BlackWomenWork

Hi, Dana! So tell me, what do you do?

I am a Product Marketing Manager for banking products for the underbanked or new to banking in the United States. At Citi, I am a part of the Inclusive Finance team, a division of the bank that integrates existing financial service products to emerging consumers — people who are new to banking and financial services in the United States. In many cases, they are also LMI [low to middle income], people of color, and newly arrived refugees looking to establish themselves in a new country.

How did you get into this work?

Only recently have I been able to connect the paths that have brought me here today. Looking back on my policy and government experience, I was always focused on the economic inclusion of communities of color who are continually left out of the financial success experienced by their white peers. In my current role at Citi, my team functions as an internal consultant group to our businesses, to develop and reposition products to customers who would otherwise be unable to access Citi’s products.

Can you describe a bit more about the demographic your work focuses on?

Often, they’re new to the US, so they are unsure who to integrate into financial services in this country. Other times, they are consumers that are using alternative payday lenders and through partnerships with smaller financial institutions, my team is able to bundle products with financial education and technology solutions. Seventeen percent of African American households are unbanked, meaning they don’t have any type of deposit account or relationship with a financial institution. Seventeen percent is a significant portion, especially considering how many millennials are entering their prime earning years.

The challenge is even more daunting for those that are just settling in the US and don’t understand our credit system or the behaviors that are required of it. In some countries, financial institutions are only for the wealthy, land-owning families, and entering a bank branch is not something one does on their own. That lack of knowledge and the long-term financial costs associated with paying more for basic services, rent, or even as you seek employment is detrimental. African Americans have been intentionally left out, treated poorly, and written off throughout our nation’s economic history, so it’s not lost on me that many communities have intentionally removed themselves from the system due to distrust or poor experiences.

Why is it important to be part of formal financial structures?

By not having a deposit account and therefore not having credit history, you actually pay more for things such as security deposits for rentals, insurance, credit, etc. Credit can be a part of paying more for daily goods and services, and with poor credit, those opportunities may not be available to you. A familiar example to most is when you are looking for an apartment and the landlord will pull your credit. If your credit isn’t good, you have to put more money down or your application might even be denied. Having a financial profile matters — it's up to you to leverage it to your advantage and that is not necessarily done by having large balances. On-time payments prevent fees and boost your credit score.

One of the programs I am working on now is a credit awareness and education program in partnership with workforce development organizations across the country. Citi and our nonprofit partner offer savings loans and secured card products. By partnering with trusted organizations whose customers are seeking employment, we can leverage our relationship with a credit bureau to provide credit scores, monitoring, and coaching.

Why is this work personally significant to you?

Researchers estimate you spend one-third of your lifetime working. Melinda Gates said, “When we invest in women and girls, we are investing in the people who invest in everyone else.” Women invest 90 percent of their income back into their household and community. That resonated with me, because I know as a black woman that I see this all around me. It just makes sense to support those that have supported me.

Professionally, I have grasped onto the product management exposure and development that I have gained at Citi. I’m excited to watch the industry evolve — digital payments are experiencing so much growth and disruption right now.

What other programs do you all develop that you’re excited about?

My team manages a proprietary technology program for use by municipalities and public school districts to manage a youth savings program. These programs are universal or “opt-out” meaning entire kindergarten classes are enrolled in the program by the city each year. Currently, the City and County of San Francisco uses this platform for the Kindergarten to College program. Every year, San Francisco’s new kindergarten class enrolls approximately 5,000 students in the program which combines a product and platform to allow the city to oversee the funds students and their families save towards post-secondary goals. The product itself is a beneficiary product, so it’s held by the city on behalf of the students. The product is unique because since it’s held by the city, there is no reporting, and the city is then in turn able to provide matching funds to the students as they save.

The program has over 50,000 kids in it so far. It’s especially meaningful because San Francisco has significant income gaps with many of the wealthiest households commuting into the city to work and then living well outside of the city, leaving the most vulnerable behind. Saving for a kindergartner is an excellent way for families to learn how to navigate banking in the US and an opportunity for teachers and students to learn about saving.

How does equity and inclusion look in the banking sector?

Banking continues to be a very traditional, hierarchical legacy institution. Several of my colleagues have been with our employer for over 20 years and often with Citi as their first and only employer over their entire career. That’s a stark contrast to my generation which cannot rely on a single employer to provide the growth and financial returns that were once given to previous generations of middle-class employees. This gap is one of the most pressing challenges I experience in my daily interactions, although it does depend on which portion of the industry you are working in. Today’s workforce spans about five to six different generational segments.

What part of your job gives you the most gratification?

I manage an ATM initiative that was developed to allow the customers of diverse institutions — banks and credit unions owned by and serving the Asian, Hispanic, or Black communities — to access cash through branch ATMs without a fee. It’s gratifying because the number of Black banks and other minority-owned banks is dwindling quickly. So much attention is paid to identifying deposit streams for these institutions, but they really need infrastructure. Another issue that has emerged during my discussions with these institutions is cybersecurity and how susceptible smaller institutions are as they try to keep pace with sophisticated technology. These are the challenges that I think about and work to share Citi’s expertise as vulnerabilities like this are more than enough to take a less resourced bank down. I’ve always felt that trying to solve some of these harder infrastructure challenges is more interesting and one of the more fulfilling parts of the job. Solving real problems will always require you to work harder and think smarter.

What aspirations do you have for yourself?

I’m realizing how smart and capable I am. Everyone thinks they can do a lot of different things, and that they should be out front promoting themselves. When I think about where I want to be in forty years, I want to make sure I have actually accomplished what I have set out to do and that is what reassures my steps every single day. Right now, I am working on tackling my imposter syndrome. That’s my biggest challenge for today and something I hear all of my peers tackling as well. Let’s check in again in five years and see where I am!

Ha — will do. Wonderful. Thanks, Dana!

Please share this post with a friend, and follow us at @BlackWomenWorkIG!