Today, we are proud to share our Q1 Impact Report with you.

At SpringFour, impact is core to everything we do. A comprehensive look at the first quarter of 2023, this report delves into the consumer needs and financial industry trends we’re seeing. It demonstrates SpringFour’s unique position to deliver critical solutions to pressing needs. Every single day, our social impact fintech makes it possible for brands to help consumers in real ways — and that not only feels good, it makes business sense.  

Together with our partners, we delivered 1,248,781 financial health referrals to consumers this quarter — and as a result, we helped organizations improve repayment rates, boost customer engagement, power financial capability, empower employees, add brand value, and more.

As the economic environment changes, SpringFour is prepared with proactive updates to support consumers as soon as they are faced with a challenge. Since many Americans filed their taxes this quarter, we updated and strengthened our Income Tax Support offerings to help consumers receive all the tax credits they’re entitled to. Before Covid-19 public health emergency declarations ended last week, we updated the nonprofit and government resources in our healthcare-related categories and provided more detailed information about prescription savings programs offered by drug manufacturers, nonprofits, and governments; discounts on prescription medication; and more.

And none of this would have been possible without the SpringFour team and the support of our clients who drive impact for their consumers every day through SpringFour. 

After reading this impact report, we ask that you please do two things:

1. Send us a note to let us know which trend surprised you the most. 
2. Share this report with others in your network.

We are proud to drive impact with you. Thank you, as always, for your partnership.

Rochelle Nawrocki-Gorey

CEO & Founder

Financial capability is knowing where to go for support. 

In a SpringFour survey conducted in 2020, we asked low- to moderate-income households if they were familiar with any resources that can provide assistance in helping reduce household expenses. 40% of respondents were not at all or not very familiar with these resources, while 43% were somewhat familiar. Only 17% of respondents were very familiar with resources that might be available to help them through a financial setback. 

That’s why, in honor of Financial Capability Month (formerly known as Financial Literacy Month), we are highlighting how SpringFour, together with our partners, is helping households across the country find the support they need. This knowledge empowers consumers not only to alleviate any current financial burdens but to know where to turn for support in the future to face financial challenges, pay off loans, and save money.

Mission Lane, a like-minded, mission-driven fintech, uses SpringFour to help its customers improve their credit. In this GoBankingRates article, SpringFour’s partnership with Mission Lane is highlighted as a solution to help consumers reduce expenses and save. Organizations that partner with SpringFour not only empower their customers and deliver on their ESG goals, but also increase repayment rates and reduce delinquency, driving value for the organization to create win-win-wins. 

Mission Lane, a like-minded, mission-driven fintech, uses SpringFour to help its customers improve their credit. In this GoBankingRates article, SpringFour’s partnership with Mission Lane is highlighted as a solution to help consumers reduce expenses and save. Organizations that partner with SpringFour not only empower their customers and deliver on their ESG goals, but also increase repayment rates and reduce delinquency, driving value for the organization to create win-win-wins. 

Morgan Pierce

Impact and Communications Manager

In my first few months as a full-time team member at SpringFour, I was given the opportunity to attend Fintech Meetup. This trip marked: 

– My first time attending a conference for work

– My first time visiting Las Vegas

– My first in-person event with SpringFour

To say I am thankful for this opportunity is an understatement, and I’m honestly floored at how much I was able to take in and learn in less than three days. 

SpringFour was invited to share our story at 1871 and BMO’s WMNfintech lounge. Rochelle, SpringFour’s CEO and Founder, was celebrated as a woman founder and given the opportunity to pitch SpringFour to conference attendees and other founders. I saw Rochelle share SpringFour’s story and how it’s become a critical solution for financial institutions.

She also shared key insights as a panelist on World Business Chicago’s “Masterclass on Chicago Fintech” about the tech ecosystem, investment trends, and the future of fintech in Chicago.

Our mission is to re-create at scale the stories that inspired us to build our company. 

Rochelle has always led SpringFour with the mission – the people – at the forefront. Long before “financial health” was an industry term, she knew there were nonprofit and government resources that could improve lives. She set out to create what she didn’t know at the time was a social impact fintech that was empowering consumers’ financial health before other players in the industry were even paying attention to consumer needs.  

Rochelle’s background in community development and financial services, as well as her experience growing up in a low-income household, gave her the foresight to build SpringFour, the innovative solution that helps financial institutions deliver those resources to consumers. Rochelle’s background inspires her to stay focused on helping as many people as possible by connecting them to free, vetted resources through SpringFour. She embodies this mission every day which makes going to work easy, motivates me to do my best, and helps me feel good about what we’re doing. 

