Fintech Reboot

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Organization:

First State Fintech Lab

City:

Wilmington

State:

Delaware

Organization Overview:

The First State Fintech Lab's (FSFL) primary mission is to establish Delaware as a Fintech leader in the United States. We are dedicated to nurturing and growing the financial technology ecosystem in Delaware by convening and collaborating across industries, disciplines, and demographics. We are a collective group of industry and government leaders whose purpose is to ask and answer big questions and drive systemic change.

What We Do: The FSFL concentrates on three central pillars:

  1. Public and private sector engagement by fostering novel public-private partnerships and collaboration opportunities.
  2. Demand-driven educational opportunities to develop talent, whether individuals are of school-age or mid-senior career professionals.
  3. Expanding opportunities and access to low investment communities. We work to ensure that all groups have the opportunity to acquire necessary resources.


Project Name:

Fintech Reboot
Project Type: 
Strategic Plan; Program Development

Project Overview:

The Delaware Community Reinvestment Action Council provides direct services to Delawareans to ensure equitable treatment and equal access to credit and capital through education, outreach, advocacy, and legislation.

One of the pillars of the FSFL is to be a force multiplier existing work that pursues greater social good, and to convene like-minded organizations and individuals.  Too, our mission is to ensure that - as Delaware's fintech industry grows - that there is equal opportunity for all Delawareans to be at the table and share in this growth.

Following the COVID pandemic and resulting economic crisis, DCRAC found itself ill equipped to deal with the onslaught of client and community needs that involved technology.  For example, they found their website resources poorly organized, which left  community members unable to easily access legitimate and easy to understand information from third party sources, and DCRAC alike. Another example are those clients *with bank* accounts who were unable to go to their physical branches, and were unable to access services via their mobile phone or home computer.  This may be the case that they didn't have those devices, weren't trained in how to use some of these applications, or some phones are unable to run these applications (old, phone is in another person's name, prepaid phones, etc.)

This project will entail working closely with the DCRAC team to identify gaps and weaknesses revealed in their current programming by the COVID crisis.

We will work to make recommendations to address real life situations that were encountered, and provide lessons learned and a strategic plan for action.  To the extent possible, we will help DCRAC execute on some items either directly through FSFL volunteers or staff, or by providing connectivity to fintechs and banks that may be able to better help and fund them.

Specific deliverables could include:

  • After-action, lessons learned report
  • Strategic plan for integrating fintech concepts and technology into DCRAC's organization
  • A public facing educational curriculum or document.




Fels Institute of Government

The Fels Institute of Government
3814 Walnut St. 
Philadelphia, PA 19104

(215) 898-7326
felsinstitute@sas.upenn.edu