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AMIR HEMMAT: CEO AT WELCOME TECH EXPLAINS HOW HIS FIRM ASSISTS HISPANIC
POPULATION WITH ACCESSING FINANCIAL SERVICES

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September 15, 2021 @ 11:17 am By Omar Faridi

Immigrants have been neglected by traditional banking and financial
institutions. Our financial systems and related practices have been developed
for a consumer who has been raised in the US or has a considerable amount of
financial knowledge.

Our systems tend to make many assumptions as to what potential consumers might
have and don’t have – including the language they speak, the cultural ethos they
may be practicing, and their financial literacy. Immigrants may be considered
outliers.

We recently connected with Amir Hemmat, Co-founder and CEO at Welcome Tech, a
digital platform offering underbanked or unbanked immigrants and their
multi-generational families with the ecosystem needed to be successful in the
US.

Amir told us that traditional banks and financial institutions often neglect
Hispanic immigrants because their approach is largely based on a “one size fits
all” model. One that’s deeply rooted in tradition, lacking innovation, and
informed by “unconscious bias” and “discriminatory practices.”

By undeserving the immigrant consumers, we are actually underserving ourselves –
as a country. We should all realize that financial inclusion and societal
inclusion “go hand in hand,” Amir noted.

Our conversation with Amir Hemmat is shared below.


CROWDFUND INSIDER: WHAT ARE THE MAIN PRODUCTS AND SERVICES THAT WELCOME TECH
PROVIDES? HOW ARE THEY BENEFICIAL TO END-USERS?

Amir Hemmat: Welcome Tech is the world’s first digital platform to provide the
global, multigenerational immigrant community with the linguistically and
culturally relevant resources to thrive in a new country. We provide users with
a plethora of products and services aimed at achieving two objectives:
facilitating the ongoing acculturation process that all newcomers encounter; as
well as empowering community members at every step of their journey. Finance,
Healthcare, and Education are our primary pillars. We provide the following in
support of these:

FINANCE: A digital banking solution for the community, this financial
empowerment platform reflects the cohort it serves. It consists of a debit card
as well as a highly rated mobile application to assist users in managing their
finances strategically. Services include: no monthly maintenance fees; access to
paycheck up to two days in advance, and 24/7 protection of your financial
information.

HEALTHCARE: This service offers users the ability to access discounted and
remote healthcare services for their households via the comfort of their mobile
phone. Additional services include discounted lab work, prescription drugs, and
dental care.

EDUCATION: An extensive and consistently updated library of digital content,
educational products, Q & A services, etc. both in English and Spanish, to serve
the community and inform them of critical news items and opportunities to
continue to learn.

Rewards CENTER: GRUPO DE OPINIÓN: This service offers consumers an opportunity
to earn ongoing financial rewards for participating in surveys.


CROWDFUND INSIDER: DURING OUR CONVERSATION, YOU REVEALED THAT HISPANICS MAKE UP
THE LARGEST MINORITY GROUP NOT JUST IN THE US BUT GLOBALLY.


HOW IMPORTANT IS IT TO PROVIDE ESSENTIAL FINANCIAL SERVICES TO THIS GROUP? WHAT
ARE SOME OF THE INITIATIVES YOU’VE INTRODUCED TO CATER TO THIS GROUP?

Amir Hemmat: The Hispanic market represents the most sizable minority cohort in
the U.S., with a population of 62.8 million (Claritas 2020) and buying power of
$2 Trillion. Between 2010 and 2019, the Latino share of the total U.S.
population increased from 16% to 18% and Latinos accounted for about half (52%)
of all U.S. population growth over this period. Hispanics are the country’s
second largest racial or ethnic group, behind white non-Hispanics.

That said, less than half of Hispanic households are ‘fully banked’, meaning
they cannot open an account, which then negatively impacts their ability to
secure other products or services. Traditional banks do not prioritize this
market and have built massive retail infrastructures that are costly and prevent
them from customizing anything for anyone, except their perceived, premium
customers. None of the significant neobanks have truly prioritized this
community and our data shows that the community we serve is totally unfamiliar
with the brands trending in the general market.

