A new report has been released by the Federal Reserve Bank of St. Louis and the Cities for Financial Empowerment (CFE) Fund titled The Present and Future of Bank On Account Data: Pilot Results and Prospective Data Collection. The report is the result of a pilot study conducted in 2017 to better understand the adoption and usage of Bank On accounts with four financial institutions:
The pilot study tested how a centralized Bank On data collection process could operate before a national reporting platform is established for all financial institutions offering certified Bank On accounts. The data demonstrate the vibrant market for Bank On accounts nationwide. It also underscores the success of local coalition efforts to connect unbanked people to accounts and can spur the launch of new coalitions and new programmatic integration partnerships.
To view the report, please visit: https://www.stlouisfed.org/~/media/files/pdfs/community-development/bank-on/bankon_data.pdf?la=en.