OneUnited Bank Launches AI-Driven Tool To Improve Financial Wellness In Black Communities And Help Close Racial Wealth Gap

The "financial wellness companion" is designed as an informative addition to the bank's app and is the first of its kind from a Black-owned institution.

OneUnited Bank, considered the nation’s largest Black-owned bank, has launched its AI-driven financial tool, WiseOne Insights, to help leverage financial literacy and close the racial wealth gap.

The “financial wellness companion” is designed as an informative addition to the bank’s app and is the first of its kind from a Black-owned institution.

“WiseOne Insights transcends conventional banking solutions,” said Kevin Cohee, chairman and CEO of OneUnited Bank. “As a financial wellness companion, it literally allows individuals to make better financial decisions, thus directly addressing the critical need for improved financial literacy in our society.”

WiseOne Insights operates on three foundational principles: protection, information, and guidance. The tools allow users to track everything from normal bill increases to new savings opportunities, as well as innovative strategies for debt reduction. OneUnited is banking on its advanced technology’s ability to empower “consumers nationwide to make well-informed financial choices” to further complement its commitment to “laying the foundation for building generational wealth.”

Financial illiteracy and lack of empowerment continue to plague the Black community, according to a report by the TIAA Institute, resulting in decreased numbers in overall economic well-being. Sixty-six percent of Black people reported that they were doing “OK financially” compared to 78% among whites, while the household net worth of Black people in 2016 was $17,600 compared to that of the $171,000 of their white peers. The report also highlighted the percentage of those holding a zero or negative net worth in both communities, which found 19% of Black people met the distinction compared to 9% of whites.

OneUnited Bank is a Massachusetts-chartered trust company headquartered in Boston. According to its website, it has over 100,000 customers. The country’s first Black digital bank, it is also registered by the Federal Deposit Insurance Corporation and certified as a community development financial institution by the United States Department of Treasury.