Wells Fargo Unveils Banking Inclusion Initiative; Seeks to Accelerate Access of Affordable Transactional Accounts For Unbanked Households

 

Wells Fargo (NYSE: WFC) announced on Monday the launch of its Banking Inclusion Initiative, which is described as a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts. According to Wells Fargo, the initiative will focus on reaching unbanked communities and, in particular, helping remove barriers to financial inclusion for Black and African American, Hispanic, and Native American/Alaska Native families.

“Through this initiative, Wells Fargo also will collaborate with partners to explore solutions to the credit challenges facing unbanked individuals. This year, the bank will work with partners to set and begin measuring a 10-year goal for reducing the number of people who are unbanked, with milestones along the way.”

Wells Fargo CEO, Charlie Scharf, shared more details about the initiative by stating:

“We recognize the high number of unbanked households is a complex and long-standing issue that will require gathering the best minds, ideas, products and educational resources from across our communities to bring about change. Through our Initiative, we will organize our resources under one umbrella and work with a broad and diverse group of stakeholders on a sustained multi-year effort to accelerate financial inclusion in the U.S.”

The initiative will focus on three areas:

  • Access to Affordable Products and Digital Solutions
  •  Financial Education and Advice
  • Launching National Advisory Task Force

Mary Mack, CEO of Consumer and Small Business Banking at Wells Fargo, then added:

“With branches in more communities than any other financial institution, we believe we have a responsibility to do even more to help address this issue and the pandemic has increased the urgency. It is why we’re launching this comprehensive initiative. It is our hope, working closely with our partners, we will be able to make a difference over time in addressing such a critical problem for our society.”



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