SpringFour, a social impact fintech platform that helps financial institutions refer customers experiencing financial hardship to nonprofit organisations and government agencies, has announced its partnership with M&T Bank.
Under the partnership, all M&T customers will gain access to SpringFour’s database of more than 20,000 trusted local, government and nonprofit resources in 575 cities across the US that can help them get their financial affairs in order. This service is being offered at no cost to customers and works in tandem with other services M&T offers, such as credit monitoring and financial education resources.
“We understand there may be times when our customers need extra support for their family and financial situation,” said Tiffani Schoenberger, director of customer asset management at M&T Bank. “Through SpringFour, we will be able to provide additional services to our customers who are experiencing financial stress – something that has undoubtedly increased since the beginning of the pandemic.”
In the year after covid-19 lockdowns began, SpringFour delivered more than 3.7 million financial assistance resources to Americans in need through its partnerships with banks, lenders, and nonprofit organisations. 43% of these referrals were for covid-19 specific resources for food assistance, financial assistance, and healthcare.
“SpringFour’s partnership with M&T Bank is a fantastic example of a bank and fintech coming together to meet customers’ needs. We are proud to work with M&T Bank, a bank that invests in providing extra support to help their customers achieve financial stability,” said SpringFour Co-Founder and CEO Rochelle Gorey.
When speaking more generally about how banks and fintechs must work together to remedy financial wellness following the pandemic, Gorey said: “Leveraging the expertise of fintechs is a key step to improving the financial future of individuals and businesses alike. Digital solutions from reputable fintechs enable banks and their customer service agents to integrate curated and vetted financial assistance resources into their service offerings – and to offer digital self-service options for customers, too. Not only does this put financial resources into their customers’ hands, but it also helps customer service agents feel more positive about their ability to support their clients. For banks, the implications of partnering with fintechs — increased job satisfaction, decreased turnover, better customer engagement and satisfaction, and a healthy bottom line — are worth considering.
“By combining their strengths, banks and fintechs gain the power to amplify and accelerate aid to those in need, helping clients repay loans, make payments, reduce expenses, and regain their footing faster. For families struggling to keep up, knowing that relief is within reach is just enough to keep them afloat.”