Submitted by Webster Bank
Social Supply Chain
We began building our new Supplier Diversity program in 2022, integrating diversity and inclusion into our procurement process by laying a strong foundation with key internal and external stakeholders.
We developed policies, practices and procedures to ensure equal opportunity and enable access. As part of OCR, Supplier Diversity progress is reported to the Corporate Responsibility Committee (C-suite executives), which in turn reports to the Nominating and Corporate Governance Committee of the Board.
As part of this effort, Webster partnered with a number of organizations that support women- and minority-owned businesses in New England and New York. Membership in these groups provided valuable opportunities to develop relationships and learn best practices. We’ve been able to increase our visibility in this space by participating in supplier diversity matchmaker events and other external initiatives that promote opportunities for diverse vendors.
Internally, we are working to align our processes and lower barriers to entry by fine-tuning the onboarding process for low-risk vendors. We also developed colleague training to emphasize the important role our colleagues play in making the new Supplier Diversity program a success. We will support this with internal "road shows" across the footprint in 2023. The new Webster Supplier Diversity page went live in 2022, and an online vendor portal is scheduled for 2023.
Access to Capital
Webster believes strongly in empowering people and strengthening communities by expanding access to capital through support for:
Community Development Finance Institutions (CDFIs)
Finance affordable housing, community facilities and small businesses.
Community Development Corporations (CDCs)
Focus on revitalizing the areas in which they are located; typically, underserved neighborhoods that have experienced disinvestment.
SBICs and SBA-certified development corporations
Help grow small businesses, especially Minority- and Womenowned Business Enterprises.
We understand the challenges that small business owners face and we work with them to find the right products and services to meet their needs.
In 2022, Webster was:
Webster Connect Checking
In 2022, we were pleased to introduce Webster Connect Checking. This product provides unbanked and underbanked clients with financial services with limited fees to help them save, grow and access their money in a reliable way.
Webster Connect was launched in the New York metro area in late 2022, and it will be offered across all Webster locations by mid-2023.
This product has been certified by the Cities for Financial Empowerment for meeting the Bank On National Account Standards for 2023–2024. Bank On collaborates with financial institutions to provide clients with account options that meet safety and affordability standards.
To learn more about Webster Bank’s commitment to corporate responsibility, visit our CR webpage.
For full details about Webster Bank's 2022 Corporate Responsibility Report, visit here.
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, National Association and its HSA Bank Division. Webster is a leading commercial bank in the Northeast that provides a wide range of digital and traditional financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-driven organization with $69.1 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.
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