Banking on Community: Meeting the Needs of Underserved Consumers

From having a child to starting a business, every major life decision comes with financial implications—and with those come concerns and challenges. But even concerns come in all different shapes and sizes, so building trust as a bank means having an in-depth and empathetic understanding of the community they’re operating in.  This week, host Matt Snow speaks with Eric Fiala, Chief Corporate Responsibility Officer at KeyBank and CEO at KeyBank Foundation.  Eric delves into the evolving role (and perception) of banks as agents of positive change within their communities. He discusses how banks can go beyond traditional services by providing financial education and involving community leaders to better understand and address the specific needs of underserved areas. Eric shares practical steps that banks can take to truly invest in a community, rather than just operating within one. Discussed in this episode:The need to create new homeowners and help build generational wealth.Gathering information about community needs through outreach and engagement initiativesHow minority depository institutions (MDIs) and community development financial institutions (CDFIs) help underserved communitiesCurrent trends in financial education