Bank of North Dakota has joined the American Fintech Council (AFC), becoming the latest member of an industry association that represents responsible fintech companies and innovative banks. BND is notable as the only state-owned bank in the United States, with a focus on providing financial services to support agriculture, commerce, and education throughout North Dakota.
Phil Goldfeder, Chief Executive Officer of the American Fintech Council, said: “Bank of North Dakota exemplifies a thoughtful, community-first banking model that meets the diverse needs of residents and businesses. Their focus on customized, responsible banking solutions complements our vision of supporting financial innovation that promotes growth and inclusivity. We are excited to collaborate with BND to help advance technologies and services that strengthen the financial well-being of North Dakota.”
BND works closely with local financial institutions by offering business and agricultural loan programs. The bank also facilitates legislative financial initiatives for the state, supports secondary education for students in North Dakota, and provides assistance during disasters or hardships.
Don Morgan, President and CEO of Bank of North Dakota, stated: “Our mission is to provide North Dakota’s financial institutions with the tools and solutions they need to succeed and grow in this ever-changing environment. We are committed to providing reliable, tailored banking services that support both immediate needs and long-term sustainability. Joining the American Fintech Council enables us to develop innovative solutions that put the customer experience first, helping us deliver more personalized and effective financial services to those we serve.”
The AFC operates as a standards-based trade association representing large fintech companies and banks involved in embedded finance solutions. Its mission includes promoting transparency, inclusion, customer-centric practices in finance through responsible innovation, as well as advocating for sound public policy. AFC members work toward increasing competition in consumer finance while aiming to better serve underserved communities.
Since its founding in 1919, Bank of North Dakota has focused on delivering sound financial services designed to promote economic growth within the state. With assets exceeding $10 billion, BND partners with other institutions on various programs intended to improve quality of life for residents.