Commonwealth Launches Inclusive Product Design Resource Center for Fintech and Financial Services

News provided by

Apr 28, 2022, 08:38 ET

Based on in-depth research with underserved consumers, Commonwealth's design resources provide practical insights for developing products as a lever to improve financial security

BOSTON, April 28, 2022 /PRNewswire/ -- Commonwealth, a national nonprofit that builds solutions to enable financial security and wealth building for all, has launched a resource center for inclusive product design for fintech and financial services. The resource center presents actionable insights and recommendations based on more than 20 years of research with people living on low to moderate (LMI) incomes, who are disproportionately female, Black and Latinx. Commonwealth's insights address the systemic issues that can be barriers to developing financial products that serve the needs, wants and aspirations of LMI people.

"Inclusive, human-centered product design is an invaluable lever for improving financial security and opportunity for people traditionally left out of the financial system," said Commonwealth Co-Founder and Executive Director Timothy Flacke. "Ultimately, building more inclusive products is a pathway for closing the racial and gender wealth gaps, and core to our mission of achieving financial security and wealth for all."

While having access to great products doesn't replace access to financial resources – particularly for systematically excluded groups – there is an opportunity for product designers to serve the unique needs of LMI customers and increase engagement through inclusive design. Commonwealth's research, made possible with the support of MetLife Foundation, along with real world field testing, demonstrates that more inclusive design must account for consumers' present and historical context.

Commonwealth's resource center highlights the benefits and importance of inclusive product design and outlines four foundational design principles: designing for system change, fostering agency, designing for dignity, and focusing on aspirations – not just the present situation. Ultimately, the goal is to provide the tools and insights to practically design financial and benefits products that can address systemic financial inequities.

"Commonwealth's inclusive design toolkit presents a tremendous opportunity for product designers to more effectively support the needs of those who are financially underserved," said Tia Hodges, President and CEO of MetLife Foundation. "MetLife Foundation is proud to support Commonwealth as they deliver these actionable insights to the financial services industry."

The insights from Commonwealth focus on:

Framing financial security as a journey, including providing support at important moments, building steps and fostering agency.
Connecting to community, including leveraging community networks to inspire and connecting consumers with resources and knowledge
Tapping into positive aspirations and values, including centering goals around values and individualizing the experience.

For more information on Commonwealth's resource center for inclusive design, visit: https://buildcommonwealth.org/our-work/beyond-financial-factors/inclusive-product-design. There, you can view the current insights and sign up to be notified of new research or updates.

About Commonwealth
Commonwealth is a national nonprofit building financial security and opportunity for financially vulnerable people through innovation and partnerships. Black, Latinx, and female-led households disproportionately experience financial insecurity due in large part to longstanding, systemic racism and gender discrimination. Addressing these issues is critical to Commonwealth's work of making wealth possible for all. For nearly two decades, Commonwealth has designed effective innovations, products, and policies enabling over 1.5 million people to accumulate more than $6 billion in savings. Commonwealth understands that broad changes require market players to act. That's why we collaborate with consumers, the financial services industry, employers, policymakers, and mission-driven organizations. The solutions we build are grounded in real life, based on our deep understanding of people who are financially vulnerable and how businesses can best serve them. To learn more, visit us at www.buildcommonwealth.org.

About MetLife Foundation
At MetLife Foundation, we are committed to expanding opportunities for low- and moderate-income people around the world. We partner with nonprofit organizations and social enterprises to create financial health solutions and build stronger communities, while engaging MetLife employee volunteers to help drive impact. Since 1976, MetLife Foundation has contributed nearly $1 billion to build stronger communities. Our financial health work has reached more than 17.3 million low- and moderate-income individuals in 42 markets. To learn more about MetLife Foundation, visit metlife.com.

CONTACT:
Kristen Elworthy
[email protected]
978 539 7171

SOURCE Commonwealth