Click me
Transcribed

The Start2Save Journey

THE START2SAVE JOURNEY years ago, Opportunity Fund saw an opportunity to create a savings program to increase client financial resiliency. Since 1994, Opportunity Fund has provided $83M in microloans and microsavings for clients in need. Four This is the story of how they recognized a problem, created a product to address it, and continue to innovate and listen to consumer needs. Opportunity Fund working capital for working people START2SAVE 1.0 AN IDEA IS BORN THE BIG QUESTION In 2011 Start2Save helped clients build Could consumers $1,500 struggling to pay bills on time save for the future? in emergency savings after launching as a matched savings program THE FIRST STEPS Start2Save 1.0 featured innovations like: Non-custodial Account Model Saving for Emergencies Financial Coaching START2SAVE 2.0 CREATING DEEPER IMPACT UNDERSTANDING THE CLIENT Opportunity Fund implemented two key changes: The program saw success but experienced difficulty enrolling clients. Financial coaching to support ongoing savings $ PLAN SHIFTING THE MESSAGE to direct clients towards specific use of funds rather than unpredictable events. 2 A secured credit card upon graduation APRIL 15 SAVING AT AVOIDING PREDATORY TAX TIME 0000 0000 0000 0000 LENDERS 66 SERVING THE CLIENT THROUGH OUR PARTNERS PROGRAM REFLECTIONS We stepped back and looked at the program with fresh eyes and saw that our partner organizations were our clients. Partners, including a variety of nonprofit organizations, better understand the unique financial needs of their clients. - Ingrid Holguin, Savings Program Director, Opportunity Fund START2SAVE 3.0 CONTINUED IMPROVEMENTS THE BIG ANSWER Consumers can save if they are given: Focusing on growth & empowerment, the program now allows clients to split savings into two areas: 1. consistent Aspirational goals Up to $1,000 the right tools & positive messaging at the right time Emergency Savings Minimum $500 FOR OPPORTUNITY FUND IT IS WORKING 66 LOOKING FORWARD S2S continues to be a journey..there may be an S2S 4.0 if the needs of the client demand it. Shannon Holdeman, Senior Savings Program Associate, Opportunity Fund more than 83% of new clients are on the path to better financial health. DO YOUR CLIENTS STRIVE FOR BETTER FINANCIAL CAPABILITY? Visit bitly.com/1wnZKJX to take our nonprofit self-assessment to see if product distribution is right for you. You can read more on Start2Save 1.0 in an earlier case study at: bitly/start2save CFSI Center for Financial Services Innovation

The Start2Save Journey

shared by visually on Jul 17
58 views
0 shares
0 comments
Opportunity Fund: Start2Save and the Journey of Product Development No journey is without its surprises, unexpected challenges, and well-earned successes, even within nonprofit organizations. Start...

Tags

None.

Category

Business
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size