Banking Services Resources
By Kassie Scott and Jorge González-Hermoso, Urban Institute. Released August 3, 2020. COVID-19 is increasing Americans’ reliance on financial technology (fintech), such as online and mobile banking. Stimulus payments alone doubled mobile banking registration. With banks closed or operating at reduced capacity, fintech provides some Americans with a safer alternative to traditional banking. But the pandemic has made the digital divide—or the gap between people who have access to computers and the internet—even more apparent, especially for people with low incomes. Pew Research Center estimates more than 4 in 10 Americans with incomes below $30,000 a year do not have access to home broadband services or a traditional computer and instead rely on smartphones for internet access.
By David Bryant, Ginger Haggerty, Cynthia Parker, Mimi Turchinetz, and Esther Schlorholtz. Released by Federal Reserve Bank of Boston. In 2015, the Federal Reserve Bank of Boston released The Color of Wealth in Boston, which found strikingly high racial wealth disparities in the Boston metropolitan area. Although the report sparked dynamic conversations about the importance of focusing on wealth, the large disparities along racial lines, and the crucial role public policy plays in creating or amplifying inequality, we were convinced that simply releasing research was not enough to incite change. Accordingly, a working group was formed to provide independent recommendations to address racial wealth disparities. Read their report and recommendations here.
Basic Banking for Massachusetts Survey Results 2012
A 2012 survey of banks and consumers about the Basic Banking for Massachusetts program.
A 2008 MCBC report on Strategies for Financial Institutions, Community-Based Organizations and Public Programs to Expand Access to Financial Services, Financial Education and Asset Development
This report was produced by the Boston Alliance for Economic Inclusion (BAEI), a public-private partnership whose mission is to enhance the economic well-being of the unbanked/underserved in metropolitan Boston by improving their access to the U.S. banking system, developing and marketing more responsive and affordable financial products and services, promoting financial education, and addressing technical or regulatory issues surrounding these developments.