Video: Adopters of the Measurement Plan, FINTECH Cadence

Transcript

Text on screen: Counting Change, Measuring the Impact of the National Financial Literacy Strategy.

(A person, Molly Willats, sitting upright facing front with a large window and plants in the background.)

Text on screen: Molly Willats, Head of Financial Health. Fintech Cadence.

Molly: Hi! I'm Molly Willats. I'm head of financial health strategy at Fintech Cadence and our Ontario Lead as well.

(Scrolling down the Fintech Cadence web page.)

Molly: Fintech Cadence is a non-profit organization, and we support early stage fintech startups to help them develop their businesses and grow and scale.

(Molly sitting upright facing front with a large window and plants in the background.)

Molly: The IFH lab is a four-month program for early stage fintech startups that are using technology to help improve financial inclusion and financial resilience of Canadian consumers and small businesses.

(Scrolling down the IFH Lab web page.)

Molly: Through the IFH lab, those startups get access to mentors. They get access to our network of industry experts. They get access to one-on-one coaching through the Fintech Cadence Team.

(Molly sitting upright facing front with a large window and plants in the background.)

Molly: The IFH Lab specifically focuses on startups that are building solutions for Canadians who are financially vulnerable or who are underserved by traditional financial services.

(Scrolling down the IFH Lab 2023 cohort web page.)

Molly: Since starting the IFH Lab, working with 28 startups to date, those startups have impacted the lives of over 100,000 Canadians.

(Molly sitting upright facing front with a large window and plants in the background.)

Molly: I think the hardest part about running the IFH lab is actually just deciding which startups we are going to work with. We get about 40 to 50 applications every year, and each year that we run the program, those applications get stronger, which is a wonderful sign that we're seeing more startups emerging that are tackling these kinds of problems. But it makes our decision around which solutions we support much more difficult. And that's where things like the FCAC Financial Literacy Strategy become helpful.

(Scrolling down the National Financial Literacy Strategy web page. It features an infographic in the shape of a rainbow outlining the priorities of the strategy.)

Molly: Because the Financial Literacy Strategy provides a framework that helps us understand what kinds of interventions are effective.

(Molly sitting upright facing front with a large window and plants in the background.)

Molly: We encourage Fintech startups to engage with the Measurement Plan.

(Scrolling down a series of squares, each square illustrating how to participate in the Measurement Plan, either by using Strategy-Aligned Measures (SAMs), sharing results and where to look if one needs more guidance).

Molly: The Measurement Plan provides a robust library of metrics and measures that have been built by organizations that have extensive experience and expertise in financial empowerment.

(Scrolling down the Measures Library web page which explains how to participate in the Measurement Plan. It features an infographic in the shape of a rainbow outlining the priorities of the National Financial Literacy Strategy, and a list of measures one can filter by a 2-step process: Step 1. By ecosystem priority, Step 2 by target outcome(s)).

Molly: We submitted three strategy-aligned measures to the FCAC’s Measurement Plan. We also encourage startups to submit their own measures because Fintech is a new way of intervening in some of these financial resilience challenges. And we need new ways to measure new solutions.

(Molly sitting upright facing front with a large window and plants in the background.)

Molly: And so, for startups, it's sort of a no-brainer. Why wouldn't you engage with the Measurement Plan and the Measurement Library?

(A mosaic of smiling people.)

Text on screen: Let’s make change that counts. Canada.ca/financial-literacy.