Financial technology—Fintech— is rapidly taking hold in financial markets as customers are turning towards monetary services that are strictly carried out online. Many say such services have proven to be more user-friendly, personalized and faster.
The goal of Fintech is to make banking much easier and to give customers the power to complete transactions at their fingertips.
One of the hottest fintech entries, Greenwood Digital Bank, has seen a spike in interest among culturally literate customers lately.
It’s a digital bank that promises better services than its physical counterparts and offers higher interest rates, faster service and greater transparency.
How Did Greenwood Digital Bank Come About?
This digital bank was a financial institution founded by three well-accomplished people.
These are Andrew J. Young, a former U.S ambassador and philanthropist, Michael Render, an artist and activist in the African American community and the financial world, and Ryan Glover, the creator of Bounce TV network.
According to the founders, the digital bank got its name from the district of Greenwood in Tulsa, Oklahoma.
It was nicknamed the “Black Wall Street” because back in the day, it was a hub for entertainment, art, and cultural excellence.
It was destroyed in the 1920s but is still remembered fondly to this day as a place where culture was preserved, and monetary breakthroughs among African American and Latin American societies were guaranteed.
Why Is Greenwood Digital Bank A Hot Topic?
There are several reasons why Greenwood is being talked about. It is a new, innovative bank that promises to have the interests of black and Hispanic civilians and entrepreneurs at heart.
A reported $3 million in seed funding from investors was recently given to the digital bank, as it claims it is the first bank whose target audience is the minority societies.
Seed money is an amount of money given to a startup company by an investor. In return, the investor would get an equity stake agreed on between the investor and the startup founder.
The Mission Behind Creating Greenwood Digital Bank
According to the founders, minority societies should also have an equal footing with the white people when it comes to monetary matters.
For a long time, when the wealth being circulated between the two societies are compared, it is seen that the white community holds far more wealth than it’s African American and Latin American counterparts.
Ryan Glover said that physical monetary establishments had let the African American and Latin American communities down, time and time again.
He expressed that societies need to stand up and ascertain their monetary future with them. They provide all the materials necessary for a breakthrough, while still keeping cultural considerations paramount.
Killer Mike, one of the bank’s founders, says he’s disappointed that black people are denied financial loans, mortgages, and other opportunities.
In much the same way as competitors Chime, Aspiration, Money Lion and Vero, offer digital banking, Greenwood offers checking and savings accounts, mobile deposits and peer-to-peer transfers nearly entirely online. Greenwood also offers a global ATM network, Apple and Android Pay services, and two-day cash transactions on paychecks for customers who sign up for direct deposit.
How They Operate
When you bank with them, you are either offered a savings account, which would allow you strictly save money, or a spending account where you don’t have to worry about exorbitant fees being charged, whichever you would prefer.
These forms of accounts both have a customizable metallic charge card that has been professionally crafted. These accounts give you the ability to withdraw in multiple ATM places with no invisible charges.
You can connect to payment services for stress-free transactions. You can also conveniently use a digital charge card to make payments; this means if you want to, you don’t have to carry a debit card around town—you can make all the transfers you wish to online.
Greenwood digital bank also rewards customers with cash prizes when they refer a friend to them. They also guarantee safety by making sure an associate establishment FDIC insures them.
They work around the clock to make sure both African American and Latin American people are strengthened financially.
Where And How Donations Are Made
The monetary institution is making good on its promise to help out those in need. Five meals will be given to a family that needs it free of charge every time a customer registers with them.
An African American or Latin American entrepreneur has the chance of winning a $10,000 cash prize, which is gifted by them every year.
In addition, whenever a Greenwood charge card is used, the bank donates to philanthropic organizations such as UNCF, Goodr and the NAACP.
The Team In Charge Of Operations
Greenwood Digital Bank brings a new financial option to African Americans and other minority startups. Behind this digital bank are a team of experts responsible for getting the job done.
• Aparicio Giddins who oversees all technological operations at Greenwood, formerly worked at Bank of America.
• David Tapscott who oversees all marketing operations at the establishment. He formerly worked at Bank of America.
• Andrew Young, who is a board member at the establishment.
Greenwood Digital Bank, by offering minority startups a chance to make progress as fast as white-owned businesses, is making a splashy entrance into financial markets.