Step Two: Preliminary Research

Research on how many local residents lack bank accounts, barriers to the financial mainstream and residents’ financial services needs is key to developing measurable goals and information to guide program development. Although there are costs to any research effort, strong data collection and analysis can help the city build public will, engage funders and partners, promote the development of appropriate financial products, and better evaluate the success of the program.

National Research

First, review available literature, research and reports to become familiar with the causes and costs of financial exclusion. Research on household demographics and characteristics most correlated to being un- or underbanked are fairly consistent across different surveys and research. The unbanked tend to be low-income, young, less-educated and/or members of particular racial and ethnic groups. For more information, see the Research on Unbanked and Underbanked Resources page.

Community Research

Understanding the size of the un- and underbanked population in your community, as well as the percent of households that are financially underserved compared to other geographies, can be helpful in determining your need for a financial access initiative and in communicating that need publicly. Click here for an estimate of the un- and underbanked population in your community.

Additionally, you may also want to use qualitative research to gain a more in-depth picture of residents’ financial habits and needs, as well as the institutions that are currently serving them. Bank On programs have used surveys, interviews and focus groups as sources of qualitative information for their population or subject of interest. To view and download these studies and research tools, visit the Local Market Research Resources page.