Behind every one of SpringFour’s referrals to free, personalized financial resources is a story. Our driving force is seeing people being directed to free resources that can improve their financial health.

Fintechs can (and should) empower customers facing financial stress, which is the #1 cause of stress in America right now.

I heard stat after stat about the breadth and depth of financial struggle that Americans are facing right now. 

– 60% of consumers can’t afford an unexpected $400 expense.

– Nearly half of Americans between the ages of 27 and 58 now have more credit card debt than savings.

– 16% of high-earners (annual income exceeding $100,000) are struggling to pay their bills.

These are difficult times for everyone – times for fintech to capitalize on its unique position to solve real-world problems that have yet to be solved.

Bank-fintech partnerships are uniquely positioned to drive real, unique, innovative value and expand consumer trust. 

According to a recent study done by MX, only 44% of respondents believe their financial providers have their best interest at heart. Nearly all financial institutions in 2023 need to build, re-build, or expand customer loyalty – and bank-fintech partnerships are an easy step in the right direction. Financial institutions who lead with empathy and adopt innovative financial health technologies do well in business. Mission-driven fintechs like SpringFour can help organizations better address real pain points by providing dependable financial assistance, increasing repayment rates, improving consumer trust, and empowering customers toward financial success.

There is power in leveraging data to anticipate consumer needs, which helps us build effective solutions that truly address those challenges.

As a Liberal Arts major in college, I used to cringe at the word “data,” thinking of it as a big pile of overwhelm and numbers that didn’t connect me quickly enough to the person with the story. Now I know that data is a powerful tool we can leverage to deeper understand the unique stories and needs of the people who use SpringFour. Data helps us provide timely, proactive insights that enable people to get ahead of decisions and empower them to improve their financial health.

Business strategy is not merely reporting numbers, it’s capitalizing on a company’s unique competitive advantage.

Going to Fintech Meetup not only reminded me how special SpringFour is, but many people that I met also confirmed what we are doing in the fintech space is different and that it matters. SpringFour creates win-win-wins: improving business performance, increasing customer trust and loyalty, and empowering consumers toward financial success. That’s not to mention the improvements in employee satisfaction, foreclosure prevention efforts, NPS, and ESG outcomes that happen as a result of partnerships with SpringFour. Every single day, we are helping people, and that not only feels good — it makes business sense.

Fintech has made great advances in DEI and gender equity, but there’s still a long way to go.

Fintech Meetup allowed me to learn from inspiring women who are paving the way and empowering more people in fintech toward success. Women who are building innovative, successful business models that can change the world. Women providing valuable industry insights and driving important conversations. Women who are never giving up and always fighting for a more equitable fintech community. Women who persevere, even when supporting women in fintech is all the rage in conversation – yet in practice, the glaring inequities continue.

THANK YOU

Morgan Pierce

Impact and Communications Manager

The announcement was also covered in IBS Intelligence and PYMNTS.

We are proud to partner with OppFi, a like-minded, mission-driven fintech. To learn more about opportunities for sharing and promoting your organization’s partnership with SpringFour, contact us at impact@springfour.com. 

Morgan Pierce

Impact and Communications Manager

Behind every referral is a consumer experiencing financial hardship. We are committed to changing the way our industry responds to people experiencing financial hardship with the goal of eliminating stigma, providing valuable support, and treating people with empathy, dignity, and respect.

Consumers requested and received access to the following resources in 2022:

Thanks for joining us this year as we work diligently with our partners to connect as many consumers as possible with financial health resources they want, need, and deserve.

“We have seen a tremendous benefit to our customers. Since the beginning of our partnership, SpringFour has provided BMO customers with references to over 200,000 crucial financial health resources. This has been a valuable experience that we are proud to offer our customers, and which has also benefited the bank through improved portfolio performance.” 

 

– Jeoff Begin, Vice President, Head of US Collections & North American Small Business Special Accounts, BMO Harris Bank

Morgan Pierce

Impact and Communications Manager

2022 has been a year of great achievements for SpringFour. From new product developments and enhancements to press, awards, and media features, there’s so much good news to share.

But, as inflation soars and a potential upcoming recession remains ahead, it’s important to stay on mission and remember where our success comes from. Consumers across the country are struggling, and they need support from their banks and financial institutions. 

SpringFour continues to work hard to connect as many consumers as possible to valuable financial health resources that can make a difference. We lead with empathy, keeping consumers’ financial wellness at the forefront of all we do. Our mission remains to eliminate the stigma associated with financial hardship and bring innovative solutions to the industry to help improve payment outcomes and overall financial health. 

