Top 23 Highlights of 2023

Top 23 Highlights of 2023

Top 23 Highlights of 2023

In 2023, SpringFour was instrumental in making financial health a mainstay across industries. Our financial wellness solutions empowered institutions to drive empathy-first strategies, which led to improved repayment rates, increased bottom lines, enhanced brand trust, and empowered customers across the country who now have access to resources that support their financial health.

Thanks to this work — which is almost two decades in the making — we partnered with many more institutions, delivered our resources to more people than ever before, and received incredible awards, thought leadership opportunities, and media coverage throughout 2023.

We are proud of these accomplishments, and we know that without our partners, none of this would be possible. Please find our top 2023 highlights below.

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1. Delivered more than 5 million money-saving financial health referrals to consumers in 2023.

2. Forged and expanded partnerships with a range of organizations including leading banks, lenders, servicers, credit unions, employers, nonprofits, and more.

3. Added 2,000 new nonprofit and government resources to address rising demand for rental, student loans, healthcare, and many other financial needs, bringing our total number of resources available to 23,500.

4. Launched a brand new product with expanded reporting and analytical capabilities to demonstrate impact.

5. Recognized by Fast Company with the 2023 Brands that Matter Award in the Finance category alongside Morgan Stanley and Golden 1, which included the magazine feature: “Why you can bank on these 3 brands when it comes to financial health.” 

The social impact fintech works with some of the country’s largest banks, including Capital One and M&T Bank, to support customers struggling with financial stability through its innovative technology. In an industry that at times has not prioritized the financial health of consumers, SpringFour is taking a different approach to banking.

Rebecca Barker

Fast Company

6. Drove the conversation around the importance of empathy-first strategies that support customers and drive repayment rates with the American Banker thought leadership piece by our Founder & CEO, Banks should adopt an empathy-first attitude toward the struggling, an interview on CX Leaders Podcast, “Easing the Burden,” as well as a feature alongside our partner, BMO: “‘The bottom line is empathy’: BMO and SpringFour are changing what it means to bank on consumers’ financial progress.”

Is there a possibility to transform a bank’s role into an institution that provides assistance beyond checking accounts and credit cards? With the help of the social impact fintech SpringFour, banks like BMO say it’s not only a social prerogative but a business one, as well.

Rabab Ahsan

Tearsheet

7. Created impact that made a difference for consumers: 

  • A customer reduced their monthly electric bill by half from $300 to $150.
  • A customer received $800 of rental assistance in one month.
  • A customer found a job after being out of work for 6 months.
  • An elderly couple saves over $170 monthly with SpringFour resources.

8. Chosen as Finovate Innovator of the Year Award, winning out of a pool of impressive finalists.

9. Amplified our partnerships’ successes through press coverage and thought leadership in popular media outlets with clients including BMOFay ServicingOppFiPurchasing Powerand Self

10. Expanded resources to meet pressing needs and increased demand from student loan borrowers as student loan payments resumed in fall 2023.

11. Showcased Rochelle’s background and founder story, shedding light on the impact of SpringFour’s mission and innovation in Madam Ambition’s “Rochelle Gorey: A Story of Service and Innovation” and NYC Fintech Women’s Fintech Female Fridays series.

SpringFour is mission-driven and purposeful, and Rochelle leads and inspires her team of changemakers with authenticity everyday in growing the company — to be better and do better.

Bhuva Shakti

NYC Fintech Women

12. Garnered press recognition in Banking Dive, validating our mission and impact: “SpringFour helps banks link customers to financial aid.”

SpringFour, a fintech, said it has identified the root causes of some of these problems and has come up with a tool aimed at helping those in need of financial assistance.

Rajashree Chakravarty

Banking Dive

13. Responded to consumer needs and market trends, introducing a new category of support: transportation resources for cars and auto repairs, public transportation, rideshares, and more.  

14. Accepted an invitation for one of our team members to join the 2023 Financial Health Network’s Member Advisory Committee and to participate on a panel at FHN’s EMERGE Insights event focused on financial health, AI, ESG, bank regulation, and more with other industry leaders. 

15. Attended Capital One’s 2023 Supplier Diversity Summit and Purchasing Power’s National Partner Advisory Board meetings to highlight the companies’ partnerships with SpringFour and demonstrate impact to stakeholders. 

16. Received prominent mentions in client ESG reports, including BMO’s 2022 Sustainability Report and M&T Bank’s 2022 ESG & Sustainability Report, demonstrating SpringFour’s ability to create joint social impact.

17. Recognized with Fintech Futures’ Annual Banking Tech Awards in the Women in Technology: Software & Services Provider category.  

18. Worked with 1871 and BMO as part of SpringFour’s ongoing participation as an alumna of their WMNfintech program: This year’s engagements included sharing SpringFour’s story onstage in the WMNfintech lounge at Fintech Meetup in Las Vegas, attending an alumni roundtable and this year’s participants’ pitch competition, as well as receiving a press mention in American Banker.

