ASEC Partners' Meeting
Financially Fit DC
April 2017
Presentation Outline
 About Financially Fit DC
 FinFit DC’s Unique Approach
 New Measures of Success
 LifeCents for Financially fit DC
 Q&A
Financially Fit DC
Mayor Muriel Bowser launched the Financially Fit DC initiative
on January 9, 2017 with a focus on five core components:
A District Government Initiative
Financially Fit DC is Mayor Bowser’s Initiative conceived to encourage
all District Residents to take control of their financial well-being,
moving to make Washington, DC the most financially fit city in the
nation. The Financially Fit DC model utilizes an interactive web
platform that allows residents to develop personalized action plans to
achieve their financial goals.
Public Private Partnership
FELA | LifeCents
A leading independent provider of
financial education services and
educational technology solutions.
LifeCents is our proprietary web
based financial health and wellness
application.
Bank on DC, a DISB Program
Collaboration between the district,
financial institutions and nonprofits to provide education to
un/underbanked households in the
DC Metro Area.
A Partnership Seven Years Strong
oApril 2010
oOct 3, 2012
oBank on DC and FELA
partner to launch first
program to provide district
residents access to LifeCents
oLaunch of LifeCents for VALOR
Public/private partnership
between the DC Office of
Veterans Affairs and FELA
oApril 2015
oLaunch of LifeCents
for MBSYEP
oApril 2016
oLaunch of the FHA
in LifeCents for
MBSYEP
oJanuary, 2016
oLaunch of
standardized Financial
Health Assessment
(FHA)
January, 2017
oMarch 2014
oLaunch of LifeCents
for DC StreetCar
oMarch 2016:
oLaunch of LifeCents
for DOES Project
Empowerment
What makes Financially Fit DC Unique?
1.
2.
3.
4.
5.
6.
Defines personal financial health
Provides personalized wellness plans
Integrate DC public services and
community programs
Provides access to real-time program
data on performance and progress
Responds to participants’ needs,
interests and goals
Uses new measures of success in
improving consumer financial health
Financial Health Defined…Finally
Consumers do not know
intuitively what good
“financial health” is.
LifeCents provides a
much needed perspective
and raises awareness of
this concept – often for
the first time.
Measuring Financial Health
Each participant gets a
personalized assessment
of their financial health
across three key
dimensions:
1. Financial IQ
2. Financial Habits
3. Financial Mindset
Personalized Wellness Plans
Actionable Results & Access to Help
 Personalized action plan and roadmap
 Show measurable steps needed to
achieve good financial health.
 Access to “CONNECTIONS”
o
o
o
o
o
Coaches & Advisors
Partners
Programs
Services
Other Resources
Partner Integration
Financially Fit DC is a
one-stop shop to access
information about DC
programs and services as
connections and
resources for users.
Access to Data, Data, Data
DC can easily monitor –
in real time – the activity
and performance of the
program through the
LifeCents reporting
portal.
Visibility into Program Performance
LifeCents provides
real time analytics
and insights on
program outcomes.
Ongoing User Engagement
 “Nudges” (emails) are used to
deliver targeted messages and
communications to participants
 Personalized and relevant
messages reinforce experiences
and content
New Approaches to Measure Success
In addition to traditional long-term outcomes such as increased savings and
reductions in consumer debt, Financially Fit DC recognizes other measures of user
progress and achievement.
Engagement
Consumer
Awareness
Partner
Outcomes
Connections
Made
Milestone
Based
Achievements
LifeCents for Financially Fit DC
User Engagement Drives Outcomes
LifeCents delivers a
personalized and
engaging user
experience that
drive high levels of
participation –
making positive,
measurable
outcomes possible.
Interactive, Personalized Experiences
LifeCents lets each
participant “tell their
story” about their
relationship with
money. Every
interaction
contributes to
building an even
more robust profile.
Improving Personal Awareness
Each participant builds their
personalized financial wellness
plan over time, but only after
they’ve learned why each step is
important.
The more they participate, the
more robust their profile, and the
more personalized their
experience will be over time.
Connecting with Partners
71%
Of all users connected
with this partner
Embedded access to
DC's partners, programs
and services to create a
unified access point for
participants. This
approach build capacity
for all stakeholders.
Partnership Outcomes
Achieve programmatic outcomes
like opening a bank account through
partners like Bank on DC.
48%
• Completed the
Financial Health
Assessment
44%
• Of those users
connected with a
local bank account
Milestone Based Achievements
Use of milestone-based
achievements – not just
time based progress to reward small steps
and encourage users to
take action.
Using Data to Drive Outcomes
Data and analytics from Financially
Fit DC allow stakeholders to:
 Build on engagement by
responding to targeted sub-sets of
district residents
 Customize the services and
education based on an individual’s
needs, interests and goals
How YOU Can Benefit from Technology
DELIVER
OUTCOMES
ENCOURAGE
INDEPENDENCE
STRENGTHEN
RELATIONSHIPS
BUILD CAPACITY
MAKE AN
IMPACT
IMPROVE YOUR
EFFICIENCY
Get Involved
DC Residents
 Learn more at welcome.financiallyfitdc.com
 Sign up at www.financiallyfitdc.com
Program Providers
 Incorporate education available in Financially Fit
DC into your existing program
 Invite DISB and Bank on DC to present with your
organization
 Partner with us to develop a similar program in
your city or community
For More Information
Blake Allison
CEO & President
FELA | LifeCents
P: 202.360.2378
E: [email protected]
www.myfela.com
www.mylifecents.com
Michelle Hammonds
Bank on DC Program
DC Department of Insurance,
Securities and Banking
P: 202.442.7791
E: [email protected]
www.disb.dc.gov