WBE Certification for Financial Services Companies

Why WBE Certification Matters for Financial Services Companies

For businesses that are at least 51% owned, operated, and controlled by one or more women.

For financial services businesses, WBE certification opens doors to corporate supplier diversity programs and federal contracting opportunities specifically targeting this sector. Many Fortune 500 companies and government agencies have dedicated spending goals for WBE-certified suppliers in financial services.

Financial services is one of the most mature sectors for supplier diversity. Here's why certification matters: **Billion Dollar Commitments**: Major financial institutions are among the largest diverse supplier buyers in the world. JPMorgan Chase spends over $2 billion annually with diverse suppliers. Bank of America, Citi, and Wells Fargo each spend over $1 billion. These are not aspirational goals—they are tracked and reported commitments. **Regulatory Expectations**: The Dodd-Frank Act established Offices of Minority and Women Inclusion (OMWI) at major financial regulatory agencies, encouraging regulated financial institutions to assess diversity in their procurement. This regulatory backdrop reinforces bank commitment to diverse suppliers. **Broad Procurement Needs**: Banks and insurers buy everything—IT services, marketing, legal, facilities management, printing, office supplies, consulting, and more. You don't need to sell financial products to sell to financial services companies. **Community Reinvestment**: Financial institutions are evaluated under the Community Reinvestment Act (CRA) and other frameworks that incentivize community investment, including diverse supplier spend. **Insurance Industry**: The insurance sector has its own supplier diversity requirements and organizations, providing additional opportunities beyond banking. Financial services companies in the Billion Dollar Roundtable collectively represent some of the most well-resourced and committed diversity procurement programs in the corporate world.

WBE Eligibility Requirements

Must be at least 51% owned by women who are U.S. citizens.

To qualify for WBE certification through WBENC: **Ownership Requirements:** - At least 51% owned by one or more women who are U.S. citizens - Women owners must have contributed capital or expertise proportional to their ownership **Control Requirements:** - Women must hold the highest officer position (CEO, President, etc.) - Women must control day-to-day operations - Women must make long-term strategic decisions - Women must sign on major contracts, leases, and financial obligations **Business Requirements:** - Must be a for-profit business operating in the U.S. - Must be an independent business (not a subsidiary of a non-woman-owned company) - Must be operational with demonstrated business activity

Required Documents for WBE

How to Apply for WBE as a Financial Services Business

1. **Step 1: Identify Your Regional Partner Organization (RPO)**
2. WBENC processes applications through 14 Regional Partner Organizations. Visit wbenc.org/rpos to find yours.
3. **Step 2: Create a WBENC Account**
4. Register at wbenc.org and begin the online application process.
5. **Step 3: Complete the Application**
6. The application includes detailed questions about ownership, control, operations, and capabilities.
7. **Step 4: Upload Documentation**
8. Submit all required documents through the online portal.
9. **Step 5: Pay Application Fee**
10. Fees vary by RPO and company size, typically $350-$1,000.
11. **Step 6: Application Review**
12. Your RPO reviews the application for completeness and compliance.
13. **Step 7: Site Visit**
14. An RPO representative visits your business to verify information.
15. **Step 8: Certification Committee Review**
16. The committee makes the final certification decision.
17. **Step 9: National Certification**
18. Once approved, you receive national WBENC certification.

Financial Services Corporate Programs Accepting WBE

These companies have financial services supplier diversity programs that accept WBE certification:

Browse all corporate programs →

Government Financial Services Opportunities

**Federal Opportunities** Key agencies in the financial services ecosystem: - **Department of the Treasury**: Financial management, IT services, economic policy support - **Federal Deposit Insurance Corporation (FDIC)**: Banking regulation support services - **Securities and Exchange Commission (SEC)**: Regulatory technology and services - **Consumer Financial Protection Bureau (CFPB)**: Consumer protection technology and research **Government Financial Services Contracts** - Financial management and accounting services - IT modernization for financial regulatory agencies - Economic research and analysis - Compliance and regulatory technology solutions - Training and education services for financial literacy programs **Compliance Technology** Federal regulators need technology solutions for: - Anti-money laundering (AML) systems - Know Your Customer (KYC) platforms - Regulatory reporting tools - Cybersecurity solutions for financial infrastructure - Data analytics for market surveillance **State and Local** State treasury departments, pension funds, and insurance commissioners all procure goods and services, often with diverse supplier preferences for investment managers, custodians, legal counsel, and professional services.

Other Certifications for Financial Services Companies

WBE Certification for Other Industries