Our financial solution was built from the ground up with this consumer cohort in
mind.The mobile app is bilingual to better reflect the household this consumer
has (in most cases, comprising different levels of acculturation and linguistic
proficiency). To access our debit card, consumers don’t need to have a social
security number, again, a roadblock for most financial institutions when
assessing a potential customer. And finally, no maintenance fees to ensure that
the financial gains from our virtual solution are passed on to the consumer, and
more importantly, to drive financial inclusion from day one.


CROWDFUND INSIDER: WHAT ARE SOME OF THE OTHER NON-FINANCIAL SERVICES THAT
WELCOME TECH OFFERS? HOW DO THEY HELP CONSUMERS IN THE US?

Amir Hemmat: At Welcome Tech we are building a resource platform to support
multigenerational immigrant households as they live out the American dream.
Today we do this primarily via connecting consumers to critical information on
healthcare, financial services, telecom/technology, education and key U.S.
services.

As mentioned above, we also provide some non-financial services including access
to discounted healthcare and opportunities to generate income.

When it comes to healthcare, the community we serve is largely underinsured or
uninsured so access to lower cost quality care is critical. Within healthcare we
assist our members with price discounts on their medical and dental care as well
as lowers costs for their prescription drugs. We also deliver telemedicine for
all household members to connect with English or Spanish speaking physicians for
mobile phone video consults.

Generating income for this community is also paramount. To that aim, we empower
consumers to complete surveys as well as learning opportunities to earn cash
based rewards. This “Learn and Earn” model is in its early stages but many of
our members are engaging in micro activities and generating incremental income
that supports every day needs.

In the near future, we will scale these current offerings along with our digital
wallet and plan on providing an expanded set of services driven by requests from
our community. This will include educational courses, discounts on key service,
legal service, job support and more.


CROWDFUND INSIDER: ARE YOU INVOLVED IN ANY COMMUNITY-BUILDING INITIATIVES? WHAT
ARE SOME OF THE STRATEGIC BUSINESS PARTNERSHIPS YOU HAVE FORMED TO HELP YOUR
CUSTOMERS?

Amir Hemmat: Our platform is focused and involved with community building among
immigrants in a big way.

We know that word of mouth and tactile experiences are paramount for our
consumer cohort. To that aim we partner with community ambassadors to positively
impact the community at the ground level in order to understand their needs in
greater detail and to better serve them.

Among our distribution networks, we partner with Consulates and Embassies to
hold daily live educational seminars in waiting rooms. Our community ambassadors
host these on a daily basis. We have also been hosting digital town halls for
community members to learn financial literacy as well.

Additionally, we partner with organizations to empower the community when others
have overlooked them. For example, in 2020, we partnered with foundations,
nonprofits and local partners on a groundbreaking financial relief project
providing $1million to immigrant workers hit hardest by the pandemic. This was a
result of the federal government’s $3trn CARES Act fiscal stimulus.

This stimulus overlooked a significant portion of the US population that was
most affected by the economic fallout of COVID-19, the undocumented working
population. Many of the essential workers in the United States are undocumented
and as a result, were not eligible for the $1,200+ payments that were offered to
the majority of the population.

This initiative assisted 1,734 families, essential workers in the front lines of
this pandemic. We were able to offer much needed economic stimulus, as well as
access to fair and accessible financial services including our tailor-made bank
account.

We also have institutional partners such as MasterCard and GreenDot bank that
have to create access to world class services and support via our financial
solutions.


CROWDFUND INSIDER: WHAT ARE YOUR PLANS FOR THE REMAINDER OF THIS YEAR AND AS WE
HEAD INTO 2020?

Amir Hemmat: The theme at Welcome Tech this year is all about growth. First off,
we will be expanding channels and promoting our services extensively to grow our
community of members.

We are on track to grow well beyond 3 million active users. We are also growing
our team with outstanding talent coming on board for all areas of our company
including tech, product, and customer experience experts. It is a competitive
landscape for great talent but our mission resonates with the best and brightest
so we are excited to add tremendous leadership in all areas of our business.

And finally, we will be growing the services we provide throughout our digital
wallet experience including additional financial services like remittance, bill
pay and credit as well as more free and discounted services.


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This entry was posted in Featured Headlines, Fintech, Global and tagged amir
hemmat, digital financial services, financial literacy, financial planning,
financial services, financial wellbeing, financially underserved, hispanics,
interview, minorities, money management, Unbanked, underbanked, united states,
us, welcome tech. Bookmark the permalink.



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