A Recommendation Engine for Curated, Inclusive Products and Services
Change Machine believes that financial goals can be achieved by connecting customers with products, tools, and services that improve their efficacy and increase outcome completion. Unserved and underserved households, particularly those headed by Black and Brown women, have been excluded from powerful fintech products and services that could help build their financial security. Change Machine’s platform includes a feature that connects practitioners with vetted, right-time, right-place products and services to recommend to their customers.
Fintech has seen explosive growth in the last 10 years and the advancement of technology opens the door for innovative solutions to increase access to the tools and resources customers need to build their financial security. But, even with the rapid growth of fintech, companies often exclude low-income individuals and families, particularly Black and Brown Women, as a customer base. Privacy and data sharing agreements that are difficult to understand, a sudden increase in predatory actors, and a widening digital divide leave these communities, at best, without options for high-quality financial products and, at worst, less financially secure. As nonprofits work to mitigate financial insecurity, these households will need access to tools and resources immediately, including opportunities to receive and manage financial assistance.
Change Machine’s recommendation engine offers vetted, tech-based resources that help customers now and in the future.
Through rigorous research, partnership and evaluation techniques, Change Machine identifies fintech products that lower barriers to access for those typically excluded from accessing the financial services they need to build their financial security. By building the capacity of practitioners and customers to connect with products that can support their goals now and in the future, low-income customers will see improved financial security outcomes.
Seal of Inclusivity
The Seal of Inclusivity is the “gatekeeper” for fintech products. It identifies and monitors financial products and services that enhance service-delivery or improve customer outcomes, behavior change, or progress toward financial goals. The principles outlined in the Seal of Inclusivity are intended to be iterative and flexible; as we learn more about what’s important to practitioners, customers, and fintech companies, we’ll continue to refine and hone the Seal of Inclusivity and process by which products are tested and evaluated.
Builds Financial Security
The product is designed to support customers’ financial security and their ability to achieve their action-driven goals.The products featured on the Marketplace will lower barriers to support a more equitable digital economy. All customers can have peace of mind that the product, if used appropriately, will positively impact their financial well-being, now or in the future.
Customers can expect that any fees or associated costs to use the product are clearly stated. Customers can readily assess whether the product is worthwhile: will it give them more control over their finances without having to invest more than they gain from using it? The benefit identified by the customer outweighs the cost of the product.
Inclusive and Accessible
The high quality, tech systems and software are recognizable and/or intuitive and make everyday financial activities quick and efficient. Products are intended to deliver better financial results and alleviate barriers to access for low-income customers, and customers facing multiple barriers such as race, gender, citizenship status, language and numeracy proficiency and physical capacities. Products are designed, built, and offered with low-income customers in mind.
Safe and Transparent
The product maker is clear and upfront about what is offered, how it’s offered, and how the customer can choose to access it now or in the future. The product maker is committed to a business model that serves low-income consumers and has a track record of implementing it regardless of product growth or life cycle phases. Customers are made aware of how the company might collect, use, and store information about them, and can be confident that their data is safe from data breaches or faulty technology.