How Daniel Smith of Keepingly On How They Are Helping To Promote Financial Inclusion
An Interview With Jason Hartman
I define leadership as “Accountability and doing the work.” It goes back to an orientation toward learning. Leaders should be willing to acknowledge that there are things that others can do better than them. Leadership requires asking questions, educating on the options, having conversations with others, and giving the team the latitude to make decisions. When combined with accountability, transparency, and doing the work, these provide the true elements of leadership.
Most of us take it for granted that we can open a bank or a credit card. But the truth is, according to the World Bank, close to one-third of adults — 1.7 billion — are still unbanked, and have no access to a transaction account. About half of unbanked people include women in poor households in rural areas or out of the workforce. What can be done and what is being done to promote more financial inclusion? To address this Authority Magazine started a new series about Companies Helping To Promote Financial Inclusion. As part of this series I had the pleasure to interview Daniel Smith.
Daniel Smith is the founder of Keepingly, an innovative platform that empowers homeowners in the management, maintenance, and enhancement of their properties. His customer-centric and data-driven approach, rooted in his personal homeowner experiences, has led to pioneering solutions in the housing sector.
Thank you so much for doing this with us! Before we dig in, our readers would like to ‘get to know you’. Can you tell us a bit about how you grew up?
Originally from the Caribbean Island of Trinidad and Tobago, I grew up as the first of three children with two powerful and structured parents. I lived in both Trinidad and Tobago (both separate islands), and my young influences were my father, who was an administrator at a Young men’s training facility and then later on became a social worker. My mother was a teacher and an accountant, and life consisted of school, church, and reading, where she drove the discipline in our home around academics early on.
I grew up with consistently supportive parents who supported their children to achieve whatever we wanted and laid the foundation for our success. They were married for 40+ years and had each other’s back through thick and thin(till my father’s death a year ago). That example shows that love and support have inspired and anchored me and how I view the world.
Is there a particular book that made a significant impact on you? Can you share a story or explain why it resonated with you so much?
Early on, I remember that my dad would constantly play audiobooks by Les Brown — “It’s not over till you win” is my favorite book by Les Brown.” My dad would buy motivational tapes for work to inspire the young men. One of the Les Brown stories that inspired me was how he overcame adversity when his grandmother raised him and when he was considered mentally behind by one of his teachers; despite all the adversity he faced, he rose to become a prominent motivational speaker, turning his adversity into triumph and talks filled with ups and downs. This resonated with me because those early lessons were fundamental for me when I was moving from one country to another, and I had moments of feeling like I failed at school or did not understand school work at some point. Those stories gave me the perseverance to move on.
The business book, “Good to Great,” by Jim Collins, significantly impacted how I see business and inspired me to
Do you have a favorite “Life Lesson Quote”? Do you have a story about how that was relevant in your life or your work?
“I never lose, I either win or I learn.” — Nelson Mandela
In entrepreneurship, it can be daunting. Many times, you get rejected; if you take things to heart, it can negatively impact you. Every situation is a learning experience. An orientation to learning has helped me to grow and know what not to do the next time in some circumstances and optimize for growth and winning.
How do you define “Leadership”? Can you explain what you mean or give an example?
I define leadership as “Accountability and doing the work.” It goes back to an orientation toward learning. Leaders should be willing to acknowledge that there are things that others can do better than them. Leadership requires asking questions, educating on the options, having conversations with others, and giving the team the latitude to make decisions. When combined with accountability, transparency, and doing the work, these provide the true elements of leadership.
Can you share the most interesting story that happened to you since you began your career?
Reflecting on my diverse career, which spans from web design to telecom, each project has left a significant mark, illustrating the power of addressing customer needs directly. A standout moment was when a dissatisfied customer expressed their frustration about our telecom services on social media. I believe in personalized customer care, especially for disgruntled clients. After all, they are why the firm exists; I directed my team to investigate the issue. After understanding the root cause, I engaged directly with the customer, resolving their concern in just 15 minutes. Their subsequent positive feedback on social media, appreciating the swift resolution after months of inaction, highlighted the impact of attentive and responsive service.
Ok, thank you for all that. Now let’s move to the main focus of our interview. Let’s start with a basic definition so that all of our readers are on the same page. What exactly is Financial Inclusion?
Financial inclusion is the process of ensuring access to appropriate financial services and products needed by all groups in society, particularly marginalized groups, at an affordable cost fairly and transparently — a critical component for achieving inclusive economic growth and reducing poverty.
