In the wake of the murder of George Floyd, many national banks announced efforts to address lower bank branch density in historically underserved areas.[6]<\/a> However, the problem persists with Black adults being more likely to have to travel more than 10 minutes to a bank branch, if there is a local branch at all.[7]<\/a><\/p>\n Because of the lack of access to in-person banking services, Black adults have turned to digital only banks to meet their financial needs.[8]<\/a> A survey conducted by Morning Consult between July 2021 and January 2022 found that 14% of Black adults consider a digital bank to be their primary banking provider.[9]<\/a> To keep pace with Black consumers\u2019 financial preferences and needs, banking providers must continue to evolve their digital capabilities.[10]<\/a><\/p>\n Daniel Griggs, founder of ATX The Brand, suggests that digital transformation could even help black-owned banks and be a tool to keep them alive.[11]<\/a> His hope is that the growing number of consumers will want financial institutions that provide digital services such as virtual account management, banking apps, and video meetings.[12]<\/a> Several black-owned banks and credit unions have already taken steps to enhance their digital presence and attract customers.[13]<\/a> Although black-owned banks have historically been unsupported by our government,[14]<\/a> they are needed and wanted in the United States.[15]<\/a> As black-owned banks continue to embrace new digital tools, one can only hope that the future of banking is more equitable and accommodating for black communities.<\/p>\n <\/p>\n [1]<\/a> Black Panther Ryan Coogler Director Mistaken for Bank Robber<\/em>, BBC News (Mar. 9, 2022), https:\/\/www.bbc.com\/news\/world-us-canada-60685146.<\/p>\n [2]<\/a> Id.<\/em><\/p>\n [3]<\/a> Peony Hirwani, Ryan Coogler Fans Accuse Bank of America of Racism Over Robbery Fiasco,<\/em> Independent (Mar. 10, 2022), https:\/\/www.independent.co.uk\/arts-entertainment\/films\/news\/ryan-coogler-arrested-robbery-bank-b2032612.html.<\/p>\n [4]<\/a> See<\/em> Kristen Borady, Mac McComas, and Amine Ouazad, An Analysis of Financial Institutions in Black-majority Communities<\/em>, Brookings (Nov. 2, 2021), https:\/\/www.brookings.edu\/research\/an-analysis-of-financial-institutions-in-black-majority-communities-black-borrowers-and-depositors-face-considerable-challenges-in-accessing-banking-services\/.<\/p>\n [5]<\/a> Id.<\/em><\/p>\n [6]<\/a> Charlotte Principato, The Black Banking Experience is Digital, but Banking Leaders Must Understand Why<\/em>, Morning Consult (Feb. 22, 2022), https:\/\/morningconsult.com\/2022\/02\/22\/black-banking-experience-is-digital-but-banking-leaders-must-understand-why\/.<\/p>\n [7]<\/a> Id.<\/em><\/p>\n [8]<\/a> Id.<\/em><\/p>\n [9]<\/a> Id.<\/em><\/p>\n [10]<\/a> Id.<\/em><\/p>\n [11]<\/a> Jefferey McKinney, Digital Transformation Could Help Black Banks Survive and Not Surrender<\/em>, Black Enterprise (Jan. 20, 2022), https:\/\/www.blackenterprise.com\/entrepreneur-how-digital-transformation-could-help-black-banks-pull-through\/.<\/p>\n [12]<\/a> Id.<\/em><\/p>\n [13]<\/a> Id.<\/em><\/p>\n
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