One of the biggest obstacles the Black community is facing today is the lack of financial literacy and monetary opportunities. Historically, Blacks haven’t had relationships with banks or sufficient credit to finance their homes, cars or small businesses, and while a percentage of the African American community has managed to overcome these obstacles, an alarming number of minorities remain alienated from the banking industry. Gigi Dixon, head of external affairs engagement for Wells Fargo, is leading the charge in the company’s progressive initiatives to serve and engage communities of color.
Rolling out had an opportunity to speak with Dixon about the company’s new initiatives targeting minorities.
Firstly, can you speak to the disconnect between minority communities and the banking industry?
Of course we realize there is a history of mistrust, especially in the Black community, [of] banks and financial institutions. Our unbanked initiative is designed for us to sit together. We are addressing the wealth gap, providing access to legacy wealth and homeownership for families. We want children to have access to financial literacy to better shape the mobility of credit scores, account managing, job searching, saving, ownership, and much more that hasn’t been present in minority communities. Young adults should be welcomed into the financial home unit to preview them to financing.
Can you share the starting point for these initiatives?
Yes. Fintech MoCaFi provides banking to unbanked individuals, starting with offering MoCaFi customers the ability to use their MoCaFi debit card at Wells Fargo ATMs without incurring fees from Wells Fargo, this service is the entry point to come into the financial services platform. Our goal is to target youth who are choosing alternative banking that may not be the best option for them. Wells Fargo wants to preview them to affordable, responsible banking services as they begin their financial journey.
