How Do We Include Vulnerable Populations in the Financial Mainstream?
A talented group of four innovators presented their ideas for including vulnerable populations into the financial mainstream at our 2016 Color of Wealth Summit. At the session, called “Equitable Strategies for Advancing Financial Inclusion, Innovation and Access,” four judges listened to the proposals and offered constructive feedback. Watch the discussion and
The winner of the $10,000 planning grant, generously offered by JPMorgan Chase & Co., was WealthyLife, which will develop a mobile game that provides high-quality financial literacy training to students and families in underserved communities.
The other innovators were
- Working Solutions, a collaboration among The Pastors & Ministers Alliance, Veridian Credit Union and the African American Leadership Forum in Des Moines, Iowa which proposed to bring financial education and services to places of worship;
- PayActiv, a San Jose based technology payments solution that seamlessly allows workers to access to earned but unpaid income between paychecks, aligning earning with spending and protecting low- and middle-income employees from high fees for financial services like walk-in bill-pay services and payday loans; and
- Latino Economic Development Center, which proposed a bank branch on wheels to connect low-income communities in Baltimore City with affordable banking products and services.