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 non-profits to provide education to un/underbanked households in the DC Metro Area.

A Partnership Seven Years Strong April 2010 Bank on DC and FELA partner to launch first program to provide district residents access to LifeCents Oct 3, 2012 Launch of LifeCents for VALOR Public/private partnership between the DC Office of Veterans Affairs and FELA March 2014 Launch of LifeCents for DC StreetCar April 2015 Launch of LifeCents for MBSYEP January, 2016 Launch of standardized Financial Health Assessment (FHA) March 2016: Launch of LifeCents for DOES Project Empowerment April 2016 Launch of the FHA in LifeCents for MBSYEP January, 2017

What makes Financially Fit DC Unique? 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 Defining financial health for participants Providing participants with personalized wellness plans Integrating DC public services and community programs Accessing real-time program data on performance and progress Responding to participants’ needs, interests and goals 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: Financial IQ Financial Habits 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” Coaches & Advisors Partners Programs Services Other Resources Actionable Results & Access to Help Each participant gets a personalized action plan and roadmap to help them achieve their personal financial goals and to show measurable steps needed to achieve good financial health. Included in this process is access to “CONNECTIONS” such as coaches, advisors, and other resources based on the user’s profile.

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 LifeCents delivers personalized messages to each participant to reinforce their experiences and content in LifeCents. These “NUDGES” are also used by partners to deliver highly targeted messages and communications.

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 Connections Made Partner Outcomes 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 48% 44% Achieve programmatic outcomes like opening a bank account through partners like Bank on DC. Completed the Financial Health Assessment 48% Of those users connected with a local bank account 44%

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 STRENGTHEN RELATIONSHIPS ENCOURAGE INDEPENDENCE MAKE AN IMPACT BUILD CAPACITY IMPROVE YOUR EFFICIENCY Deliver Outcomes Deliver measurable and personalized financial health outcomes for everyone with whom you work Encourage Independence Empower people to work independently to improve their financial capability Build Capacity Extend your reach to not only serve those you coach, but also their family members and others in your community Strengthen Relationships Engage people in new and exciting ways to build stronger relationships than ever Make an Impact Connect more people to your services to make a real impact in your community Improve Your Efficiency Automate your workflow(s) to work smarter – not harder

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: blake@myfela.com www.myfela.com www.mylifecents.com Michelle Hammonds Bank on DC Program DC Department of Insurance, Securities and Banking P: 202.442.7791 E: michelle.hammonds@dc.gov www.disb.dc.gov