This report, The Present and Future of Bank On Account Data: Pilot Results and Prospective Data Collection, details the Bank On Data Pilot, which collected and measured quantitative data on 2017 Bank On account usage at four pilot financial institutions with certified accounts: Bank of America, JPMorgan Chase, U.S. Bank, and Wells Fargo. The CFE Fund partnered with the Federal Reserve Bank of St. Louis (FRBSTL) for this pilot, which reveals the kinds of relevant account data that can be collected, how it might be collected, and what it might show; as well, this pilot highlights the benefits of a central reporting system for financial institutions with Bank On certified accounts and for their coalition partners across the country.
The anonymized dataset at the zip code level is available for download here. Want to play with the data yourself? A newly published Bank On Coalition Playbook Chapter,2017 Bank On Data Pilot: Accessing the Data, details how Bank On coalitions can use the Local Bank On Data Tool to produce reports of this data locally to support their work to expand banking access and the availability of Bank On accounts locally.
The CFE Fund and Federal Reserve Bank of St. Louis hosted a webinar on this report and the Data pilot. Click here to watch the webinar.