $100 million to 250 nonprofit organizations and research institutions across the world, helping 7 million people improve their financial health and save more than $1 billion.
The bank has been collaborating with U.S. organizations like the Financial Health Network (formerly the Center for Financial Services Innovation), Neighborhood Trust Financial Partners, National League of Cities and MyPath. Globally, the firm has been working with organizations like the Indian Institute of Management Ahmedabad's Centre for Innovation Incubation (IIMA-CIIE), BFA and the Learning and Work Institute in the UK.
It has also been leveraging the expertise and time of its employees to help maximize the impact of its philanthropic investments on the financial health of communities with over 3,000 employees having volunteered more than 34,000 hours.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.