Step By Step Guide to Creating a Regional Bank On Program

1. Find a Local Champion

   a. Seek out your Mayor or City/County Council as champions

   b. Develop messaging for Champion to take to community for awareness


2. Conduct focus groups with potential customers to determine what their needs are in order

to develop "what’s in it for me?" message


3. Develop Local Partnerships with all Sectors of the Community

   a. National organizations like the Federal Reserve Bank and the FDIC

   b. National and Local Financial Institutions

   c. Local government

   d. Local nonprofits

   e. Colleges/Universities

   f. National and Local Corporations

   g. Other Community Stakeholders


4. Create a Bank On Steering Committee

   a. Recruit members from all of the groups listed in #2 and gain agreement to serve

   b. Hold initial Kickoff meeting with local and national speakers

   c. Get commitment from organizations/participants that they will serve on a committee


5. Perform Local Research on data such as:

   a. Enlist college/university students (or other low cost entity) to perform research as class project to determine such data as:

      i. Number of local residents without bank or credit union accounts

      ii. Barriers to mainstream banking, such as lack of financial institution in low income neighborhoods

      iii. Crime rates in neighborhoods without financial institutions that also have large numbers of unbanked residents

   b. Use this data in Kickoff meeting and to form baseline for program


6. Working Groups/Subcommittees

   a. Product Development

      i. Research low income products available from each financial institution

      ii. Document all available products

      iii. Detail available products in grid format so customers can easily see what is available to them from each financial institution

   b. Marketing and Outreach

      i. Develop marketing and outreach strategy appropriate to community/neighborhood

      ii. Develop marketing messages specific to target audience, keeping Bank On Florida Website June 2017 in mind that several messages may need to be developed depending on ethnicity, cultural beliefs, and needs for people with       disabilities

   c. Financial Education

      i. Incorporate financial education into program using existing financial products, such as Money Smart or

      ii. Develop financial education products specific to the market or community

   d. Training and Customer Service

      i. All key players in the Bank On Program must be trained; training components should cover:

         1. Why the program was initiated and what is intended to be accomplished

         2. The program itself and the products offered

         3. Each key players’ role in the program

         4. Processes to be followed in:

            a. Referring customers to financial institutions

            b. Providing financial education

            c. Tracking data

      ii. Financial Institution Personnel must be trained to welcome potential customers to the banking environment and to work with them on the customer’s level


7. Budgeting/Resource Development

   a. Research budgets from existing programs to use as baseline

   b. Develop sources of funds that include:

      i. In house resources

      ii. In kind resources

      iii. Pro-bono services

      iv. Grant funds

      v. Quantified potential savings to city/county budgets that could become line item for your Bank On program


8. Data Tracking and Analysis

   a. Secure commitment from financial institutions up front, if possible, to report data and determine what that data will be

   b. Plan for personal visits to financial institutions to help them collect/collate data

   c. Set goals to track items such as:

      i. Number of accounts opened and closed

      ii. Account performance (average monthly balance, NSF occurrences

      iii. Way in which customer learned about program

      iv. Impact of financial education on customer


9. Launching Program

   a. Plan and host a kickoff event to show the local community—and potential customers—that the program is up and running and open for business

      i. Engage players from Steering Committee, local government, and key community stakeholders

      ii. Have elected officials prepare and present a Resolution for the occasion

   b. Cultivate media contacts and make certain they are present to cover the event and give recognition to the local champion and initiative members


10. Sustaining Program

Bank On Florida Website June 2017

   a. Hold regular meetings to keep key stakeholders engaged and excited

   b. Regularly monitor program performance and report it at committee meetings

   c. Continue to seek and maintain funding

   d. Continue to analyze and streamline processes


11. Incorporating Program into Broader Financial Stability Agenda

   a. Work with any and all local community initiatives dedicated to improving or eliminating poverty and incorporate the Bank On process as part of the ongoing work with low income families. Other program components can include:

      i. Free income tax preparation

      ii. DCF benefit programs that provide SNAP, WIC, and other benefits

      iii. Individual Development Accounts

      iv. Savings Bond and other savings programs

      v. Other financial education programs

      vi. Financial mentoring programs

      vii. Ways to Work Programs

      viii. Other local and national programs that work with the same low income families

   b. Become part of state and/or national coalitions to learn and share best practices