Filene Research Institute is soliciting existing, in-market products and programs in consideration for a new project.
The project, called Filene's Incubator: Reaching Minority Households, aims to address the accessibility of financial services for the "underbanked" population of 50 million people across the U.S. The effort is supported by Visa.
The effort is aimed particularly at minority populations. Filene cited statistics that show more than 46.4% of Hispanic households and 53% of African-American households remain underbanked.
Filene will accept product and program submissions through Nov. 20. Five submissions will be selected based on their potential for impact and scalability in serving minority households. Those five will go on to be tested in-market.
The institute will also seek credit unions to employ the products or programs in early 2016. Those looking for more information can attend an information webinar hosted by Filene Nov. 5.
