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Chase unveiled a first-of-its kind branch in the heart of Harlem, a model that it will replicate in up to six new cities in the next year, including Los Angeles and Chicago. From events and workshops, to localized art and architecture, to a custom lab for digital innovation and skills training, the new Harlem branch was inspired and designed by the community it serves.
In addition to this community-inspired branch model, JPMorgan Chase today announced a $25 million commitment to the Financial Health Network’s Financial Solutions Lab (Opens Overlay) which will focus on creating fintech tools to help people increase savings, reduce debt and meet their long-term goals. This new philanthropic investment follows a $30 million collaboration between the Financial Health Network and JPMorgan Chase over the past five years to identify and develop tools that help people in the U.S. improve their financial health.
“What we are doing in Harlem is inspiring our work in other communities across the country,” said Thasunda Brown Duckett, CEO of Chase Consumer Banking. “We will continue to make our branches community destinations, strengthening relationships with community partners and investing in fintech that can help serve people and their personal financial journey, wherever they are.”
Chase has been adding live events and Chase Chats – interactive conversations on topics that support consumers’ financial goals — at branches across the country. The new Harlem location takes that model further by opening its doors for nonprofit and community partners. They will host sessions too, on topics that help support success in business ownership, at home, at work and in school, at no cost and open to everyone.
Since opening its doors in June, the branch has already held over 30 community events, including sessions led by local nonprofit organizations Neighborhood Trust Financial Partners – focused on promoting financial health — and Hot Bread Kitchen – focused on skills training. These nonprofit organizations have also collectively received $2 million from JPMorgan Chase so they can serve more people.
Through its on-site Innovation Lab, the Harlem branch will also test new ways to help consumers online and on their mobile devices with real-time feedback from customers to meet consumers’ changing needs and behaviors.
The branch is also collaborating with Google to host free sessions led by a Google Digital Coach that will help Harlem residents improve their online and digital skills. Classes include topics that support their careers or businesses, like how to build websites, manage social media, create resumes, and master other digital tools.
To broaden access to digital tools for consumers everywhere, JPMorgan Chase is extending its support of the Financial Solutions Lab with a new $25 million, five-year philanthropic investment. The Financial Solutions Lab is a joint initiative with the Financial Health Network to identify, develop and scale fintech solutions that can improve the financial health of people across the U.S. With this new commitment, the Financial Solutions Lab will invest in early-stage fintech solutions, and existing digital products.
Over the past five years, the Financial Solutions Lab (Opens Overlay) has provided capital, mentorship from JPMorgan Chase employees and other resources to approximately 40 financial technology companies from more than 1,600 total applicants.
Tools developed by Financial Solutions Lab alumni reach over 4.5 million people in the country, helping them save more than a billion dollars. With support from the Lab, the companies have raised more than $500 million in follow-on funding.
“The Financial Health Network’s continued collaboration with JPMorgan Chase will strengthen our efforts to spur innovations that improve the financial health of U.S. consumers,” said President and CEO of the Financial Health Network, Jennifer Tescher. “In 2020 and beyond, we’ll continue with fintech accelerator programs while expanding our non-profit-fintech exchange efforts and exploring unmet consumer needs, particularly for low-to-moderate-income individuals.”
Chase has been serving Harlem since the 1960s and is also renovating and upgrading 10 more branches that serve the area.