With this mindset, we are proud to share our top 12 highlights from 2022 and to celebrate all we’ve accomplished this year with our partners.

1. 4 Million Financial Health Referrals Delivered: Delivering more referrals in a year than ever before, SpringFour was able to connect consumers with more than 4 million referrals to vetted and valuable nonprofit and government resources in 2022. Last year, we delivered just over 3.1 million referrals, and pre-pandemic referral levels were around 1 million per year. Consumers are in need and it’s critical to remember that behind each referral is a household in need.

2. New Deployments:  SpringFour saw many new deployments in 2022 with partners including top ten banks, regional banks and credit unions, consumer finance and auto lenders, employee relief providers, and more. We onboarded new partners and expanded already existing partnerships. A few of our new deployments included Mission Lane, which was featured in IBS Intelligence and Tearsheet, Purchasing Power, which was featured in Benefits Pro, and many more.

3. 5 New Team Members: SpringFour increased its talent and industry expertise by adding five new team members this year: Yasmine Anavi, EVP of Business Development and Strategic Partnerships, Vincent Frederico, Director of Client Engagement and Business Analytics, Colleen Maxwell, Director of Business Development and Compliance, Kate McCarthy, Director, Product Development and Client Experience, and Morgan Pierce, Impact and Communications Manager.

4. Honored with 3 Awards: Rochelle Nawrocki-Gorey and the SpringFour team were selected to receive three awards this year. Rochelle was named a 2022 Lendit Fintech Woman of the Year Finalist, having demonstrated outstanding leadership, integrity, performance, and a commitment to fostering gender diversity both within her company and in the industry at large. SpringFour was also named a first-ever Social Impact Award finalist at the 1871 Chicago Momentum Awards because of its commitment to DEI, community contributions, and social impact. Most recently, Rochelle was named a 2022 Inspiring Fintech Female by NYC Fintech Women in the Founders category. Rochelle was honored in a celebration held at the New York Stock Exchange alongside the other winners. As a certified B, social impact fintech, SpringFour is proud to be honored among other industry leaders with these recognitions.

5. Participated in 4 Speaking Engagements: SpringFour is proud to be recognized as a trusted industry thought leader, having participated in multiple events this year to share our expertise. CEO & Co-Founder Rochelle Nawrocki-Gorey participated in a panel at Financial Health Network’s EMERGE Conference titled, “Making ESG Part of Your Financial Health Strategy,” which dove into how companies can successfully incorporate financial health metrics into their ESG strategies. At the Massachusetts Community & Banking Council’s Inaugural Financial Equity Summit, Rochelle spoke about the promises and pitfalls of fintech. Rochelle also shared her experience as a founder on a panel at the 39th Annual Celebration of Achievement for NAWBO Chicago, “The Power of Community: Support, Energy, & Rejuvenation,  discussing best practices and ideas for pitching your company both onstage and beyond. Together with one of our partners, Purchasing Power, Rochelle participated in the webinar, “Creating Financial Wellness Benefits to Support the Immediate Needs of Your Workforce,” diving into the reality of financial stress, the role employers play today with financial wellness, and how access to immediate solutions can make an organization an employer of choice. 

6. Featured in 4 Partners’ ESG Reports and Published ESG Thought Leadership: With ESG a core priority across industries, SpringFour is proud to be at the forefront of this work. Our customers recognize that a partnership with SpringFour is crucial to achieving their ESG metrics and goals. This year, four of our partners highlighted their partnerships with SpringFour as key to their companies’ ESG initiatives: M&T Bank, OppFi, BMO Financial Group, and Oportun. SpringFour was highlighted at BMO Financial Group’s Annual Shareholder meeting, with this notable remark from the CEO, Darryl White: “Our ability to leverage partnerships, whether from the very largest firms or very newest fintechs, has helped enhance our competitive position, drive growth, disrupt competitors, and make progress against our efficiency commitments.” In May 2022, SpringFour released a case study titled, “SpringFour is Integral to ESG: Financial Health is Social Impact.” This report shares the incredible ESG work that our partners, including BMO Financial Group, Mariner Finance, M&T Bank, OppFi, and Oportun, are turning to SpringFour to achieve. SpringFour shared its thought leadership in BAI in an article, “How Banks can Prioritize the “S” in ESG.”