What does it mean to be “unbanked”?
Unbanked — An individual does not have an account with a bank or a similar financial institution; it excludes them from the financial system, limiting their ability to participate in the economy effectively.
For the benefit of our readers, can you explain some of the typical reasons why a person might be unbanked? Why can’t they just walk into the local bank and open an account? Why can’t they simply open an account online?
Reasons why a person might be unbanked:
Lack of Access: In rural or underdeveloped areas, there might not be any banking facilities within a reasonable distance.
Documentation and Identification Issues: Opening a bank account typically requires documentation, which some individuals may lack.
Financial Literacy: A lack of understanding of how banking works deters some people from opening accounts.
Distrust in Financial Institutions: Past experiences or societal influences lead to a lack of trust in banks.
Minimum Balance Requirements: Some banks require a minimum balance that might be unaffordable for low-income individuals.
Technology Barriers: Online banking, a lack of access to the internet, or digital literacy can be barriers.
Can you tell our readers a bit about your work to promote Financial Inclusion? Without saying names, can you share a story about a person who was helped by your initiative?
Keepingly has been developed to ensure Homeownership Sustainability, making financial information accessible and empowering homeowners with essential knowledge. By integrating intelligent, user-friendly technology and practical insights, Keepingly bridges the gap for homeowners.
It equips homeowners with the necessary tools and knowledge to navigate the complexities of homeownership and property investment confidently.
Our users often share how Keepingly has significantly helped them manage their homes more effectively. Now, in our platform’s second iteration and onboarding customers, we recently did live onboarding sessions, and we consistently hear stories from individuals who wish such a tool had been available earlier, particularly when they first ventured into homeownership. At various events, as we discuss our platform, many relate their own challenges and learning curves with homeownership, emphasizing the need for a tool like Keepingly to ease their journey from the start.
This may be obvious to you, but it will be helpful to spell this out. Can you articulate to our readers a few reasons why it is so important for businesses to promote financial inclusion?
Promoting financial inclusion is crucial for businesses for several compelling reasons:
- Expands Markets: Engaging underserved communities opens new customer bases, fostering economic growth and diversification.
- Drives Sustainable Growth: Ensuring everyone has a fair economic opportunity contributes to a stronger, more robust economy.
- Spurs Innovation: Addressing financial inclusion challenges often leads to breakthrough technologies and services.
- Enhances Brand Loyalty: Companies committed to the social development of the entire ecosystem improve their reputation and attract loyal customers and employees.
- Mitigates Societal Risks: A more inclusive financial system promotes a stable socio-economic environment, reducing risks like crime.
Financial inclusion isn’t just beneficial for business — it’s a pillar for societal well-being.
Ok. Here is the main question of our discussion. You are an influential business leader. Can you please share your “5 Steps Businesses Should Take To Promote Financial Inclusion”.
1. Leverage Technology to Reach Underserved Communities
In Africa, M-Pesa transformed financial access by using mobile technology to offer banking services in areas with limited infrastructure. This platform enabled people in remote regions to perform transactions, save, and access credit via their mobile phones. By directly linking small-scale farmers and other rural residents to the financial system, M-Pesa eliminated the need for physical bank visits, saving time and money. This approach not only integrated millions into the economic ecosystem but also showcased the power of technology in achieving widespread financial inclusion.
2. Offer Financial Education and Literacy Programs
An organization that I admire and their commitment to financial inclusion is Mint. Mint’s initiatives in financial education show the effective use of technology and interactive tools to enhance financial literacy. Mint Personal Finance 101 series offers user-friendly guides on essential topics like budgeting and saving, aiming to demystify financial concepts. During Financial Literacy Month, Mint encourages proactive financial management, emphasizing the importance of understanding one’s financial standing and improving credit scores through the Mint app. The Global Financial Literacy Excellence Center highlighted the positive impact of integrating tools like Mint into financial education, significantly improving students’ confidence and financial behaviors.
In the home lending space, My Home Pathway is an app designed to assist users in improving their financial health and guide them through the mortgage loan process. It aims to help many Americans, particularly those who face higher mortgage denial rates, such as millennials and minority groups, by providing tools like the Home Readiness Report and personalized guidance.
