The Change Company has officially launched their newest neobank, ChangeFi in an effort to support the banking disadvantages women face around the world. Women in the U.S. and abroad are statistically less likely to have a bank account and own homes. According to GlobalFinDex, women make up 55% of the world’s population without a bank account, a staggering 1 billion women worldwide. It’s generally much harder for women to open accounts for reasons including, a lack of formal identification and limited access to internet and mobile phones in poor and marginalized communities. Globally, women are making significantly less income than men, which makes it harder for them to afford bank accounts that require a minimum balance. Additionally, some women don’t have the ability to access a branch if they don’t have a vehicle or are stay-at-home mothers. ChangeFi was created to address those needs by charging no overdraft fees, no monthly fees, no minimums while highlighting easy to use money management tools.
As a digital bank, ChangeFi is creating initiatives specifically in the hopes of leveling the playing field of financial opportunities for women and female entrepreneurs. Its parent company, The Change Company, earned Community Development Financial Institution (“CDFI”) certification from the United States Department of Treasury CDFI Fund in May 2018. Their CDFI Fund helps promote access to capital and local economic growth in low income and developing communities across the nation. This designation allows the company to provide equal access to the American Dream for all communities, including women in underserved communities.
ChangeFi sees the women’s banking initiative as one of the most important company priorities in 2021. This focus is reflected not just in their customers, but internally as well. CEO of ChangeFi and President, The Change Company, B.C. Silver discusses the need for female leadership in their financial institution: “From an organizational standpoint, we also empower women in banking. I’m proud to say that my team is predominantly female including several female executives. As a girl dad, gender equality is something I take very seriously. I’m honored to work for an organization that embraces diversity in the workplace which is highlighted in our senior executive leadership as well as within our board of directors,” says Silver.
But when it comes to its mobile banking platform, how does The Change Company actually plan on helping women meet their financial goals? Their uniqueness is found in their several lines of business, which empower women throughout their financial journey-wherever they may be. From Change Lending, which makes the dream of homeownership possible through traditional and non-traditional mortgage products and offers small business, renovation and real estate investor loans to help expand minority business ownership in America, to ChangeFi, an online banking solution that levels the playing field for women and overlooked minority communities by bringing social and racial equity to banking, to Change Lab a startup incubator that develops innovative, digital-first products to help communities on their path to financial freedom. Change Escrow and Change Appraisal ensures their members work with a qualified appraiser who is knowledgeable about our specific neighborhoods and is able to provide an accurate valuation of our properties. And finally, they have xChange, an online marketplace for socially responsible investors who are searching for loans that will increase social equity for women everywhere. It’s Time for Change!