The Vital Role of Banks in America’s Economic Landscape
From the inception of the United States, banks have played a crucial role in shaping the nation’s economy. They not only finance critical infrastructure projects but also support small businesses and individuals striving to achieve the American Dream. Understanding the intricacies of banking and finance is closely linked to wealth accumulation, yet many Black Americans lack sufficient financial literacy.
Kevin Cohee’s Mission to Improve Financial Literacy
Kevin Cohee, owner, Chairman, and CEO of OneUnited Bank, the largest Black-owned bank and the first Black-owned internet bank in America, is determined to change this. Cohee’s family has a long history of advocating for Black economic success, a legacy he continues today. His great-great-grandfather, Charles Cohee Jr., was a prominent leader who fought for Black rights and contributed to the wealth of Black communities, including the famous Black Wall Street in Tulsa, Oklahoma.
Embracing Technology to Educate and Empower
Recognizing the rapid changes in the banking industry, Cohee has integrated advanced technology to enhance financial education. OneUnited Bank’s digital tools, such as Wise One, use artificial intelligence to offer financial wellness insights, educational videos, and literacy modules aimed at helping low-income families build generational wealth. Cohee believes that leveraging technology is key to closing the racial wealth gap and empowering Black communities financially.
A Legacy of Economic Advocacy
Cohee’s commitment to financial empowerment is deeply rooted in his family’s legacy. His great-great-grandfather, Charles Cohee Jr., played a pivotal role in securing land for Black families, which led to the creation of Black Wall Street in Tulsa. Kevin Cohee has continued this legacy by leading the Bank Black movement and uniting several community banks to form OneUnited Bank, thereby strengthening financial resources for Black Americans nationwide.
The Evolution of Banking in the Digital Age
Cohee realized that to keep up with the evolving banking industry, embracing technology was essential. The Wise One tool, developed by OneUnited Bank, uses data aggregation and AI to provide users with actionable financial advice, helping them make informed decisions. Cohee sees this technological shift as crucial for the future of banking, where services are increasingly delivered through digital platforms to meet the demands of a tech-savvy population.
Addressing Financial Inequality
OneUnited Bank aims to address financial disparities that disproportionately affect Black Americans, such as higher mortgage rates and limited access to business loans. Cohee emphasizes the importance of financial literacy in overcoming these challenges, advocating for educational tools like Wise One to help individuals make smarter financial choices. By improving financial literacy, Cohee believes that all Americans, especially those in marginalized communities, can achieve greater economic stability and opportunity.
Advice for Aspiring Entrepreneurs
For young entrepreneurs, Cohee highlights the unprecedented opportunities presented by technology. He encourages leveraging digital tools to reach global markets, emphasizing that success in today’s world requires embracing technology and artificial intelligence. Cohee’s journey from a young boy inspired by Monopoly to the CEO of OneUnited Bank serves as a testament to the power of education, perseverance, and innovation in achieving entrepreneurial success.
The Impact of Black Fraternities
As a third-generation member of Alpha Phi Alpha, Cohee credits Black fraternities with providing essential support and mentorship throughout his career. Fraternities offer a sense of belonging and a network of resources that help members navigate personal and professional challenges. This camaraderie and guidance have played a significant role in Cohee’s life, contributing to his growth as a leader and advocate for economic empowerment in the Black community.