{{Infobox company | name = Financial Health Network | type = nonprofit | industry = financial services | founded = 2002 | hq_location = Chicago | website = {{url|finhealthnetwork.org}} }}
The '''Financial Health Network''', formerly known as the '''Center for Financial Services Innovation''' (CFSI), is a nonprofit financial services consultancy headquartered in Chicago, specializing in serving unbanked and underbanked consumers.
An affiliate of ShoreBank Corporation, CFSI grew out of a research project conducted in 2002 by a division of ShoreBank on behalf of the Ford Foundation to examine the gap between supply and demand of financial services for low-income consumers as well as potential strategies to close it. The project, authored by Ellen Seidman and Jennifer Tescher showed that millions of Americans are faced with an inadequate supply of well-designed, reasonably-priced financial products and services to both meet short-term needs and provide opportunities for longer-term wealth creation.<ref>{{Cite web |date=2004-02-04 |title=From Unbanked to Homeowner: Improving the Supply of Financial Services for Low-Income, Low-Asset Customers {{!}} Joint Center for Housing Studies |url=https://jchs.harvard.edu/research-areas/working-papers/unbanked-homeowner-improving-supply-financial-services-low-income-low |access-date=2024-06-15 |website=jchs.harvard.edu |language=en}}</ref><ref>{{Cite web |title=20th Anniversary - |url=https://finhealthnetwork.org/20th-anniversary/ |access-date=2024-06-15 |website=Financial Health Network |language=en}}</ref>
==Work== Financial Health Network serves the industry in three primary ways: as an educator, conducting research and disseminating it widely; as a broker, connecting people and organizations within the industry; and as an investor, funding both for-profits and nonprofits.<ref>{{Cite web|url=http://www.dailygazette.com/news/2008/mar/02/0302_altfinside/|title = Why do people use higher-cost alternative financial services? Answers vary | the Daily Gazette| date=2 March 2008 }}</ref> It has partnered with tax preparation firms to help underbanked consumers file their taxes.<ref>http://findarticles.com/p/articles/mi_m0EIN/is_2005_Sept_20/ai_n15398514 {{Bare URL inline|date=September 2022}}</ref> It regularly provides research grants for financial services researchers.<ref>{{cite web|url=http://www.socialedge.org/features/opportunities/archive/2008/02/16/weblogentry.2008-02-14.8407715751 |title=The Center for Financial Services Innovation (CFSI) Nonprofit Opportunities Fund — Social Edge |accessdate=2008-03-24 |url-status=dead |archiveurl=https://web.archive.org/web/20080325051240/http://www.socialedge.org/features/opportunities/archive/2008/02/16/weblogentry.2008-02-14.8407715751 |archivedate=2008-03-25 }}</ref><ref>{{Cite web |url=https://www.reuters.com/article/pressRelease/idUS134534+12-Feb-2008+BW20080212 |title=CFSI Announces Grant Opportunities for Nonprofit Organizations | Reuters |website=Reuters |access-date=2017-06-30 |archive-date=2012-09-08 |archive-url=https://archive.today/20120908111230/http://www.reuters.com/article/pressRelease/idUS134534+12-Feb-2008+BW20080212 |url-status=dead }}</ref> It has researched mobile-banking in connection to the underbanked.<ref>{{Cite web |url=http://www.paymentsnews.com/2007/04/cfsi_releases_n.html |title=Payments News: CFSI Releases New Research on Mobile Banking and the Underbanked - April 30, 2007 |access-date=2008-03-24 |archive-url=https://web.archive.org/web/20080718125656/http://www.paymentsnews.com/2007/04/cfsi_releases_n.html |archive-date=2008-07-18 |url-status=dead }}</ref> It is the sponsor of the annual Underbanked Financial Services Forum, the leading event in this industry.<ref>{{cite web|url=http://www.insuranceheadlines.com/Financial-Services/2568.html |title=CFSI Releases 'Highlights from the Inaugural Underbanked Financial Services Forum' News - CFSI Releases 'Highlights from the Inaugural Underbanked Financial Services Forum' Industry News |accessdate=2008-03-24 |url-status=dead |archiveurl=https://web.archive.org/web/20090109143238/http://www.insuranceheadlines.com/Financial-Services/2568.html |archivedate=2009-01-09 }}</ref>
An April 2013 press release indicated that the Center's Financial Capability Innovation Fund II (FCIF II) would be distributing $2.5 million in grants to eight non-profit organizations, with the goal of supporting efforts to "help consumers improve their credit scores, increase their savings, and avoid unnecessary transaction fees."<ref>{{Cite web |last=Candid |title=Center for Financial Services Innovation Awards $2.5 Million |url=https://philanthropynewsdigest.org/news/center-for-financial-services-innovation-awards-2.5-million |access-date=2024-06-15 |website=Philanthropy News Digest (PND) |language=en}}</ref>
==See also== * ShoreBank * Political and Economic Research Council—a Chapel Hill, NC-based think tank dealing in the same issue area
==References== <references />
==External links== * [http://www.cfsinnovation.com/ CFSI website] {{Webarchive|url=https://web.archive.org/web/20080215135449/http://www.cfsinnovation.com/ |date=2008-02-15 }}
Category:Non-profit organizations based in Chicago Category:Financial services companies based in Illinois Category:Financial services companies established in 2002