The Washington, D.C. event aims to address the critical challenges of digital modernization facing MDIs.

Washington, D.C. – April 24, 2024: The Alliance for Innovative Regulation (AIR) announced an in-person event in support of its MDI Digital Modernization Pilot, which aims to strengthen Minority Depository Institutions (MDIs) through digital technology. The strategic gathering, titled “MDI Innovate: A Purposeful Journey into Digitization,” continues AIR’s efforts to foster digital inclusivity and innovation in financial services. The event is scheduled for May 2, 2024, in Washington, D.C. AIR will publish a paper in September 2024 detailing the shared learnings over the course of the 2-year program.

“MDI’s are critical to their communities, and they face daunting challenges in today’s increasingly high-tech financial market. This convening is an opportunity to share insights and develop strategies to help MDIs not only participate, but actually be leaders in using digital age technology to meet the needs of customers. Our collective efforts can significantly influence the future of financial inclusion,” says Jo Ann Barefoot, CEO and Co-Founder of AIR. 

MDI Innovate: A Purposeful Journey into Digitization

Speakers include Michael Hsu, Acting Comptroller of the Currency; Rodney Hood, Former Chairman of the National Credit Union Administration; Nicole Elam, President & CEO, National Bankers Association; Rob Nichols, President & CEO, American Bankers Association; Brian E. Argrett, Director & CEO, City First Bank; Robert E. James II, President & CEO, Carver Financial Corporation; Michelle Outlaw, President, Florida Agricultural & Mechanical Federal Credit Union; Karan Jain, Founder & CEO, NayaOne; Jonathan Lo, Co-Founder and Managing Director, StrategyBRIX; Sandeep Balan, Managing Director, Cornerstone’s Technology Advisory Practice; Osborn Gomes, Technology Director for the MDI ConnectTech Program; and Krystal Langholz, Director of Strategy, Calvert Impact.

Sessions will explore lessons learned and best practices for MDIs on using technology to solve traditional and emerging challenges, including to enhance financial inclusion and streamline regulatory compliance. Speakers will also identify the key obstacles to progress and discuss how to address them. The program will include a Tech Showcase with technology companies demonstrating innovative solutions tailored to the needs of MDIs followed by a Q&A session.

We invite all interested parties to learn more about the program and collaborate with us to empower MDIs to thrive in a digital world.

Event Details:
Date: May 2, 2024
Time: 8:30 AM – 4:30 PM ET
Location: Convene | Washington, D.C.

MDI Innovate: A Purposeful Journey into Digitization
MDI Innovate: A Purposeful Journey into Digitization
MDI Innovate: A Purposeful Journey into Digitization
MDI Innovate: A Purposeful Journey into Digitization

About AIR

The Alliance for Innovative Regulation (AIR) is a nonprofit, non-membership organization working to make the financial system fully inclusive, fair and resilient through responsible use of new technology. By connecting regulation, finance, technology and society, AIR drives global innovation and collaboration to address rapid technology change.

Connect with AIR

INITIATIVE • AIR Initiative to Create Digital Transformation Road Map for MDIs

The MDI ConnectTech initiative helps participating Minority Depository Institutions assess their technology capability, identify digital offerings to benefit their customers, and establish a road map to implement third-party digital solutions.

PODCAST • How Minority-Backed Institutions Can Stay Competitive in Digital Age

In this special episode, Jo Ann speaks with three innovators working to help Minority Depository Institutions modernize their technology to continue serving communities of color.

ARTICLE • How MDIs Are Focusing on Technology Needs to Drive Their Mission

Like all small financial providers, Minority Depository Institutions face a challenging environment staying competitive in the digital era. Through a program developed by AIR, the National Bankers Association and Inclusiv, some MDIs are upping their digital game.

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