Its mission is to build financial security for low-income communities through people-powered technology. Change Machine does its work through a software as a service (SaaS) platform that can transform how people achieve financial goals. Used by financial coaches at social service organizations and public agencies, the platform features a social collaboration tool for practitioners, an education portal on various financial coaching topics and a case management app on the Salesforce AppExchange to assist coaches as they consult with customers.
The platform contains a range of fintech products and services that Change Machine has vetted to be inclusive, safe and effective. The platform is people-powered in the sense that it reflects the insights and experience of financial coaches and customers, and it includes a feature that uses AI analysis of customer data to recommend relevant fintech products.
It wasn’t always this way. At the beginning of 2020, Change Machine developed a set of standards to evaluate fintech products for affordability, inclusivity and safety, as well as how each product aimed to build financial security. The first iteration of the recommendation engine, called Marketplace Relief, was launched to mitigate financial insecurity amidst the unfolding economic recession resulting from the Covid pandemic. Criteria were created to filter relevant, vetted products and services to meet customer needs. If the needs were to boost savings and improve credit, for instance, the recommendation engine would recommend savings and credit products and services.
Although the system worked well, the approach was limited. “Our original recommendation engine was designed by a small group of coaches from particular places and at a particular point in time,” says David Bautista, Director of Product Development at Change Machine. “To broaden the scope of its knowledge and the products it could recommend, we wanted the recommendation engine to be able to update itself along the way.”
The recommendation rules raised another concern. “The coaches identified rules based on their expertise and experience working with customers, but we didn’t know how to also capitalize on customer data stored in our systems, such as which services customers most commonly used and what additional thresholds are needed based on common financial situations,” says Robert Zarate-Morales, Assistant Director of Product Development. “Using the data could provide better insights into customer needs.”
The recommendation engine also didn’t consider whether customers accepted or rejected the recommended products and services ― an indication of the feature’s impact.