OneUnited Bank Using AI to Help People Become Financially Savvy

Artificial intelligence (AI) is all around us, doing everything from predicting earthquakes to discovering new drugs. And thanks to OneUnited Bank, the largest Black-owned bank in the U.S., AI is helping people understand and control their finances.

WiseOne® Insights

OneUnited Bank unabashedly shares its primary goal of helping the community it serves build generational wealth. Given that the majority of OneUnited customers are Black, it's long overdue. According to the Center for American Progress, the median wealth of Black households in the United States is just 14.5% of the wealth of white households.

Into that gap, OneUnited has introduced WiseOne® Insights, a revolutionary AI-driven financial wellness companion.

"Our hope is to change the role of banking from one that is simply a depository to one that helps to close the racial wealth gap by providing financial literacy to all and helping everyone make better financial decisions," said Kevin Cohee, Chairman and CEO of OneUnited Bank.

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What WiseOne® Insights can do

As the first artificial intelligence solution offered by a Black-owned bank, there are high expectations for WiseOne® Insights. Here's a small sample of what the program offers OneUnited customers:

• Lets customers know if they've been billed twice by a merchant
• Informs customers if they receive a higher-than-normal bill
• Adds up purchases below $10, illustrating how easily small purchases add up during the month
• Shows customers how long the money in their savings account would last if they were to lose their jobs today
• Advises a customer when there's extra money available in their checking account that could be moved to savings
• Recommends personalized debt payoff strategies

And that's just the beginning. Bank customers can dive as deep into WiseOne® Insights as they'd like. Cohee describes the program as "GPS for your money. It provides actionable insights that will improve financial literacy for all."

On the cutting edge

OneUnited's commitment to helping customers build generational wealth is nothing new. The bank has routinely been on the front line of social justice issues and, for years, has offered actionable ways for people to elevate their circumstances. The bank offers articles, podcasts, and videos that teach the basics of financial literacy. It produces impressive one-of-a-kind conferences for its customers, aided by some of the biggest names in Hollywood.

In short, OneUnited Bank stays several steps ahead of other financial institutions, giving its customers a safe place to park their money while also offering the tools customers need to become financially successful.

Warming to AI

There's no doubt that artificial intelligence elicits strong reactions from some. For example, writers do not care for the fact that some companies would rather publish an AI-written article than pay a professional writer to produce the piece, even if the AI article is full of misinformation gathered from the web. Professional artists aren't happy when businesses decide not to hire them because they believe they can produce free artwork using AI.

Still, there's a place for AI. According to a Credit Karma survey, 43% of Americans say they would be willing to use AI to manage their finances if doing so would eliminate their money problems. Almost half (45%) of those who have used AI before say they would trust it to help them manage their finances.

Seeking a second opinion is still a wise move

Depending on AI alone is like asking your uncle for financial advice and then accepting his opinion as the gospel. AI is one financial tool among many that offer insights. It gives users a better understanding of specific terms and financial strategies.

AI is most effective when it's paired with other sources of information. For example, if AI suggests someone should pay their mortgage off, that person benefits by asking a professional financial advisor or money manager if paying the mortgage off is the best option for them. In other words, it always pays to have a second (and third) opinion.

According to Cohee, OneUnited began developing its AI-driven solution in 2022. As for what's next on the horizon, Cohee said, "We continue to see opportunities to change the role of banking and close the racial wealth gap by making financial literacy a core societal value."

It appears that WiseOne® Insights is just one more way OneUnited Bank is offering its customers a financial leg up.