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Community Reinvestment Act (CRA) programming efforts have come a long way since CRA’s origination in 1977. In the 50+ years since the implementation of the CRA, our economic and cultural landscape has evolved, and with it, the strategies community banks can use for CRA programming have proliferated. To remain innovative in CRA programming, it’s time to deliver additional services to boost compliance. In the new year, why not go above and beyond to maximize your CRA efforts? Stay competitive in the digital age by opting to add innovative resources to your toolkit of CRA strategies.
Now, this doesn’t mean we have to reinvent the wheel — in fact, innovation starts at the roots of community reinvestment by looking for opportunities for enhancement and expansion. Historically, CRA programming involves a mix of initiatives to support local communities. One effort that can have a significant return for both financial institutions and the communities they serve is investing in personal finance education. Providing access to knowledge, resources, and tools for financial literacy is an essential need for the people in your community — especially in low-to-moderate income tracts. You can boost your CRA efforts by enhancing your financial education efforts to merge with our evolving digital world. Utilize the opportunity of the New Year to implement a modernized, tech-first approach to making financial education accessible to all.
Traditional financial education has proven to be inequitable and ineffective, despite remaining essential for financial responsibility and prosperity. Access to financial education is limited, as many schools don’t offer it as part of their curriculum and other resources can be gatekept or expensive. Moreover, the jargon-heavy PowerPoints and textbooks of the past fail to make education engaging or digestible for the next generation. Providing mobile-first, gamified education allows banks to reach more people in a more accessible, exciting format.
As people of all income levels are spending more time on their phones and other devices, financial education becomes increasingly more important to implement in a digital format. Implementing digital educational tools allows you to reach even more community members than before, and do so in a way they’re more likely to enjoy. Offering communities online opportunities in addition to your in-person education services ensures you’re boosting all options to be CRA-compliant.
Zogo offers a variety of digital-first education products to bolster community reinvestment programming and help both your financial institution and your community prosper. Our gamified mobile app with Jumpstart K-12-approved curricula, bite-size lessons, and an embedded rewards system makes financial literacy accessible, engaging, and enticing for people of all backgrounds. Better yet, our real-time user analytics dashboard offers you a lens into your community to help you shape your CRA programming.
Take your CRA programming to the next level. To learn more about how Zogo can supplement your CRA efforts, request a demo!