Katie Plat – Prosper Canada Learning Hub

The Present and Future of Bank On Account Data: Pilot Results and Prospective Data Collection

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.

cfe - present and future of bank on account data

A Much Closer Look: Enhancing Savings Counseling at Financial Empowerment Centers

Building savings is a fundamental strategy for empowering individuals and families with low incomes. Even relatively small amounts of savings can serve as a buffer against inevitable financial shocks that can otherwise undermine social service efforts and successes – and short-term savings offer realistic first steps toward building longer-term savings and acquiring assets.

The CFE Fund conducted a research pilot at municipal Financial Empowerment Centers to better understand how clients are saving, and inform new savings indicators for financial counseling success. This report explains the insights of this research pilot, and client outcomes in savings and goal setting.