Compass Principles: Guiding Excellence in Financial Services

Posted by on April 30, 2012

Late last year, CFSI released a public draft of the Compass Principles white paper and sought feedback from providers, consumer advocates, policy makers, regulators, and other experts. The insights and feedback collected have enhanced the principles and ensured that the framework in the final white paper is as robust, comprehensive, and effective as possible. Today, we are proud to announce the release of the final Compass Principles white paper.

“Compass Principles: Guiding Excellence in Financial Services” outlines aspirational guidelines that encourage the financial services industry to be proactive, creative, and customer- focused when designing products and services. By using the Compass Principles, financial services companies can be profitable while at the same time help customers make day-to-day progress in the short term and build assets for the future. The Compass Principles initiative is supported, in part, by the Ford Foundation and Omidyar Network.

“The Compass Principles were developed out of a need for higher quality products in the financial marketplace for underserved consumers– but the ideals of quality are no different for any user of a financial product or service,” says Jennifer Tescher, President & CEO of CFSI. “We believe the principles are a way to inspire financial innovation that links consumer success with provider success.”

CFSI is partnering with a variety of companies to craft formal commitments to integrate the Compass Principles into their business through approaches such as making enhancements to existing products and services, or developing new products and services with an emphasis on improving the financial lives of their customers. Plastyc, Inc. and Core Innovation Capital are the first companies to complete CFSI’s application process and finalize a Compass Commitment pledge. Plastyc is a leading independent provider of online banking and payment services. Core Innovation Capital, a strategic partner of CFSI and an investor in Plastyc, is a venture fund focused on investing in scalable financial technology companies that serve unbanked and underbanked.

To learn more about the vision, value, and practices of the Compass Principles articulated in the white paper, register for the webinar hosted by CFSI on May 8, 2012 at 1:00 p.m. CDT on the CFSI website.

The complete white paper is free for download at CFSI website, http://cfsinnovation.com/content/compass-framework-and-tools

To learn more about making a Compass Principles Commitment pledge, visit the special section of CFSI’s website focused on Compass Principle Commitments, http://cfsinnovation.com/content/commitments