Ken Goodgames Chief Executive Officer Transformance

Transcription

1 Ken Goodgames Chief Executive Officer Transformance

2 Cornerstone Credit Union Foundation FOCUS Summit MARCH 3, 2016

3 ABOUT TRANSFORMANCE Learning & Development Solutions: From crisis counseling & community outreach to financial learning & innovation solutions Portfolio including multi-platform e- Learning / m-learning offerings Promoting financial learning and better decision-making, leading to long-term behavior change and sustainable outcomes 42 years of nonprofit service Transformance is rapidly expanding its learning platform, investing in new technology, and building collaborative partnerships to provide breakthrough financial learning solutions that help transform lives. 3

4 TRANSFORMANCE ECOSYSTEM 4 4

5 MARKET PROBLEM DALLAS TEXAS U.S. 68% of adults have subprime credit scores 62% of households live in liquid asset poverty 36% of households are unbanked or underbanked 64% of adults have subprime credit scores 50% of households live in liquid asset poverty 37% of households are unbanked or underbanked 54% of adults have subprime credit scores 44% of households live in liquid asset poverty 28% of households are unbanked or underbanked 5

6 CAUSE AND EFFECT Finances are still the leading cause of divorce in America. 6

7 CAUSE AND EFFECT A new GAO analysis finds that among households with members aged 55 or older, nearly 29 percent have neither retirement savings nor a traditional pension plan. 7

8 CAUSE AND EFFECT The average amount of student loan debt is approaching $30,000, according to a new report from the Institute for College Access and Success. Meanwhile, the national student loan default rate dropped to 13.7% in 2014 which is still too high, according to Education Secretary Arne Duncan. 8

9 CAUSE AND EFFECT Underbanked consumers tend to rely upon non-bank money orders, non-bank check cashing services, non-bank remittances, payday loans, rent-to-own services, pawn shops, or refund anticipation loans (RALs). 9

10 TARGET MARKETS 10 Target Market Segments: Pocket Change provides basic financial knowledge and skills to low and moderate income households Curriculum targets younger working adults: ( 65% ); Ages ( 25% ); Ages 55+ ( 10% ) Maximum impact in North Texas: Greater Dallas ( 70% ); Texas (20% ); U.S. ( 10% ) 10

11 TARGET MARKETS 11 HIGH-NEED COMMUNITIES RELY ON SMARTPHONES, NOT PCs Communities of Color Female-Led Households Military Families & Veterans Young Adults / College Students 11

12 ENTER POCKET CHANGE Multi-Platform Solution for Developing Financial Capability: Features 24/7 Multi-Platform Accessibility On-line or via Mobile App Experiential or Hands-on Learning has the Greatest Long-Term Impact Meeting users where they are The Fitbit of financial literacy Connecting users to Financial Coaching & Crisis Counseling Resources Preventative vs Cure Learning 12

13 INTRODUCING POCKET CHANGE

14 GAMES4CHANGE 14 Connecting people where they are to financial learning tools: Transformance & G4C Event - March 18, 2016 Catalyst for innovative gamified financial learning Executive judge / employee participation available Courtner Moran Co Chair of the event Challenge will include Financial & Tech Sector, plus Academia, Employers, Independent Developers, etc. 14

15 DELIVERING MEASUREABLE IMPACT 15 Partner with Us to Build Sustainable Communities: Building Greater Resiliency for Facing a Crisis Ending the Paycheck to Paycheck Mindset Helping to Create Pathways from Poverty Reducing Dependence on Predatory Lending Sources Improved Credit Scores and Reduced Indebtedness Increased Savings Rate / Proactive Retirement Planning 44% of Americans are Living in Asset Poverty, with Little or No Savings for a Rainy Day CFED Assets & Opportunity Scoreboard 15

16 CENTER FOR SOCIAL INNOVATION 16 16

17 FOR MORE INFORMATION 17 PLEASE CONTACT: Ken Goodgames, President & Chief Executive Officer Michael Webb, EVP, Chief External Affairs Officer Daniel Prescott, Vice President, Fund Development THANK YOU FOR YOUR TIME TODAY! 17