Helping Clients Showcase Their Impact with Annual Social Impact Reporting

Helping Clients Showcase Their Impact with Annual Social Impact Reporting

Helping Clients Showcase Their Impact with Annual Social Impact Reporting

As social impact becomes a core measurement of success to more companies at SpringFour, we’ve seen an increasing need for social impact reporting from our clients. For many of our clients, Q1 is a time to look back at all the work done in the previous year to prepare ESG (Environmental, Social, Governance), CRA (Community Reinvestment Act), CSR (Corporate Social Responsibility), and other reports that show how their companies are making a difference for their customers, employees, and beyond. 

With social impact at the center of our business, we’ve spent the last few weeks preparing customized, annual Social Impact Reports. These reports showcase the impact we made with each client to support their customers in 2023 through the use of SpringFour financial health referrals. 

We know that behind every SpringFour referral is a real person accessing financial assistance resources that can make a tangible difference in their lives. In fact, 91% of S4pro users agree that providing access to these resources helps people reduce their monthly expenses. And it’s not just our clients’ customers who benefit from these referrals, but also their employees and their bottom line.

Because of the impact these referrals have, our clients often use these reports to:

  • Highlight the important work they’re doing to help their customers improve their financial health
  • Bolster annual ESG, CRA, CSR, or social impact reporting
  • Share with stakeholders and regulators how they’re helping to strengthen the communities they serve
  • Better understand the ever-changing needs of their consumers

We’re incredibly proud to work in partnership with our clients to make financial health possible for more of their customers than ever before. As these reports make their way to our clients’ inboxes, we’re excited for them to see the impact they had in 2023 so that, together, we can create strategies to reach even more people in 2024.

For more information about our annual Social Impact Reports, please reach out to impact@springfour.com

Phylicia Clifton

Senior Client Success and Impact Manager, SpringFour

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Explore our 2023 Annual Impact Report

Explore our 2023 Annual Impact Report

Explore our 2023 Annual Impact Report

Wow…what a year! In 2023, SpringFour received more recognition and validation than ever before — with awards, press, and, most importantly, new and expanded partnerships with far-reaching impact. Financial health became a mainstay and a must-have during 2023. 

It is clear that, through empathy-driven financial health solutions, institutions can achieve win-wins — financially healthier customers who increase their repayments, leading to better business outcomes.

Please explore our report to see some top achievements in 2023, including:

  • 5.5 million financial health referrals delivered

  • Brand new all-in-one financial health solution that is in demand 

  • Partnership media features with BMO, Self, Fay Servicing, and more

  • Awards from Fast Company, Finovate, and Banking Tech

Since our launch more than 15 years ago, our mission-driven mindset has been this: By empowering people with resources that make a difference in a customer’s life, we all win.

We’re thrilled to activate our mission in impactful ways and to do our part in making the world a better, kinder, and more financially sound place. 

Thank you, as always, for your partnership,

Rochelle Nawrocki-Gorey

CEO & Founder, SpringFour

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Are you ready for it? (Delinquencies, that is)

Are you ready for it? (Delinquencies, that is)

Are you ready for it? (Delinquencies, that is)

This just out: Americans now owe a collective $1.13 trillion on their credit cards.

So, what are financial institutions doing to solve this growing challenge?

Organizations that effectively support their customers to achieve greater financial health and make repayments all have one thing in common: they’re using SpringFour. Here’s why:

SpringFour’s technology was incredibly quick and easy to adopt. It naturally fits into our collections processes and systems with minimal training needed…

The results have been remarkable on multiple fronts. We’ve referred over 800,000 customers to SpringFour resources, with food bank assistance being one of the most utilized options.

Clients who accept help have fewer future delinquencies, defaults and losses. And we’ve quantified multi-million-dollar savings from avoided losses for both consumers and BMO.

But some of the most valuable benefits are less tangible. When we proactively stand by customers during difficult times, they remember us when things improve and direct more business our way.

Anuj Vohra

Head of North America Collections, BMO Financial Group

By connecting consumers to vetted financial resources, this B-Corp enables consumers to meet their financial objectives, reduce household expenses, and avoid payment delinquencies. It’s a win-win solution, and one that is much needed.

