October 26, 2015
Beneficial State Bank and SpringFour are the winners of the second annual Empowerment Awards, which recognize promising projects that provide or encourage access to safe, fair financial services in underserved communities. Beneficial State Bank won in the Community Development Banking category for its innovative educational savings accounts, and SpringFour won in the Access category for its mobile application that helps those in financial difficulty connect with nonprofit groups and public-sector resources.
The awards, which are sponsored by Promontory Financial Group, highlight responsible financial services that empower communities and deliver consumer-oriented financial innovations.
Promontory evaluated projects on their effectiveness, innovation, impact, and sustainability, as well as for leadership and governance. The Community Development Banking category recognizes banks registered as community development financial institutions (CDFIs), while the Access category targets financial and technology firms with less than $1 billion in assets. Beneficial State Bank and SpringFour each receive a financial award of $100,000 and pro bono consultations with Promontory.
The number of applications received for the 2015 awards increased substantially from the previous year. Five organizations were also named finalists: BankPlus, Carver Federal Savings Bank, Southern Bancorp, Neighborhood Assistance Corporation of America, and Self-Help.
“The Empowerment Awards recognize organizations that have created innovative ways to reduce financial distress and spark growth,” said Gene Ludwig, founder and chief executive officer of Promontory Financial Group. “These projects help underserved communities across the country by making innovative, responsible banking products available and accessible.”
Winner – SpringFour, Chicago, Illinois
SpringFour is recognized for plans to build a mobile application, LifeKit, which will refer consumers facing financial challenges and decisions to nearby nonprofit and government programs and responsible financial services. SpringFour already delivers more than 4,000 referrals a day through a business-to-business platform used by banks and mortgage firms and a desktop program used by credit and housing counselors, loss-mitigation specialists, veterans’ organizations, and employeeassistance programs.
Click here for 2015 Empowerment Awards program and SpringFour profile.
About SpringFour: SpringFour is the only platform dedicated to connecting consumers to best-inclass local resources. Trusted by top servicers, housing counseling agencies, and veteran organizations, our applications power more than 4,000 referrals a day in 175 markets throughout the United States. Consumers with access to local resources have additional opportunities to reduce expenses, make on time payments and secure financial health. For more information about S4Desktop, S4Direct, and the mobile app, LifeKit, including an online demonstration, please visit SpringFour.cc
About Promontory: Promontory Financial Group, based in Washington, D.C., specializes in helping companies and governments around the world manage complex risks and meet their greatest regulatory challenges. Promontory’s work aims to make its clients stronger and the financial system safer. Promontory has offices in New York, San Francisco, Atlanta, and Denver, and affiliate offices in Beijing, Brussels, Dubai, Dublin, Hong Kong, Istanbul, London, Madrid, Milan, Paris, Singapore, Sydney, Tokyo, and Toronto. Eugene A. Ludwig, who served as U.S. comptroller of the currency under President Bill Clinton, founded Promontory in 2001.