Update from the Financial Capability Network

Financial Capability Network


This July, EVERFI’s Financial Capability Network had another intimate invite-only event that convened a diverse set of industry leaders to discuss strategies and best practices for improving the financial capability of people of all ages. The event took place in San Diego, CA, and featured keynotes by Gov. Frank Keating and the former CEO of the Financial Services Roundtable Steve Bartlett.

The event also had many productive and informative speaking panels featuring industry experts.  There were deep-dives into how banks approach CRA efforts, sharing of advice and best practices, as well as research opportunities around financial education. It’s hard to come up with they key takeaways – since there were so many meaningful discussions – but here is our list of the top insights:
  •  Relationships aren’t just the “biggest thing” that matters, they are the ONLY thing!  We spent time talking about relationships with customers, with community, and even with your CRA regulator.  Furthermore, there was definitely some bonding between attendees.  These industry-peer relationships – most of whom do not often get to share ideas – became immediately valuable.
  • Community = Business Growth.  For some reason, Community Development sometimes lives in its own corner of financial institutions, and is not seen as critical to the growth of the institution.  This does not make sense.  Community Development is part of that growth, and investments in community are investments in a financial institution’s future.
  • The power of the Network.  Many financial institutions are tackling difficult problems all on their own.  If we work together as an industry, it is obvious that we can accomplish so much more.  The whole is so much greater than the sum of the parts.
These events are a critical part of the Financial Capability Network – they really make the network come to life. If you would like to learn more about the Financial Capability Network, you can read more here: https://everfi.com/fcn