3. Design Inclusive Financial Products
Community First Inc., a Community Development Financial Institution (CDFI), provides innovative solutions. It has made significant strides in supporting underserved communities by offering tailored financial solutions. They’ve launched loan programs with flexible repayment plans that adapt to the unique income patterns of their clients, many of whom are small business owners. This strategic approach opens new avenues for financial inclusion and strengthens the economic fabric of the communities they serve, proving that thoughtful financial products can create a substantial impact. This initiative supported local economic development and empowered community members by providing them with the financial means to grow their businesses and create jobs.
4. Collaborate with Governments and NGOs
Collaboration between Bank of America and the Local Initiatives Support Corporation (LISC) serves as a compelling example. This partnership focused on providing affordable housing and economic development in underserved communities. Through combined financial support and expertise, they were able to launch programs that improved access to capital for small businesses and affordable housing, showcasing the impactful role of public-private partnerships in enhancing financial inclusion and community development.
The National Fair Housing Alliance (NFHA) works to eliminate housing discrimination and ensure equal housing opportunities for all. Through partnerships with government agencies, they’ve developed initiatives to enhance the enforcement of fair housing laws, providing education and resources to both consumers and housing providers. These efforts have been instrumental in breaking down barriers to financial inclusion by ensuring that all individuals have equal access to housing, a fundamental component of economic stability.
5. Promote Diversity and Inclusion within the Organization
The CEO of JPMorgan Chase recently spoke about significant steps to promote diversity and inclusion within its organization. The company has implemented policies and programs to increase underrepresented groups’ representation and advancement. These initiatives are designed to foster a more inclusive workplace culture and to better serve a diverse customer base, reflecting the firm’s commitment to financial inclusion and equitable access to financial services.
Comprehensively, through these steps, businesses significantly contribute to more inclusive financial policies and solutions that can enable them to develop and enhance new markets, drive innovation, and build a loyal customer base, proving that inclusivity is a social imperative and a business one.
You are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
The Homeownership Sustainability movement focuses on redefining homeownership as a crucial part of our financial health and societal well-being. By harnessing technology to make homeownership data more accessible, it aims to enhance how homeowners manage their assets and bridge the wealth gap. This movement isn’t just about owning property; it’s about creating a sustainable future and empowering communities through education, economic growth, and inclusivity. It envisions a future where financial stability and community resilience are attainable for all, making homeownership a symbol of hope and prosperity.
Is there a person in the world, or in the US, with whom you would like to have a private breakfast or lunch, and why? He or she might just see this, especially if we tag them. :-)
Robert F Smith — CEO Vista Equity Partners
The work and advocacy of Mr. Smith from his position of influence to create equity and inclusion for minority communities continues to inspire. His passion on the issue of Broadband penetration, recently he said, “What we need to do is enable those HBCUs more effectively through bringing more resources, most important of which today is broadband.
Still, 82% of HBCU students live in broadband deserts. That cannot stand. That is something that we need to ensure that our HBCUs and our community demand of not only the federal government but other companies that can enable all of our students to have broadband access immediately, not five years from now.
This is the leadership we need to continue to champion progress for all.
How can our readers further follow your work online?
Follow me on Linkedin — https://www.linkedin.com/in/dopjs1/
Signup for Keepingly — www.keepingly.co
Tune in to our Podcast — Keepwize at Keepingly
This was very meaningful, thank you so much. We wish you only continued success on your great work!
Thank you for your kind words. Appreciated.
About The Interviewer: Jason Hartman is the Founder and CEO of Empowered Investor. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. Empowered Investor helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind.
Starting with very little, Jason, while still in college at the age of 19, embarked on a career in real estate. While brokering properties for clients, he was investing in his own portfolio along the way. Through creativity, persistence and hard work, he earned a number of prestigious industry awards and became a young multi-millionaire. Jason purchased a California real estate brokerage firm that was later acquired by Coldwell Banker. He combined his dedication and business talents to become a successful entrepreneur, public speaker, author, and media personality. Over the years he developed his Complete Solution for Real Estate Investors™ where his innovative firm educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s sought after educational events, speaking engagements, and his popular “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.
While running his successful real estate and media businesses, Jason also believes that giving back to the community plays an important role in building strong personal relationships. He established The Jason Hartman Foundation in 2005 to provide financial literacy education to young adults providing the all-important real world skills not taught in school which are the key to the financial stability and success of future generations. We’re in a global monetary crisis caused by decades of misguided policies and the cycle of financial dependence has to be broken, literacy and self-reliance are a good start. Visit JasonHartman.com for free materials and resources.
