From Investing in What Works for America's Communities
Tescher focuses on consumer financial services. Lower income consumers and communities are disproportionately challenged by lack of access to good products that meet their needs fairly and transparently. This is not just a matter of being "unbanked." Technology, especially mobile, can assist in improving the situation, but it is not the full answer. The Compass Principles that the Center for Financial Services Innovation has developed—embrace inclusion to responsibly expand access; build trust to develop mutually-beneficial products that deliver clear and consistent value; promote success to drive positive consumer behavior through smart design and communication; and create opportunity to provide options for upward mobility—can, in concert with regulation, provide a roadmap to the sustainable quality products and services consumers and communities need.
Author: Jennifer Tescher, Center for Financial Services Innovation
Date of Publication: August, 2012
Last Updated: August, 2012