19. Joined forces with Self CEO Julie Szudarek to highlight how women CEOs are creating successful businesses that also help people in Fintech is Femme’s “Fintech CEOs Team Up to Improve Financial Well-Being: Two is Better than One.”

The numbers tell a compelling story—SpringFour’s most popular category is people using it to save on life’s essentials like health care and utility costs. Plus, this isn’t just a feel-good story—it’s strategic. For example, SpringFour’s platform increases bottom lines, by upping repayment rates and reducing delinquency, a challenge every bank faces.

Nicole Casperson

Fintech is Femme

20. Served as an industry leader and seized opportunities to mentor others in the field as a judge for Northwestern University’s Global Engagement Summit. 

21. Supported customers through seasonal and circumstantial changes like paying taxes, the resuming of student loan payments, recovering from natural disasters, unexpected home or auto repairs, changes in Medicaid and healthcare availability, and more.

22. Kept a pulse on consumer and market trends in order to inform our clients and provide strategic solutions that meet customer needs and power their financial health.

23. Created impact for individuals, families, agents, institutions, and bottom lines. Here’s what our clients tell us:

SpringFour has been a great partner to Capital One, giving us the flexibility to explore different ways of integrating their resources into our experiences. The SpringFour team is thoughtful, responsive, timely, friendly and positive partners. This partnership enabled Capital One to continue its mission to deliver resources to customers in challenging economic conditions.

Bill Iverson

Director of Mainstreet Financial Health Team, Capital One

SpringFour has been a lifesaver for us. The Red Tab Foundation is geared toward assisting our employees and retirees who are facing a financial emergency. SpringFour provides tools and resources for our clients to fill in the gaps where our grant guidelines may be limited. In addition, even when a grant is disbursed, SpringFour ensures that our clients are left with additional tools to further navigate their situation. At the end of the day, SpringFour is on top of current events and helps to ensure that all of our clients are in a better place, whether a grant is given or not.

Bryce Kumagai

Case Manager, Levis Red Tab Foundation

Thank you, as always, for your support,

  Rochelle Nawrocki-Gorey

  CEO & Founder

   

Awards and Recognition

       

                         

 

 

 

 

 

                              

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info@springfour.com
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza

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2024 Predictions: Financial Education Alone is Out & One-Stop Financial Health Shops Are In

2024 Predictions: Financial Education Alone is Out & One-Stop Financial Health Shops Are In

2024 Predictions: Financial Education Alone is Out & One-Stop Financial Health Shops Are In

As the new year approaches, the financial services industry is going beyond providing financial education and are showing up for their customers like never before. 

“Financial education alone is out,” says Rochelle Gorey, Founder and CEO of SpringFour. “People do not need more budgeting apps or reading material about saving techniques — but a combination of both education and tangible, actionable financial assistance resources can go a long way to making a real difference for consumers.”

A quick Google search for “budgeting tips” yields over 2.13 billion results. Looking for a budgeting app? The Apple App Store has hundreds of options to choose from. And yet research from the Financial Health Network shows that the financial health of Americans has dropped to pre-pandemic levels, with an increasing number of people moving toward financial vulnerability. Why, despite increasing access to financial tools and education, are Americans continuing to struggle financially? To put it simply, financial education alone is not enough. 

“Due to global and personal crises alike, individuals are increasingly living paycheck to paycheck and need resources that can help them in real-time and in clear, tangible ways,” Gorey continues. As pandemic-era financial programs become a thing of the past and inflation continues to impact the cost of living, nearly 40% of families in the US report having difficulty paying their bills and other expenses. Additionally, 40% of households say they would only be able to cover expenses for a month or less. Offering quick tips and financial education to these segments may provide a bandaid to help them reframe their financial situation, but what they really need is access to nonprofit and government resources that can truly make a difference in the areas of their lives that matter — food savings, rental assistance, employment services, affordable childcare, healthcare and prescriptions assistance, and more.

Gorey has a vision of the future in which financial institutions help their customers by providing access to financial health resources that can drive true change for consumers. She says, “In 2024, banks and financial institutions must become one-stop shops for their customers’ financial health, providing access to resources that can help them pay their bills and find their financial footing while destigmatizing the financial challenges that more and more people face.”

It’s not a new concept that financial institutions should be providing these kinds of services – 59% of retail bank customers said in 2022 that they expect their financial institutions to help them improve their financial health, and yet very few banks are delivering on that expectation. People want to know their banks care beyond what they’ve seen in the past.

“While in the past, organizations have shared their values by supporting causes through donations and social media statements, customers now want to see how banks’ values directly impact their daily lives. In 2024, customers will increasingly choose banks and financial institutions that adopt empathy-first strategies that increase customers’ financial health and lead to more money in their pockets,” concludes Gorey.

In 2024, the financial services industry is stepping up to the plate and providing consumers with real-world solutions to their very real financial struggles. We can’t wait to see it. 

