Common Cents Lab

Partner with Financial Institutions

Common Cents partners with organizations including fintech companies, banks, credit unions, and non-profits, to test behavior-based interventions aimed at increasing the financial well-being of low- to moderate- income people living in the United States.

Our 2016 partners strive to solve some of the most difficult financial problems Americans face with their finances: from increasing emergency savings to smoothing consumption for SNAP recipients. We work to design a real-world solution, rigorously test its impact, and provide recommendations for scaling.

We are are currently reviewing applications for our 2107 partnerships.

2016 Fintech Partners

  • Digit: Digit is an automatic savings tool. We ran a four-condition experiment via SMS that resulted in a large increase in tax-time savings for Digit customers. We’re currently collaborating on experiments that further work to increase savings.  See Business Insider coverage here.
  • EarnUp: EarnUp is a financial startup that simplifies low-income Americans’ mortgage repayment process by decreasing the term of their customer’s loan through matching loan payments with a user’s payday. Together we are designing nudges that aim to significantly decrease a user’s overall loan term.
  • Gusto:  Gusto is an online payroll and benefits platform.  How do we increase financial well-being for employees? Our team is partnering with Gusto to address this question.
  • Payable: Payable is a payment platform that enables contractors to get paid faster. Together we created an intervention  that increased conversion to retirement savings. We are in the process of designing more ways for their contractors to save.
  • Propel: Propel is behind “Fresh EBT”,  a mobile app that provides a way for SNAP food stamp recipients to check their balance and transaction history. We are working together to understand how we can help SNAP recipients smooth out their consumption throughout the month
  • Retiremap:   Retiremap provides software for advisors to better serve their clients. We collaborated with Retiremap to launch a digital coaching platform that helps advisors scale one-on-one financial coaching and use goals to drive short- and long- term savings and expense reduction. The app will launch in 2016 to a selected group of financial advisors.

2016 Financial Organization Partners
(banks, credit unions and non profits)

  • AARP: We ran a full day, 40 person workshop for their retirement calculator team and caregiving team. Our team is currently working with AARP to understand how to best address the financial needs of senior citizens.
  • Credit Union 1: We are working with the credit union to nudge members to build savings while paying their auto loans. We will be launching a test aimed to increase uptake and contribution rates to the special savings account.
  • Duke Federal Credit Union: We are working with the credit union to increase rainy day savings by leveraging mental accounting and saliency. Specifically, we are testing how automatically opening Rainy Day Savings Accounts impacts balances in savings accounts.
  • Latino Community Credit Union: We are running experiments that aim to increase usage of the credit union by underbanked populations. In particular, we are testing methods to increase deposits into credit union accounts among members who primarily participate in the cash economy.
  • Self-Help Credit Union: We are collaborating with Self-Help to design and launch a new retirement savings product that mimics workplace retirement savings, but tailored for members without access to a 401K.
  • GreenPath Financial Wellness: GreenPath offers a variety of financial counseling services, as well as debt management plans. We are currently testing strategies to help clients who have opted into a debt management plan stick to their budget and make their debt payments through the first six months in the program.
  • Robin Hood:  Robin Hood Foundation is focused on ending poverty in NYC. We are working with them to drive adoption of food stamps. We are doing a large scale experiment that aims to address the core barriers to the food stamp sign-up process.

Are you an innovative fintech company, credit union, or bank? We’ll work with you to design ways to increase your customers’ financial health and wealth. We have an annual application process every fall, so sign up for our newsletter to learn when the window opens for 2018 applicants. In rare cases, we accept proposals outside of this window.