Executive Summary
Over 7 months, participants in this HBCU Innovation Incubator learned the principles and practices of innovation and centered design, explored the diverse needs of members of the HBCU community, and co-created a proposal to create alignment between HBCUs and financial institutions to better serve their communities and tackle longstanding challenges of economic insecurity and inequality. The ultimate goal of the Incubator was to identify specific ways to build stronger relationships between HBCUs and community financial institutions that would then become the foundation for increased economic security and mobility in underserved communities.
Financial Institution Implications
Looking at the landscape of HBCUs and community financial institutions, it is clear that there are opportunities for collaboration—and opportunities to leverage that collaboration and the strengths of these two types of organization to increase economic security and mobility in their communities. The proposal as outlined in the following report includes several benefits for financial institutions including:
- Overall membership/customer growth
- Access to younger consumers
- Trusted brand recognition through established affiliation
- Expanded field of membership to HBCUs
HBCUs and HBCU-serving community financial institutions are critical to the future health and wealth of Black communities in the U.S. Participants in the HBCU Innovation Incubator sought to identify the core opportunities for collaboration between these two stakeholder groups and the people they serve. Download the full report to learn more about the solution proposed by the HBCU Innovation Incubator and the next steps for this important mission.
Filene would like to thank Visa for their support and contributions in making this research possible.