Phylicia Clifton

Senior Client Success and Impact Manager

Awards and Recognition

       

                         

 

 

 

 

 

                              

DRIVE IMPACT WITH US

info@springfour.com
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza

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Self Financial and SpringFour Deliver More Than 3 Million Financial Referrals to Consumers, Powering Financial Health

Self Financial and SpringFour Deliver More Than 3 Million Financial Referrals to Consumers, Powering Financial Health

Self Financial and SpringFour Deliver More Than 3 Million Financial Referrals to Consumers, Powering Financial Health

CHICAGO, December 14 – Today, SpringFour, a social impact financial wellness fintech company, announced that its partnership with leading credit building company Self Financial has delivered more than 3 million financial health referrals to consumers.

 

Since the partnership began in 2019, SpringFour has offered Self customers  —- many of whom live paycheck to paycheck  — access to its more than 23,000 trusted local government and nonprofit resources in 665 cities, towns, and metro areas across the United States through S4direct, SpringFour’s digital self-serve product. Recently named a Fast Company “Brand That Matters,” SpringFour enables companies to connect their customers with targeted financial health resources, ultimately increasing payment performance, enhancing brand trust, improving bottom lines, and powering consumers’ financial health and capability.

 

According to the Federal Reserve Bank of New York’s Center for Microeconomic Data, aggregate household debt balances increased by $228 billion in the third quarter of 2023, with $386 billion in newly originated mortgage debt and an increase of $30 billion in outstanding student loan debt. This challenging economic climate makes access to financial health resources increasingly important for American families. A SpringFour survey of low- and moderate-income families showed that, while 83% of households are interested in receiving resources from financial institutions, only 17% of respondents were aware of where to go to access such resources. 

 

“The economy is challenging right now, particularly for consumers who are also trying to build their credit. Our partnership with SpringFour enables us to provide resources in addition to credit building to more customers so they can be more financially resilient and reach their goals,” said Julie Szudarek, CEO of Self Financial. 

 

Over the past four years of the partnership, SpringFour and Self have delivered millions of referrals to Self customers in areas such as food savings, rental resources, heating and utility costs, healthcare savings, financial counseling, and more, helping consumers reduce household expenses and empowering them on their financial health journeys. SpringFour has helped Self meet its customers’ changing needs. In fact, in Q3 2023, Self customers’ demand for student loan counseling resources increased 10% compared to Q2 2023. With access to SpringFour’s robust database of resources, hundreds of thousands of customers have been connected to nonprofit and government resources to aid in the progress of their financial health journey. 

 

“We are proud to bring SpringFour’s resources to Self customers,” said SpringFour CEO Rochelle Gorey. “Especially in such a challenging economic climate, SpringFour and Self’s shared commitment to empathy-first financial health strategies is helping consumers build credit, increase their options, and power their financial capability. In order for people to improve their overall financial health, comprehensive strategies are needed and our partnership is core to that, helping people access existing resources to reduce their costs and mitigate hardships.”

 

 

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About SpringFour

SpringFour, the first-of-its-kind, leading social impact fintech, empowers banks, credit unions, fintech lenders, employers, mortgage servicers, nonprofits, and more to connect consumers with vetted, local nonprofit and government financial health resources — increasing payment performance, adding brand value, driving social impact, supporting financial health, and powering bottom lines. Trusted by Capital One, BMO, M&T Bank, OppFi, KeyBank, Avant, Enova, Oportun, Mission Lane, and more, SpringFour is a Certified B Corporation, WBE, and the only woman-led, social impact fintech creating opportunities for enterprise-wide innovation. SpringFour’s product suite includes an innovative contact center tool, digital self-service models, and API. SpringFour delivered 4.4 million financial health referrals to consumers in 2022 in categories including food assistance, rental resources, heat/utility savings, affordable childcare, employment resources, prescription savings, and more. SpringFour is an award-winning fintech, recently recognized with Fast Company’s 2023 Brands that Matter and Finovate’s 2023 Innovator of the Year. To learn how SpringFour can benefit your organization, visit www.springfour.com.

 

About Self Financial

Self Financial is a credit-building platform that works to increase economic inclusion and financial resilience through easy-to-use products that make building credit accessible. With no hard credit check to get started, Self’s signature Credit Builder Account and secured Self Visa® Credit Card issued by its partner banks are designed to enable people to build credit and savings simultaneously. The company also offers free rent reporting to the three major credit bureaus, and utility payment reporting to TransUnion. Download the Self app at the Apple App Store (250,000+ reviews and an average 4.9 rating) or Google Play or visit Self.inc for more information.

 

Awards and Recognition

       

                         

 

 

 

 

 

                              

DRIVE IMPACT WITH US

info@springfour.com
866-732-2246

Chicago Office at 1871
222 Merchandise Mart Plaza

JOIN OUR MAILING LIST

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