MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bank and Opendorse today announced a strategic collaboration that will bring financial literacy education 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 use of an athlete’s name on a jersey for sale to an athlete making an appearance on a commercial or advertisement.
To help student-athletes maximize this newfound revenue stream, financial education and college banking experts at U.S. Bank worked closely with curriculum specialists at Opendorse to create U.S. Bank Financial Fitness™, a customized financial literacy program curated specifically for student-athletes. All 80,000+ athletes on Opendorse, the leading technology provider in the athlete endorsement industry, will have the opportunity to learn how to gameplan for creating short-term and long-term wealth for themselves and their families.
“For student-athletes making their first dollars through NIL or pros who have been doing it for years, financial literacy and money management is essential,” said Opendorse co-founder/CEO Blake Lawrence. “We’re proud to work alongside U.S. Bank in this groundbreaking collaboration to provide athletes with valuable resources so they can safely navigate NIL and maximize their financial opportunities.”
U.S. Bank Financial Fitness™ aligns with Opendorse’s longstanding vision to help every athlete and their supporters understand, build, protect, and monetize their brand value. Programming was developed in short-form format specifically to align with how young people engage digitally and will consist of a series of modules covering budgeting, taxes, financial planning, and more. Initial content rolling out this month focuses on the themes of understanding your money, how to view your money when it comes to paycheck deductions and income tax, and general budgeting. Student-athletes can access the content on the Opendorse app and the newly redesigned athlete homepage of the Opendorse website.
“We hear from student-athletes that they are excited about NIL, but want help in understanding how to manage their money, and set themselves up for success,” said Kaori Yamada, senior vice president of financial education strategy at U.S. Bank. “Through our collaboration with Opendorse, we are helping student-athletes think about where they are with their money and build their knowledge and confidence to achieve their goals, all through a digital experience that they can access anytime.”
U.S. Bank has a longstanding commitment to supporting communities by empowering individuals and businesses with a holistic approach. Last year alone, 1.5 million individuals were served with financial education through philanthropy and U.S. Bank employee volunteerism, with a focus on diverse and underserved communities. Through free financial education like its Financial IQ website, regular webinars and newsletters, U.S. Bank provides resources to help build smart financial habits through understanding savings vs. investing, credit, debt, elder fraud, homeownership, college prep, job planning, and more.
Student-athletes can access additional information and resources for financial wellness via the U.S. Bank Financial Fitness™ section of the U.S. Bank website.
About U.S. Bank
U.S. Bancorp, with approximately 70,000 employees and $591 billion in assets as of June 30, 2022, is the parent company of U.S. Bank National Association. The Minneapolis-based company serves millions of customers locally, nationally and globally through a diversified mix of businesses: Consumer and Business Banking; Payment Services; Corporate & Commercial Banking; 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 at usbank.com/about.
Opendorse, the NIL company, is the leading technology provider in the athlete endorsement industry. More than 80,000 athletes use Opendorse to build and monetize their name, image, and likeness (NIL) with support from thousands of brands, fans, sponsors, donors, and partners including the PGA TOUR, NFLPA, MLBPA, WNBPA, LPGA, over 100 professional and collegiate sports teams.