Change Makers Mae Watson Grote, Kate Reeves, and Raul De La O recently presented our platform’s recommendation engine and our efforts to support an equitable fintech landscape to staff at the Consumer Financial Protection Bureau (CFPB).
“The recommendation engine seeks not only to improve uptake of fintech products and services among customers who have been excluded, but to advance equity of financial security as well,” said Founder & Chief Executive Officer Mae Watson Grote.
Mae added that the recommendation engine connects practitioners with vetted, right-time, right-place products and services to recommend to their customers. The driving idea is that embedding products and services into financial coaching is crucial in expanding access to the tools that will achieve customers’ financial goals.
Kate shared that the recommendation engine’s Seal of Inclusivity for fintechs acts as a gatekeeper, reassuring partners that these products are accessible, fairly priced, inclusive, and effective in improving customer outcomes. The Seal’s criteria ensures we prioritize products that aim to reduce barriers for marginalized populations.
Raul said, as a financial coach, he used the recommendation engine to build his customer’s credit, offering his customer various options and deferring to their choice of product.
“It is my job to provide tools and materials and ensure there is a basic understanding of the subject matter — not to make those decisions for them. There is no such thing as the best product.”
Learn more about Change Machine’s call to the fintech field to implement “pro-poor” products and services that build financial security for low-income consumers.