Ken Goodgames Chief Executive Officer Transformance
Transcription
Ken Goodgames Chief Executive Officer Transformance
Ken Goodgames Chief Executive Officer Transformance Cornerstone Credit Union Foundation – FOCUS Summit MARCH 3, 2016 ABOUT TRANSFORMANCE Learning & Development Solutions: • From crisis counseling & community outreach to financial learning & innovation solutions • Portfolio including multi-platform eLearning / m-learning offerings 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. • Promoting financial learning and better decision-making, leading to long-term behavior change and sustainable outcomes • 42 years of nonprofit service 3 4 TRANSFORMANCE ECOSYSTEM 4 MARKET PROBLEM DALLAS TEXAS U.S. 68% of adults have subprime credit scores 64% of adults have subprime credit scores 54% of adults have subprime credit scores 62% of households live in liquid asset poverty 50% of households live in liquid asset poverty 44% of households live in liquid asset poverty 36% of households are unbanked or underbanked 37% of households are unbanked or underbanked 28% of households are unbanked or underbanked 5 CAUSE AND EFFECT Finances are still the leading cause of divorce in America. 6 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 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 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 Target Market Segments: • Pocket Change provides basic financial knowledge and skills to low and moderate income households • Curriculum targets younger working adults: 18 – 34 ( 65% ); Ages 35 – 55 ( 25% ); Ages 55+ ( 10% ) • Maximum impact in North Texas: Greater Dallas ( 70% ); Texas (20% ); U.S. ( 10% ) 10 11 TARGET MARKETS HIGH-NEED COMMUNITIES RELY ON SMARTPHONES, NOT PCs • Communities of Color • Female-Led Households • Military Families & Veterans • Young Adults / College Students 11 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 https://youtu.be/0bVM5U4I5Nc 13 14 GAMES4CHANGE 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 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 - 2015 CFED Assets & Opportunity Scoreboard 15 16 CENTER FOR SOCIAL INNOVATION 16 17 FOR MORE INFORMATION PLEASE CONTACT: Ken Goodgames, President & Chief Executive Officer [email protected] Michael Webb, EVP, Chief External Affairs Officer [email protected] Daniel Prescott, Vice President, Fund Development [email protected] THANK YOU FOR YOUR TIME TODAY ! 17