Finance New Orleans: Journey in Digital Transformation and Importance of Market Collaboration
Video transcript below:
Hello, my name is Damon Burns, and I’m the CEO of Finance New Orleans.
New Orleans has a new strategic plan that we created a few years ago in response to our experience with climate challenges. We faced a large-scale event with Hurricane Katrina, which significantly impacted our financial condition and interrupted our ability to provide capital to our community.
In response, we developed a new strategic plan focused on addressing climate issues while also considering social and economic development challenges — combining all of these into a unified public financing platform.
One of the key pillars of our strategic plan is digital transformation, because we believe it’s essential not only for our internal operations but for our community as a whole. Technology is playing a bigger and bigger role — everyone is focused on AI right now — and our community is asking how these changes will affect them and the delivery of financial services.
We want to make sure we’re on the cutting edge and keeping up with technological advances so we can deliver the best possible services to our community and ensure it remains competitive with the rest of the world.
"Banyan Infrastructure helps us strengthen our connection with the community and be more responsive."
Banyan Infrastructure helps us strengthen our connection with the community and be more responsive. We want to provide faster support and quicker answers when people seek capital — whether they’re homeowners, multifamily developers, or community solar project leaders. That can be difficult with manual systems and outdated processes.
Those systems served us well for decades, but like anything else, they need to be updated and modernized. A major part of that modernization is implementing Banyan’s software to automate applications, streamline internal workflows, and clearly document processes so everyone stays aligned.
These elements are central to our digital transformation, but most importantly, they help us deliver services more efficiently to the community. Our core mission is to create access to capital, and a key part of that is improving the application and underwriting process.
I’m especially excited about the sustainability and environmental projects we’ve been envisioning over the past few years — projects that are now becoming reality. While challenges remain, the momentum is moving in the right direction, and awareness of the need is growing every day.
In communities like New Orleans, we don’t have to convince people of the importance of climate resilience or new technologies — we’ve lived through the consequences firsthand. Other regions that haven’t historically focused on climate issues are now starting to take notice, which is both a challenge and a positive shift.
This growing awareness will drive broader change at the federal, state, and local levels. We’ll need policy adjustments, and agencies like ours also need time to adopt and integrate new technologies. We’re not traditionally used to working with advanced technology or climate tech startups, but in order to push forward and reach our goals, we have to form new relationships.
"We’re not traditionally used to working with advanced technology or climate tech startups, but in order to push forward and reach our goals, we have to form new relationships."
We’re excited to partner with Banyan to help us better organize, increase transparency, and make information more accessible to our stakeholders — from individuals to institutions that monitor, rate, and underwrite us.
We believe we have a bright future ahead, and with the right tools and partnerships, we can continue building a stronger, more resilient community.
Damon Burns shares more about Finance New Orleans
We recently hosted an intimate gathering of industry experts for our Data & Dealflow 2025 event, focused on how data can unlock deal flow in renewable energy and sustainable infrastructure. Damon Burns hosted a fireside chat about Finance New Orleans digital transformation journey, their approach to sustainable infrastructure, and the importance of collaboration in the current market. Read the summary of that conversation below.
Can you give a brief overview of Finance New Orleans and its mission?
Finance New Orleans is the city's Green Bank and Housing Finance Agency. For 40 years, Finance New Orleans has primarily focused on expanding homeownership opportunities, particularly for low-to-moderate-income families. While we've done some multi-family and development projects, our core has been mortgage finance. We're quasi-governmental, able to issue tax-exempt bonds and other public benefits, making us a valuable partner for commercial banks. Our focus has evolved, particularly after Hurricane Katrina, to include a strong emphasis on sustainable housing and infrastructure.
Hurricane Katrina was a pivotal moment for New Orleans. How did it impact FNO and its strategic direction?
Hurricane Katrina, coupled with the Great Recession in 2008, dramatically shrunk our balance sheet. It forced us to rethink our strategy and recognize the critical need for sustainable housing and infrastructure. We realized firsthand what happens when housing isn't resilient, and the surrounding infrastructure isn't sustainable. This realization led to our "RE-launched" strategic plan in 2020, which prioritizes investments in these areas. It also highlighted the absolute necessity of digital transformation, as our legacy, paper-driven systems were simply inadequate for the challenges and opportunities ahead.
You've spoken about the importance of digital transformation. How is technology helping FNO achieve its goals?
Technology is crucial for organizational clarity and efficiency. It empowers our team by providing easy access to information and resources. When new staff or board members join, they can quickly get up to speed. It also allows us to communicate effectively with the community, which is paramount. For example, we have thousands of records of past homebuyers, but they were largely inaccessible until we began digitizing them. Now, we can readily connect with and serve our community. Furthermore, technology extends our reach. We're a small team, and Banyan Infrastructure functions as an extension of our technology department, providing expertise and solutions we couldn't afford in-house.
"Banyan Infrastructure functions as an extension of our technology department, providing expertise and solutions we couldn't afford in-house."
You're building a sustainable infrastructure program from the ground up. What's that process been like, and where does data fit in?
Building this program has been a journey. We started by developing a resilient finance strategy, a climate finance blueprint that outlines opportunities in New Orleans and how to finance them. This plan, available on our website, is a collective effort with the city and its sub-agencies. Data is essential throughout this process. It informs our understanding of community needs, helps us manage programs effectively, and enables us to communicate transparently with stakeholders. For instance, we're developing a pipeline of community solar and microgrid projects, and data is critical for assessing viability and impact.
What are some of the key lessons you've learned during this process?
One crucial lesson is the importance of early and consistent community engagement. We learned from past projects, like the Make It Right initiative, that community buy-in is essential for success. We now prioritize giving the community a voice in our projects, even the potentially controversial ones. We may not always be able to do exactly what everyone wants, but their perspectives must be heard and considered.Looking back over the past few years, what advice would you give to other organizations embarking on similar initiatives?Focus on building organizational clarity, ensuring everyone understands their role and has the resources they need to be successful. Invest in technology to streamline processes and improve communication. And most importantly, engage the community early and often. Their insights are invaluable.
Looking back over the past few years, what advice would you give to other organizations embarking on similar initiatives?
Focus on building organizational clarity, ensuring everyone understands their role and has the resources they need to be successful. Invest in technology to streamline processes and improve communication. And most importantly, engage the community early and often. Their insights are invaluable.
"Focus on building organizational clarity, ensuring everyone understands their role and has the resources they need to be successful."