Change Machine

Overview

Change Machine is a 501(c)(3) nonprofit organization in the United States with an Employer Identification Number (EIN) of 760833915. It operates primarily in the Human Services sector, focusing on multipurpose and other personal social services (NTEE).

Mission and Activities

Founded in 2005, Change Machine aims to build financial security for low-income communities through innovative, people-powered technology. The organization provides cutting-edge financial empowerment tools designed to improve client outcomes and streamline service delivery for nonprofits, government agencies, and financial institutions.

Change Machine's platform features a social collaboration tool for practitioners, an education portal on various financial coaching topics, and a case management app. The platform includes a range of fintech products and services vetted for affordability, inclusivity, and safety. It utilizes AI analytics to recommend relevant financial products to customers, significantly enhancing the effectiveness of financial coaching.

Partnerships and Impact

Change Machine has collaborated with major technology partners like IBM to enhance its capabilities, particularly in data strategy and AI tools. This partnership has enabled Change Machine to leverage advanced cloud solutions and machine learning models, leading to more accurate fintech product recommendations for clients. As a result, the usage of recommended products rose from 60% to 98%, demonstrating the improved relevance of the recommendations.

Over 8,000 practitioners have used Change Machine's platform, contributing to placing more than $45 million in the pockets of their customers. Change Machine's work focuses on supporting communities often impacted by systemic barriers to financial inclusion, particularly Black and Brown women.

Governance and Funding

As a nonprofit, Change Machine relies heavily on contributions for funding. Its revenues are primarily from donations and a smaller portion from program services. Key employees include Mae Watson Grote, who serves as the Founder and CEO.

Recognition

Change Machine's innovative use of AI in its financial coaching platform has been recognized in the industry, including a nomination for VentureBeat's AI Innovation Award in the AI for Good category. This recognition underscores its commitment to using technology to address financial insecurity effectively.

Conclusion

Change Machine plays a pivotal role in enhancing financial stability for underserved communities by providing scalable, data-driven solutions. Its mission is aligned with fostering inclusive financial practices and empowering organizations to deliver impactful financial coaching.