Be sure to watch the entire episode located below the show notes.
Named after credit union icon Dora Maxwell, Bank Dora (or Dora, preferably) is the nation’s first cooperative-based, neo-bank strategy -- a direct answer to Chime. According to Dora's Managing Director Kristi Kenworthy, Chime offers what credit unions were already offering. But the online experience of Chime was exceptional.
So the team at founding credit union USALLIANCE Financial got to work to develop an answer for Chime that could serve the 50 million Americans currently not participating in mainstream banking. As a result, Dora's online banking app was founded/launched in August of 2021 and dedicated to financial inclusion, offering a fully bilingual digital banking experience that supports low-moderate income individuals.
It is currently sponsored by five entities: Affinity Plus Federal Credit Union (Affinity Plus), Digital Federal Credit Union, Inclusiv, Service Federal Credit Union, and USALLIANCE Financial.
A truly fascinating story from Kristi on how Dora started, how it complements a traditional credit union, what's next for the app, and much, much more.
Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.
Mike Lawson, Host
Married to a beautiful and wonderful wife, raising 5 kiddos (including twins!), enjoy helping others tell their stories, and love surfing SoCal waves. Keep it simple.