Why bank for impact?
We all know that where we spend our money matters. What we don't always remember is that where we keep our money matters, too.
Americans put $11 trillion into bank accounts with limited regard for the trajectory of funds. This money isn’t sitting in the bank, it’s in motion, powering investments in different communities and markets.
Banks are systems-level engines, critical in their leveraging community-sourced capital to power inclusive economic growth.
Care about combating poverty in the US? +130 banks are certified as CDFIs - Community Development Financial Institutions - to do just that.
Care about empowering minority business owners? +160 banks are certified minority controlled, and 15 -- just 15 -- of the nation’s 5,855 banks are women owned.
Data suggests that business priorities reflect the diversity and experience of its leadership. Mighty makes clear that different banks power different neighborhoods, initiatives and purposes.
Mighty helps you choose banking you need that also is supporting the market impact you want.
From the City of Seattle’s decision to divest from the Dakota Access Pipeline and move $3 billion into a more socially-responsible bank to the Black Money Matters movement mobilizing to shift $500 million of individuals' deposit dollars into black-owned banks, public demand to understand the impact of banking is growing.
With just half of all Americans holding investments but over 90% holding a bank account, Mighty brings transparency of impact reporting to the bank account to scale the opportunity for greater participation from the public in the growing impact economy.
We focus on banks because we see the greatest opportunity exists in moving the needle for how all banks can increasingly become more accountable to the communities that support them.
Accountability to community is why banks were chartered in the first place, and why banks receive benefits of FDIC-insurance.