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Supporting Black Banks & Their Positive Impact on Communities of Color
We believe that better banking creates stronger communities and a better world.
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Sharing Successes
While the share of unbanked households in the U.S. dropped to a record low in 2024, one out of three Black households remain unbanked, according to the FDIC. This data spotlights persistent racial disparities in the banking system, where Black households are “more than five times as likely to be unbanked and more than twice as likely to be underbanked, compared to white households,” as outlined by Banking Dive. The most likely racial group to face such steep barriers to banking, Black Americans experience a disproportionate impact on economic opportunities available to them and their communities.
To address a racial gap in financial services, Black banks were formed, and their numbers were on the rise through the mid-1970s, when 50 such institutions could be found across the country. Today, that number stands at 23 Black-owned and run banks and savings institutions. “If we make the assumption that Black owned banks are more likely to provide credit on reasonable terms to Black clients, then their absence is really important in the context of a situation in which black people are confronted with discrimination in credit markets,” says William Darity, professor of economics at Duke University, in Mashable’s article on black banking.
Read more about the positive impact black banks are having on communities of color.
Data You Can Use
Of financial institution leaders say their rebrand positively impacted company culture
The Story:
More than 8 out of 10 bank and credit union leaders report that their rebrand positively impacted their organization’s culture – reaffirming core values inside their institution and deepening brand pride among employees. Rebranding can bring some surprising opportunities for culture change. According to Forbes, “A rebrand strengthens employer branding, tying all the important elements of an effective employer brand together, from recruiting to onboarding and company culture, enhancing the overall customer experience promise.”
The Takeaway:
According to Adrenaline’s ROI of Rebranding report, organizations should employ strategies that continue to build on the cultural currency coming from rebrands. Maintaining that momentum is key to delivering on the promise of the brand’s renewed relevance. “We are seeing more and more how necessary culture is for recruitment, for retention, for engagement, and ultimately for performance,” says Gina Bleedorn, Adrenaline’s President & CEO on the Believe in Banking Podcast. “And rebranding, especially with its intrinsic tie-in internally, has an incredible advantage in increasing all of those things affecting the organizational culture.”
Source: Adrenaline, “Measuring the ROI on Rebranding Initiatives Survey,” May, 2024, Forbes, “15 Ways Rebranding Can Bring Unexpected Opportunity For Your Company,” August, 2024, and Believe in Banking, “Exploring the ROI of Rebranding,” May, 2024
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