Next week, we’ll be releasing a new report on how communities of color are navigating the financial services industry. The report, “Banking in Color: New Findings on Financial Access for Low- and Moderate-Income Communities,” examines how low-and moderate-income households across various communities and states are meeting their financial needs, and the levels to which they are financially engaged
The report was was written by the Alliance for Stabilizing our Communities (ASOC)—which inludes the National Coalition for Asian Pacific American Community Development, National Urban League, and NCLR—noted a number potential opportunities for financial institutions to improve banking for low-income consumers. For example, although the majority of participants surveyed had a checking or savings account with a traditional bank, they tended to eschew the rapidly expanding online and mobile banking platforms in favor of face to face transactions, due to security concerns.
There’s much more about the future of banking in the report, so don’t miss it. Register here to join the free event next week, May 28, .