7. Highlights of SpringFour’s Impact with Leading Organizations: SpringFour was featured in the press with articles highlighting SpringFour, published thought leadership articles, books, and podcasts. SpringFour was featured in Innovations of the World’s book featuring new innovations in diverse industries. See an online version of the book: “SpringFour: How a Social Impact Fintech is Improving the Financial Health of Millions”. Rochelle Nawrocki-Gorey also spoke on a podcast that features women entrepreneurs called Invisible Ink in the episode, “Bootstrapping a Social Venture in Fintech.” Badcredit.org published the feature,  “SpringFour Connects Bank Customers With Financial Wellness Resources,”. These are just a few of the many press features we received this year.

8. Published Financial Health Thought Leadership: SpringFour published thought leadership about an array of critical topics this year, from fintech banking partnerships to preparing for a possible recession. Rochelle Gorey’s thought leadership was featured in Global Banking & Finance, “A recession may be coming. Are banks ready to help their customers?” Rochelle was also featured twice in BAI, on the podcast titled “Customer financial health should be a top priority,” and an article titled, “How fintechs can push banking innovation.” In BankingExchange, Rochelle partnered with Dr. Jay Michael Collins, SpringFour Co-Founder, on the article, “Banks helped us avoid a repeat of the 2008 financial crisis.”

9. 16 New Financial Health Resource Guides: Every year, SpringFour authors Financial Health Resource Guides that provide expertise on a variety of financial health topics. SpringFour has been creating these guides since 2020 and has already accumulated 16 expert guides. New additions this year include Finding Affordable Child Care, Paying for Home Repair, and an updated guide on Paying for Student Loan Debt. 

10. Creating Meaningful Impact with Our Partners: We work hard to build trust and engagement with our clients. This focus on top-notch engagement has resulted in these powerful testimonials from our clients that celebrate the work we’ve accomplished together.  

1. • “Our partnership with SpringFour has been extremely helpful to our customers and our business. Thanks to SpringFour, we are able to provide important resources to our customers based on their individual needs, which strongly aligns with our company’s mission of improving the financial health of everyday Americans. The team at SpringFour is passionate and is constantly working hard to enhance our usage of their products.” – Deepti Gupta, Director of Corporate Strategy, OppFi
   • “We are driven to support every facet of need in the markets we serve, delivering the capabilities of a larger bank with the care and empathy of a local institution. SpringFour is a like-minded partner. Their platform allows us to offer customers an easy way to locate local resources to address financial challenges and help them achieve financial wellness, so we can make a difference in their lives.” –Richard Gold, CEO, M&T Bank
   • “With resources updated regularly and a team that has extensive experience in social services. community development, and nonprofit work, SpringFour delivers resources from the most trusted organizations.” – Freedom Mortgage
   • “Since 2016, we have partnered with SpringFour to bring more than 20,000 resources from local nonprofits and government financial agencies to our members nationwide. These services provide support for more than 30 unique economic situations our members and communities may face, such as childcare, disaster relief, legal assistance, healthcare, and employment.” – Oportun, Corporate Responsibility & Sustainability Report 2021
   • “We have seen a tremendous benefit to our customers. Since the beginning of our partnership, SpringFour has provided BMO customers with references to over 200,000 crucial financial health resources. This has been a valuable experience that we are proud to offer our customers, and which has also benefited the bank through improved portfolio performance.” – Jeoff Begin, Vice President, Head of US Collections & North American Small Business Special Accounts, BMO Harris Bank

11. Newly-Redesigned S4pro Tool Is Easier to Use Than Ever: Each day, agents use our S4pro tool to deliver thousands of financial health referrals to those in need. This year, our clients saw the benefit of a newly redesigned product that made it easier than ever for agents to share customized financial health resources with their customers, providing them with the support they needed when they needed it. We heard feedback from agents such as, “It’s easier and quicker to send resources.” Read more about the redesign here.

12. 40 New Cities and Over 1,800 New Resources Added: SpringFour’s Resource Integrity Team is constantly hard at work to vet, update, and maintain our database of over 21,000 financial health resources in more than 665 cities across the country. This year, our offerings expanded to provide full coverage in 40 more cities than last year. More than 1,800 new resources were added to the database this year. 

SpringFour’s mission always has been and will be to change the way consumers experience financial hardship. Consumers need and deserve direction to assistance when faced with financial challenges. When innovative financial health strategies are adopted, the financial services industry benefits, too. SpringFour’s solutions create a win-win: positively impacting businesses’ bottom lines while improving the financial health of consumers across the country. 

Thank you for joining us in celebration of what, together, we’ve accomplished in 2022. We look forward to the major strides we’ll make together in 2023. 

Morgan Pierce

Client Success and Impact Associate