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BMO Harris/1871
BMO Harris/1871
On Friday September 22nd, we had the privilege to present the SpringFour solution to top BMO Harris Bank executives. This was the culmination of the three-month partnership program in which SpringFour was one of six startups selected to participate. Read our blog about our inclusion in the program here.
We are proud to announce that we received third prize in the program, receiving $10,000.
See the article featuring the Program on Business Insider.
The program was a great experience for SpringFour, allowing us to engage deeply with our three mentors at BMO Harris. Each of our mentors were incredibly involved, believed in our mission, and worked hard with us to refine our value proposition, and how best we could potentially integrate with BMO Harris Bank.
Not only did we walk out of this experience with additional knowledge, but also great partners and a vision of future partnership with the Bank.
Katie Gottschall Donohue, Vice President, Strategy and Operations
SpringFour, Inc.
Awards and Recognition
SpringFour Proud to Launch with BMO Harris Bank
SpringFour Proud to Launch with BMO Harris Bank
On August 1st we launched with our newest subscriber, BMO Harris Bank. Deploying SpringFour in both mortgage servicing as well as on their website, BMO Harris customers will now have access to local, vetted resource referrals which will assist them on their path to financial wellness.
Last year, when we were selected as one of six FinTech’s for the BMO Harris/1871 Fintech Partnership Program, we knew it was a going to be a great experience. And it absolutely was. We were paired with senior executive mentors within the bank who saw the potential in the SpringFour platform. They provided invaluable expertise around our value proposition, navigating and working with a large financial institution, and providing access to other key executives in compliance, CRA, and customer service so we could gain valuable feedback. At the end of the program, we were honored to be selected as one of the winners but were most excited by the opportunity to continue exploring a long-term partnership that could be a win for both of our organization and for BMO Harris consumers.
As one of our mentors, Ben Schack, Managing Director & LTO, US Lending & Collections, BMO Financial Group stated, “SpringFour was a top three finalist in our 2017 BMO Harris Fintech Partnership Program due to their unique value proposition, a genuine focus on financial wellness, and ease of deployment. We continue to be excited about their results and their potential for further impact.”
Over the past year, we have been able to work with BMO Harris to advance our partnership forward, continuing to benefit from the relationships we established through the 2017 BMO Harris Fintech Partnership Program. It has been a tremendous experience to work with numerous BMO Harris team members and executives, and we are continually impressed by their commitment to their customers and to innovation.
“We are excited to take a step forward in enhancing the level of financial support we offer our customers by leveraging SpringFour’s resources,” said Ernie Johannson, the head of U.S. personal and business banking at BMO, in a statement. “We are committed to aiding customers in their journey to achieve and sustain financial stability.”
The news of our partnership was picked up by a variety of media outlets including Crain’s Chicago Business, Chicago Business Journal, and Chicago Inno. And you can read the press release here.
We look forward to continuing our work with BMO Harris Bank and the impact that we will create together. At SpringFour, we value the opportunity to innovate with leading organizations who believe financial wellness is in everyone’s best interest.
If you want to learn more or see a demo, don’t hesitate to reach out to Katie.
Rochelle Nawrocki Gorey
Co-Founder & CEO
Awards and Recognition
Partnering to Address Financial Insecurity – SafetyNet & SpringFour
Partnering to Address Financial Insecurity – SafetyNet & SpringFour
The financial wellness space is quickly expanding, and companies in a variety of industries are increasingly bringing to market innovative products to address ever-growing financial challenges. One of these innovative companies is SafetyNet, which is backed by a multi-billion dollar group with 80 years of industry expertise. SafetyNet is on a mission to improve the financial lives of millions of hardworking people. They imagine a world where tens of millions of people have a financial safety net “to help them ride out the storms life hands out.” To do this, they are developing financial solutions that help individuals manage unexpected cash flow, bill payment and savings challenges.
SpringFour and SafetyNet were introduced to each other in 2017 and we were both immediately drawn to a shared vision of helping consumers steer through difficult financial times. Understanding that SafetyNet’s products serve a similar population as SpringFour, we set out to build a partnership – knowing that these same individuals likely could benefit from referrals to local financial health resources.
SafetyNet understands that sometimes people need information or need to be pointed in the right direction to get their financial lives back on track. By leveraging free resources and tools on their website (including SpringFour), SafetyNet helps people navigate difficult times and get the help they so desperately need. SafetyNet also accesses SpringFour’s professional tool, where SafetyNet’s customer service agents can provide SpringFour referrals to those who need them over the phone.
“Partnering with SpringFour allows us to provide additional financial wellness resources to consumers who are struggling financially. Those facing unemployment or financial stress benefit from local referrals that SpringFour seamlessly provides,” stated Dan Murray, Senior Vice President at SafetyNet.
SpringFour finds it inspiring to work with a visionary company like SafetyNet that is not only creating innovative solutions but also seeks to get out there and talk to consumers about what they need, address gaps in the market, and deliver products that will really help those struggling to get by. What sets SafetyNet apart is that they are not just focused only on their own products, they are focused on people.
Tough times are going to happen, but with companies like SafetyNet and SpringFour working together to provide real solutions, the many that feel the pinch of life, will now have real ways to prepare for and address their financial challenges.
We at SpringFour are extremely proud of our partnership with SafetyNet and look forward to the years ahead where we continue to serve countless numbers of folks that need a helping hand.
Katie Gottschall Donohue, Vice President, Strategy and Customer Engagement
SpringFour, Inc.
Awards and Recognition
New Study Shows Even More Can’t Afford Middle Class Basics
Financial wellness isn’t something that just a few Americans need to worry about. In fact, more Americans than ever are struggling with everyday financial issues. And these are people who are working, who go to their jobs every day and live above the official poverty line, but yet don’t have enough money to pay ordinary expenses (rent, transportation, childcare and a cellphone). In fact, according to a new study conducted by the United Way, more than 40% Of U.S. households can’t pay the basics of a middle-class lifestyle.
The recently released study: “Working Hard But Struggling to Survive” looked at just this population of Americans. Named the acronym “ALICE” (standing for Asset Limited, Income Constrained, Employed), the United Way report calls out just how prevalent this issue is. As the report states, “ALICE is your child care worker, your parent on Social Security, the cashier at your supermarket, the gas attendant, the salesperson at your big box store, your waitress, a home health aide, an office clerk. ALICE cannot always pay the bills, has little or nothing in savings, and is forced to make tough choices such as deciding between quality child care or paying the rent. One unexpected car repair or medical bill can push these financially strapped families over the edge.”
A variety of interactive maps show just how many across the country are living under the ALICE threshold, click the map below to see more:
At SpringFour, we understand who ALICE is and the millions she represents. In fact, ALICE is very similar to Jane, a fictional representation of a SpringFour beneficiary that has appeared in several of our pitches helping to illustrate the power referrals can have for someone living paycheck to paycheck.
We believe that people should not have to choose between paying their mortgage or paying their child care bill, and we know they need and deserve access to local resources that can help. When people are struggling they often do not know where to turn for this help. SpringFour referrals can help those living paycheck to paycheck find savings by connecting them to local nonprofit and government resources. We know that these types of referrals can help families save in a variety of budget categories. In fact, people receiving SpringFour referrals save on average $250 per month.
Get in touch with us if you would like to learn more about SpringFour can help your organization increase the financial wellness of your customers or employees.
Katie Gottschall Donohue, Vice President, Strategy and Operations
SpringFour, Inc.
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