Theodora Lau

Fintech Influencer and Host, One Vision Podcast

Typically when customers are struggling with repayments, they are experiencing distress and maybe even trauma. It can be difficult for these families to hunt for resources, including payment assistance and social support programs. Financial institutions have the opportunity to become a trusted resource, putting people’s financial health front and center, in good times and in bad. That is a strategy that will truly pay off for all.

Rochelle Gorey

Founder and CEO, SpringFour

SpringFour is synonymous with impact — for organizations and their customers. That’s why we kicked off the year by winning the Real Leaders Impact Award, which recognizes top companies that are scaling solutions to meet pressing issues.

We were also excited to join Theodora Lau for a great conversation on One Vision Podcast. She says it best:

“How do you build a customer-centric financial institution? Being hyper-focused on your customers’ needs definitely tops the list. Especially in an environment where financial uncertainty is keeping many consumers up at night, banks are in the best position to act as an empathetic and trusted partner for those in need.”

SpringFour can help you address delinquencies quickly, efficiently — and with empathy. SpringFour is a proven and effective delinquency solution. Our data and client list speak for themselves. Don’t get left behind.

Connect with us at impact@springfour.com to get started.

Thank you,

Rochelle Nawrocki-Gorey

CEO & Founder, SpringFour

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SpringFour Recognized in Real Leaders 2024 Top Impact Companies

SpringFour Recognized in Real Leaders 2024 Top Impact Companies

SpringFour Recognized in Real Leaders 2024 Top Impact Companies

We’re excited to announce that SpringFour has been named a  2024 Real Leaders Top Impact Company!

For the last six years, Real Leaders Top Impact Companies have celebrated companies around the globe that are striving to build a better world. To make the list, companies must demonstrate their clear intention to scale solutions that address pressing issues. Companies are then ranked by revenue size, growth rate, impact metrics, and gross annual revenue.

As social impact has always been the cornerstone of our business, we’re honored to be included on this list and featured at number 26 for the financial services category.

Here is what we’ve known since our very first day:

When people are experiencing financial challenges, it’s because something is happening in their lives that makes it impossible for them to cover all of their expenses. When businesses empower their customers and employees with access to resources that help them save money and build a better life, we all win.

Win-wins are the best kind of impact to create, and we are so proud to create that impact with top financial institutions, employers, nonprofits, and the people they serve.

See the full list of Real Leaders Impact Companies

Find SpringFour listed at #153 in the list of Real Leaders Top Impact companies at the link below.

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Q4 2023 Impact Report: A look inside our Q4 impact

Q4 2023 Impact Report: A look inside our Q4 impact

Q4 2023 Impact Report: A look inside our Q4 impact

We wrapped up our fourth quarter with a major success metric: 5.5 million.

That is the number of financial health referrals that consumers across the US accessed in 2023 through SpringFour — and that number is 25% more than the previous year. 

Here’s what this means: Financial health cannot merely be a buzzword or a branding strategy. Done properly, it can help people pay their bills, put food on the table, and keep the lights on — and helping people achieve that needs to be a priority for financial institutions, employers, nonprofits, and more that want to meet their customers’ financial health needs while strengthening their business.

In Q4, we predicted that financial education alone is out — and that financial resources that deliver real-time support are in, and with more organizations turning to SpringFour, we are already seeing our prediction come true.

That is why we launched an all-in-one financial health product called S4connect with expanded reporting and analytical capabilities, which is seeing demand from existing and new partners alike.

Please read our Q4 Impact Report to see Americans’ increased needs and how we are meeting them; media spotlights on our impactful work with top organizations, including BMO, Self, and OppFi; and more.

Thank you, as always, for your partnership,

Rochelle Nawrocki-Gorey

CEO & Founder, SpringFour

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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.

READ THE PRESS RELEASE HERE

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

          

           

       

    

 

DRIVE IMPACT WITH US

info@springfour.com
866-732-2246

4035 Ridge Top Road Suite 600 
Fairfax, VA 22030

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