Supporting Community Development Financial Institutions and Minority Depository Institutions via open finance

CDFIs and MDIs should be able to offer their customers the same experience as Wall Street Banks. Here’s how.

CDFIs and MDIs who embrace the open financial ecosystem can become a platform for their customer’s digital financial lives, helping them access the broader digital financial world.

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Supporting CDFI and MDIs via Open Finance
A majority of Americans report using fintech to manage their money, from budgeting and saving, to investing and paying off debts.

About the Whitepaper

Over the past decade, the financial services industry has undergone significant transformation driven by technology and shifting consumer expectations. Consumers are increasingly turning to digital applications and services to manage their finances, a trend that has accelerated significantly as a result of the COVID-19 pandemic. In fact, in 2020, a small majority of Americans reported using fintech to manage their money, from budgeting and saving, to investing and paying off debts. This number rose to 88% in 2021, according to the 2021 Fintech Effect Report.

While engagement in traditional financial services sees stark differences along racial and ethnic lines, fintech usage appears much more egalitarian among several key demographics. Our whitepaper explains how this creates an opportunity for Community Development Financial Institutions and Minority Depository Institutions to deliver a more equitable financial system to these communities through seamless access to fintech apps and services.

In this whitepaper, you’ll learn how CDFIs and MDIs can:

  • Embrace the open finance ecosystem
  • Establish themselves as a platform for their customer’s digital financial lives and help them access the broader digital financial world to manage their finances.
  • Efficiently serve their customers, and in the process preserve and even scale their businesses.