Center for Financial Services Innovation and Technology
Center for Financial Services Innovation and Technology (CFS-IT) envisions accelerating the innovation and ideas in the financial services industry to meet the needs of residents of the state of Delaware and beyond, by means of providing application, academics, research, and networking opportunities with like-minded partners and providers.
The need for a center for excellence such as the CFS-IT is beyond doubt. As the credit card capital of the United States, Delaware is uniquely poised to be at the forefront of the rapidly growing financial services industry. According to the Delaware Business Times, Between 2015 and 2020, employment in Delaware’s financial services industry is projected to grow around 8.4% — compared to 1.6% in the U.S. overall. The Center and its activities focus on areas critical to the State of Delaware financial services industry and financial well-being of its citizens.
The mission of the Center for Financial Services Innovation and Technology (CFS-IT) is to improve the financial health of State of Delaware, especially the underserved, by promoting ideas and dialogue, which enhance robust and innovative financial services ideas, products and practices.
Our vision is of a financially healthy Delaware, which is accessible, innovative, sustainable and is ethically serving the needs of state residents, whereby ultimately creating an ecosystem that is more profitable for the financial services industry.
The Center for Financial Services Innovation and Technology, located on the Delaware State University campus, provides consulting services in areas which enhance and promote the financial services sector in the State of Delaware.
- Supporting innovation and entrepreneurial ideas in the financial services sector through industry analysis and coordination efforts with public and private partners.
- Partnering with financial services stakeholders to research and investigate the role of Financial Technology (FinTech) and how it is impacting the financial services sector of the first state.
- Promoting and supporting state agencies, municipal governments, nonprofit and private organizations, and Delaware residents through consulting, research, publications, and public service outreach of the Center.
- Compiling and maintaining database and models of State’s financial services sector.
- Promoting workforce development through academic programs, certifications and skills training.
- Promoting financial planning and financial literacy by means of awareness campaigns, expert-led workshops, and guest lecture events.
- Conducting economic impact analysis, business analysis and workforce analysis in financial services and related industry.
- Fostering collaboration and networking among financial services firms and community businesses and residents to address the financial services needs in the State of Delaware.
- Establishing a Financial Entrepreneurship Lab (FEL) to identify, test and commercialize promising innovations that will help Delawareans increase savings, improve credit, and build assets.
- Promoting financial literacy awareness among the next generation of Delawareans, particularly the K-12.