MINNEAPOLIS–(BUSINESS WIRE)–American bank and opendorse today announced a strategic collaboration that will bring financial literacy training to thousands of student-athletes navigating the emerging landscape of name, image and likeness.
A recent change in NCAA policy now allows student-athletes to monetize the use of their name, image and likeness, commonly referred to as NIL, for commercial or promotional purposes. Examples of NIL activities in the sports world range from the use of an athlete’s name on a jersey for sale to an athlete making an appearance in an advertisement or advertisement.
To help student-athletes maximize this new revenue stream, US Bank’s financial education and college banking experts worked closely with Opendorse curriculum specialists to create Financial health of US banks™, a personalized financial literacy program specifically designed for student-athletes. The more than 80,000 athletes at Opendorse, the leading technology provider in the athlete endorsement industry, will have the opportunity to learn how to plan to create short- and long-term wealth for themselves. and their families.
“For student-athletes earning their first bucks through NIL, or pros who have been doing so for years, financial literacy and money management are key,” said Opendorse co-founder/CEO Blake. Lawrence. “We are proud to work alongside US Bank in this groundbreaking collaboration to provide athletes with valuable resources so they can navigate NIL safely and maximize their financial opportunities.”
Financial health of US banks™ aligns with Opendorse’s longstanding vision of helping every athlete and their supporters understand, build, protect and monetize their brand value. The programming has been developed in abbreviated form specifically to align with how young people engage digitally and will consist of a series of modules covering budgeting, taxes, financial planning, and more. The initial content rolling out this month focuses on the topics of understanding your money, how to see your money as it relates to payroll deductions and income tax, and general budgeting. Student-athletes can access content on the Opendorse app and the newly redesigned athlete homepage on the Opendorse website.
“We’re hearing from student-athletes saying they’re excited about NIL, but want help understanding how to manage their money and set themselves up for success,” said Kaori Yamada, senior vice president of strategy. financial education at US Bank. “Through our collaboration with Opendorse, we’re helping student-athletes reflect on where they’re at with their money and build their knowledge and confidence to achieve their goals, all through a digital experience they can access any time.”
US Bank has a long-standing commitment to supporting communities by empowering individuals and businesses through a holistic approach. Last year alone, 1.5 million people received financial education through US Bank employee philanthropy and volunteerism, with a focus on diverse and underserved communities. Through free financial education like its Financial IQ website, regular webinars and newsletters, US Bank provides resources to help develop smart financial habits by understanding saving vs. investing, credit, debt , senior fraud, home ownership, college prep, job planning, and more.
Student-athletes can access additional financial wellness information and resources through the Financial health of US banks™ section of the US Bank website.
About US Bank
US Bancorp, with approximately 70,000 employees and $591 billion in assets as of June 30, 2022, is the parent company of the US Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diverse array of businesses: personal and business banking; payment services; Business and corporate banking services; and wealth management and investment services. The company has been recognized for its approach to digital innovation, social responsibility and customer service, including being named one of the 2022 World’s Most Ethical Companies and Fortune’s Most Admired Superregional Bank. Learn more about usbank.com/about.
About Open Dorse
Opendorse, the NIL company, is the leading technology provider in the athlete endorsement industry. Over 80,000 athletes use Opendorse to build and monetize their Name, Image and Likeness (NIL) with the support of thousands of brands, fans, sponsors, donors and partners including the PGA TOUR, NFLPA, MLBPA, WNBPA, LPGA, more than 100 professional and collegiate sports teams.