The Present and Future of Bank On Account Data: Pilot Results and Prospective Data Collection
Author: Amelia Erwitt, Katie Plat, Kelsey Bradley, Meredith Covington, Paige Diner
Topic: Collective impact
Publisher: CFE Fund - Cities for Financial Empowerment Fund
Location: United States
Format: Report
Content Type: Research
Publication Date: January 29, 2023

Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The CFE Fund’s Bank On national initiative builds on this grassroots movement, supporting local coalitions with strategic and financial support, as well as by liaising nationally with banking, regulatory, and nonprofit organization partners to expand banking access. This report details the Bank On Data Pilot, which collected and measured quantitative data on 2017 Bank On account usage at four pilot financial institutions with certified accounts: Bank of America, JPMorgan Chase, U.S. Bank, and Wells Fargo.

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