Find ways to effectively serve a growing population of immigrants and refugees. It’s good for all of us. As a financial service provider, the good relationships you build have the potential to last for generations.
“Full economic integration of immigrants requires that they have access not only to the informal financial sector but also to the formal one, including banking, insurance, pension funds, and other institutions. Only by using such institutions will immigrants successfully expand their range as entrepreneurs, become homeowners, build credit histories, save for retirement, and insure against financial and other risks.”
– Ben S. Bernanke, Member, Board of Governors of the ” Federal Reserve System, remarks at the Financial Access for Immigrants: Learning from Diverse Perspectives Conference, April 16, 2004, Chicago Fed
So how well are you doing? And how do you know how well you’re doing? Maybe you’re monitoring the statistics and demographics of the unbanked and the underbanked, or maybe you’re looking at the demographics of your current customers. While both are indicators of participation in a financial system, it doesn’t tell the whole story. Here are 3 steps you can take to build trust, create lasting relationships, tap into a growing market, and build loyal, happy customers.
1. Measure How Inclusive Your Organization Is through the Voice of Your Staff and Leaders
For bank, credit union, and financial service provider leaders and staff to answer.
10 minutes, 13 questions, actionable insight
2. Measure How Inclusive Your Organization is through the Voice of the Community
For community members to answer.
10 minutes, 15 questions, the voice of truth
3. Start Driving Change and Making Investments
Use this catalog as inspiration and a starting point for taking action within your organization.
Start by capturing a baseline to see how well your organization is doing and how your organization is perceived. As you implement new policies and programs, make organizational changes, and invest in community outreach, use the internal and external metrics again to see if the investments you’re making are leading to meaningful outcomes. Use these 3 steps to:
Increasing access to suitable financial services for immigrants and refugees isn’t just good for them, it’s good for all of us. As a growing part of who we are as a country, their success helps build our country’s success. Get started today.
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