Our commitment to building an inclusive financial ecosystem
We’re proud to announce that we’ve recently joined the Center for Financial Services Innovation’s (CFSI) Financial Health Network. CFSI was established to promote innovation in financial services to meet the financial health needs of all Americans. This goal aligns well with our mission to lower the barriers to innovation and deliver access to the financial system.
Over the past year, we’ve underscored our commitment to building inclusive financial ecosystem with infrastructure that supports nearly every American, no matter where they bank. We’ve focused on strengthening our connections for community banks and credit unions, and we’ve also worked more closely with companies and nonprofits focused on doing good. At an industry level, we’ve aimed to put consumers first through leadership of, and participation in, a variety of working groups. These include CFSI’s FinTech Innovation and Regulation Working Group, where we’ve been highly engaged for years.
For example, we began working with EARN, a national nonprofit that helps low-income families by analyzing spending and saving habits in connected accounts, and rewarding saving through the SaverLife program. We also started supporting LendUp’s effort to improve access to credit with alternatives to payday loans. They have approved more than 4 million loans across the U.S., including for underserved consumers with credit scores in the 300s. Both use transaction data from Plaid to help ensure that more consumers can make use of their products and services than the financial ecosystem may otherwise be able to afford.
But while our products are core to achieving our mission, we also know that continued innovation in financial services requires deep collaboration. That’s why we’re especially excited to join forces with the more than 130 member companies who share our commitment to improving financial health for all Americans. Together, we’ll work to support and accelerate innovation for the benefit of consumers everywhere.