M&T Bridge: Building Financial Futures

Overview

This project proposal, created for the M&T Bank Case Competition, aims to address financial literacy and inclusion challenges faced by Low-to-Moderate Income (LMI) communities. Our team has developed the M&T Bridge Program, which combines financial education, digital inclusion, and tailored financial products to empower individuals and foster economic growth.

Team Members

• Johnny Hoang: B.S Psychology, MiM
• Sydney Smith: B.S Finance, MiM
• Katelyn Israel: B.A Psychology, MiM
• Isha Joshi: BBA, MBA, MFin

Project Components

1. Identifying the Landscape

We analyze the challenges faced by LMI communities, including employment gaps, housing instabilities, job accessibility issues, and financial literacy crises. Key statistics and sources such as the U.S Bureau of Labor Statistics and Financial Industry Regulatory Authority are utilized to highlight these issues.

2. The M&T Bridge Program

Financial Empowerment & Products:

• Platform Creation: Connect LMI communities with investors, social enterprises, and philanthropists.
• Specialized Products: Develop microloans and other financial products tailored to LMI residents.

Financial Literacy & Inclusion:

• Utilize M&T Money Mentor Resources: Offer virtual and in-person financial literacy classes.
• Gamification: Incorporate quizzes and games with rewards to make learning engaging.

Closing the Digital Divide:

• Affordable Connectivity Program (ACP): Promote ACP within communities and assist participants with enrollment.
• Workshops on Digital Literacy: Partner with companies and provide resources to enhance digital skills.

3. Alignment with M&T

The program aligns with M&T Bank's commitment to supporting LMI communities and communities of color. It ensures compliance with the Community Reinvestment Act (CRA) by offering financial opportunities, flexible products, and increasing financial literacy.

4. Conclusion

The M&T Bridge Program aims to increase financial literacy, bridge the digital divide, and provide LMI residents with endless opportunities. The program benefits both LMI communities and M&T Bank by enhancing reputation, customer acquisition, market expansion, and financial inclusion.

Key Benefits

• Enhanced Reputation: Building trust and loyalty among consumers.
• Customer Acquisition and Retention: Attract and retain customers through tailored financial products.
• Market Expansion: Tap into the significant market of underbanked households.
• Financial Inclusion: Empower individuals to participate in the formal banking system.
• Improved Financial Literacy: Enhance financial decision-making and long-term economic empowerment.
• Entrepreneurship Support: Stimulate economic development within LMI communities.
• Digital Inclusion: Bridge the digital divide and enable access to essential online services.

Fun Fact

"Someone’s sitting in the shade today because someone planted a tree a long time ago." — Warren Buffett