Pilot program to help MDIs tackle financial wellness

Thirteen minority depository institutions will soon pilot a program designed to boost the financial wellness of minority communities. 

The pilot – led by the National Bankers Community Alliance, the HBCU Community Development Action Coalition and iGrad – will help the MDIs create a customized financial wellness website, issue calls to action and reward consumers for improved financial behaviors. 

The MDIs, which were not identified, will be able to provide in-person counseling, online programming and support services. 

The effort is being supported by a $500,000 grant from the Wells Fargo Foundation. 

“As banking and financial services evolve, customers have a greater need for innovation and for information to help them manage their finances,” Nicole Elam, president and CEO of the National Bankers Association and executive director of the National Bankers Community Alliance, said in a Thursday press release. 

MDIs “are critically important in communities of color and can directly support the financial health of communities where typically there are gaps in banking services,” Bonnie Wallace, Wells Fargo’s head of financial health philanthropy, said in the release. 

"We’re excited to help NBA member banks advance their digital transformation and expand access to digital financial wellness tools that can help people and families reduce debt, save for retirement, or reach other financial goals,” Wallace added.