Beneficial State Bank Aims To Transform A Traditional Industry By Empowering Consumers And Communities
Forbes (September 2nd, 2021) – Banking On A Better Future: Beneficial State Bank Aims To Transform A Traditional Industry By Empowering Consumers And Communities
In establishing Beneficial State Bank as a financial institution with social and environmental impact in mind, co-founders Kat Taylor and Tom Steyer saw an opportunity to serve as an example for others in the U.S. financial industry, which handles trillions of dollars in finances daily. The potential for positive change is great in a system where the biggest U.S. banks have trillions in assets, and even smaller financial institutions oversee millions.
“It’s a very powerful system that has monopolistic tendencies. Banking is really a utility that should be governed in the public interest,” Taylor says. “We had a hunch that this powerful positive public system was going terribly awry, and somebody had to set an example for the banking industry that said, ‘You can be financially sustainable without trashing people or the planet.’”
Read the publication here.
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