Educating individuals not familiar with the benefits of banking is hard. There are a lot of concepts that may be foreign and not valued in today’s market. For example, did you know that, if properly handled, having debt can be a great thing for an individual. Not to mention, if someone is looking to start a business, banking is a crucial step to ensuring success.
The Hope Global Forum looks to bridge the gap between financial institutions and the unbanked through education and opportunities.
According to Rolling Out Magazine “In 2016, SunTrust Bank teamed with Operation Hope to offer financial management services such as credit management, preparing to own a home and other financial counseling free of charge to communities plagued by low credit scores and struggling small businesses. Such programs prove that financial literacy requires a partnership between institutions and the communities they serve. The Community Reinvestment Act of 1977 encourages that “depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound operations.”
The program was founded by John Hope Bryant in an effort to bring together money, individuals interested in financial literacy, and technology. Operation Hope is betting on new technology emerging within the banking and financial industry and thinks it is a way to get more people utilizing banks. “The use of mobile devices to manage banking has allowed access to the under-banked globally with the biggest impact in Africa.” As we see the growth of technology and the financial sector, forums like Hope Global are a great way to help normalize the process with the masses.