The Bank On movement for financial inclusion continues to accelerate. In July, the Cities for Financial Empowerment Fund—which developed the Bank On standards and which certifies deposit accounts that meet them—announced that more than 100 depository institutions now offer Bank On-certified accounts.
The number has nearly doubled since October 2020, when, at ABA’s Annual Convention, ABA President and CEO Rob Nichols encouraged all banks to offer a certified account. But while Bank On accounts are available in every state and 99 of the nation’s largest 100 metro areas, a list of 100 institutions still leaves lots of opportunity to expand Bank On participation, especially among the nation’s midsize and community banks.
With that in mind, what is the certification process like for banks? And what’s motivating bank leaders to join the Bank On movement? On the latest episode of the ABA Banking Journal Podcast, leaders from three banks representing different asset sizes share their perspectives on going through the Bank On certification process as well as providing tips for bankers contemplating their next steps with Bank On.
If you can’t see the player embedded above, click here to listen to this episode.
In this episode:
Head of Retail Strategy Products and Segments
BMO Harris Bank
President and CEO
First Bank Richmond
VP, Retail Banking Sales Manager
First Bank Richmond
SVP and Director of Product Management
Columbia Bank
VP, CRA Officer and Compliance Manager
Columbia Bank
SVP for Retail Banking Operations
First Bank Richmond
Editor-in-Chief
ABA Banking Journal
