Former EVP and Chief Credit Officer for City First Bank Brings Leadership & Decades of Experience to Mission-Driven Fintech
NEW YORK, Sept. 22, 2022 /PRNewswire-PRWeb/ -- Today Stratyfy is pleased to announce that Shannan Herbert has joined its leadership team as Executive Vice President of Inclusive Credit in Stratyfy's mission to enable inclusive finance for all.
Herbert was most recently the Executive Vice President and Chief Credit Officer for City First Bank, a $1Bn Community Development Financial Institution headquartered in Washington, DC. There, she helped lead the company through its first merger of equals with Broadway Financial Corp, ultimately creating one of the largest Black-led Community Development Financial Institutions and Minority Depository Institutions in the country.
Herbert is bringing 20+ years of banking experience to Stratyfy, with a focus on providing capital to under-resourced populations. Prior to City First Bank, she served as Senior Vice President and Director of Loan Review for United Bank, where she was responsible for the oversight of a $13B loan portfolio. At Stratyfy, Herbert will use her depth of experience to scale Stratyfy's solutions and products with a particular focus on financial institutions committed to eradicating structural racism.
"Creating a fairer, more inclusive credit system requires collaboration, creativity, and an understanding of the real challenges facing both consumers and institutions," said CEO and Co-Founder Laura Kornhauser. "Shannan's leadership experience and demonstrated passion for shaping a more equitable financial system will be invaluable in furthering Stratyfy's mission. We can't be more excited about everything she brings to the team."
Herbert's impact in Black and Brown communities extends to her work promoting inclusive underwriting programs in the Underwriting for Racial Justice National Working Group and the RMA Community Bank Council. She also serves as Board Chair of Beacon House, a nonprofit organization in Washington, DC, and as Board Vice Chair of Rochdale Capital, a non-profit community development loan fund located in Arlington, Virginia. Herbert will continue to develop impactful partnerships and community engagements with mission-aligned organizations in her role at Stratyfy.
"There's a lot of talk about financial inclusion in fintech, but what Stratyfy is doing is truly differentiated – and most importantly, mission-driven," said Herbert. "Working with regulators and community organizations, I'm excited to use my experience and learnings in the banking sector to continue to develop our lending offerings in an effort to drive real change and close the racial wealth gap."
This announcement comes on the heels of momentous growth from Stratyfy. At this year's FinovateFall, the company won Best in Show for its UnBias™ solution, which allows institutions to uncover, understand, and undo bias in complex financial decisions. Stratyfy is also part of Upstart's latest MoreThanFair initiative, which was announced last week.
Stratyfy's transparent machine learning solutions empower financial institutions to automate smart lending decisions with more transparency, trust, and confidence. Stratyfy's UnBias™ also helps companies proactively identify and remove hidden bias in data and models. With Stratyfy, institutions can seamlessly combine the precision of their data with the wisdom of their people to make better, faster decisions based on true risk and serve more customers.
Luke Lennon, Stratyfy, 7815886964, [email protected]