JPMorgan Chase & Co. and ideas42 Arm Nonprofits with Behavioral Insights To Help Tackle Financial Challenges Facing the Underserved
The Behavioral Design Project Connects Leaders in Financial Health With New Tools to Improve Lives of Underserved
July 20, 2016 (New York, NY) – At a recent two-day event, JPMorgan Chase and ideas42 launched their newest joint initiative, The Behavioral Design Project: Promoting Financial Health. An immersive 18-month program bringing together 11 leading organizations in the financial capability field to define and tackle tough problems with a behavioral lens, the initiative offers an exciting new pathway to scale proven behavioral science methods in consumer finance.
The Behavioral Design Project will provide a supportive, collaborative problem-solving environment for the selected organizations. Hailing from a wide array of specialties from housing access to wrap-around services to consumer financial products, each participant has identified a concrete challenge within their organization that has the potential to be improved with behavioral science.
Participants will connect with behavioral experts, including ideas42’s network of top academic advisors and affiliates; collaborate with non-profit and for-profit efforts working to promote financial health; and share insights learned from this project with the financial health field and beyond.
“Our most immersive initiative in financial inclusion yet will empower those at the forefront of this work to use effective behavioral tools in promoting financial health,” said Josh Wright, Executive Director at ideas42. “Our goal is to spread the power of behavioral insights across existing programs to achieve measurable, lasting results, and I look forward to seeing our participants tackle pervasive issues with the proven methods we have to offer.”
“Insights from behavioral economics are powerful tools for our community partners to improve financial health and increase economic opportunity for low income households,” said Colleen Briggs, Executive Director, Financial Capability, JPMorgan Chase. “Building on the support offered through the Financial Solutions Lab, we look forward to partnering with ideas42 to help more nonprofit partners apply these strategies to enhance their impact.”
The kickoff event is merely the first step in an ongoing initiative through September 2017 that will ultimately equip leaders in these organizations to successfully apply behavioral design to problems that their clients face.
The Behavioral Design Project participants are made up of representatives from:
- Center for Economic Progress
- Neighborhood Housing Services of Chicago, Inc.
- International Rescue Committee
- Seattle Housing Authority
- LIFT—Los Angeles
- Self-Help Federal Credit Union
- Catalyst Miami
- Prepare + Prosper
- Neighborhood Trust Financial Partners
ideas42 has a clear mission: to use our unique experience as a nonprofit at the forefront of behavioral science to change millions of lives. We create innovative solutions to tough problems in economic mobility, health, education, consumer finance, energy efficiency and international development. Our approach is based on a deep understanding of human behavior and why people make the decisions they do. Working closely with our partners from government, foundations, NGOs and companies, we have more than 80 active projects in the United States and around the world.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.5 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 consumers 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.
SOURCE: JPMorgan Chase & Co.