To develop a replicable template and model for the creation of financial literacy training and banking centers to be deployed in specified areas throughout the United States and abroad. Each center will be developed in conjunction with Operation HOPE and packaged as a franchise, using the HOPE Center approach. With the intention of launching the initial pilot project in Mexico, this commitment will provide funding, in-kind contributions, and licensed data/technology of up to $1 million to develop a franchise-type model. Upon successful development of the model, First American will consider partnering with Operation HOPE in additional implementations domestically and globally.
First American has pioneered several enhancements to Operation HOPE'S financial literacy program using call center technology, data and information management, and customer support innovations. These domestic enhancements--along with new products like First American's alternative credit scoring, Anthem Score--will be incorporated in the development of a universal model for international application.
With the experience of other HOPE centers in mind, Operation HOPE and First American Bank have determined that the best approach to launching a Hope Center pilot in Mexico is to focus upon the creation and implementation of a 'demonstration pilot' within a shortened timeline. The pilot will target a fixed number of individuals who may benefit from the counseling, financial literacy education, and banking services offered by the HOPE Center approach in order to then determine the best approach for long term success of such centers.
This commitment builds on the success of the joint efforts between Operation HOPE and First American to build banking centers from neighborhood financial literacy training and counseling offices in a replicable format for adaptation and implementation domestically and globally. As the nation's largest supplier of financial, business data and information, First American's alternative credit scoring products, which use non-traditional credit information, can be combined with First American's analytics capabilities to entice and facilitate lending by financial institutions throughout the developed countries of the world to individuals without traditional credit histories. Operating in 12 countries today, First American will be adapting its data and analytics to match the objectives of this commitment and provide an efficient means to make the HOPE Centers readily deployable domestically and internationally.
Today, HOPE Centers throughout the United States are teaching underserved and minority individuals and families the basics of financial literacy, securing credit, and becoming responsible borrowers in a safe welcoming environment. By linking to religious institutions and community-based organizations in the geographic areas of focus, the transition is easier and less intimidating for the groups receiving the services. Once the centers are established and successfully functioning for a period of two years, they are sold to local or national financial institutions and converted into banking branches. The establishment of a replicable/'franchisable' curriculum and structural model is central to easy, low-cost deployment of the model domestically and on a more global basis.