Connection
Un-bank the bank
Economic development, coupled with the gentrification of communities has led to the lack of affordable housing in recent years. Government policies are geared toward providing temporary solutions such as concentrated, highdensity affordable housing clusters in urban areas; however, these efforts often ignore access to basic support services that are critical to living successfully and creating equitable communities. These support services include grocery stores, mobility programs for families such as child and elder care, and workforce training programs closer to housing. In this article, we will explore how to raise standards of living in affordable housing communities by elevating the supporting service sector, such as banking through regenerative design philosophies. A reimagined bank in these communities can be a conduit for providing social justice opportunities and improving standards of living. Un-bank the bank: A quick cluster-mapping study of areas around affordable housing communities shows there are fewer banking opportunities and more check cashing facilities. Historically, neighborhoods of color, especially African American and Hispanic communities, have faced significant housing challenges due to racial disparities and gentrification. Research shows that, generally, people living below the poverty line are intimidated by the banking business because a lack of financial education and awareness pushes them further away from financial well-being.
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How can a regenerative design philosophy — achieving a successful balance between environmental, economic, and human factors — help us to create resilient and socially equitable communities through banking? The first step is to un-bank the bank by integrating experiential design with financial literacy guidelines. By intentionally creating a space that people can enter without traditional banking intentions, we are able to carefully craft flexible spaces that remove intimidation in active and passive conversations. Considerations can include opening conference rooms to engage families in goal setting and help them implement accountable financial behavior changes. Immersive and meaningful experiences can make the bank a community hub, providing a learning environment for high school students or a co-working space for adults with free internet service. While the main intention of the space is not geared toward aggressively marketed banking, the flexible spaces that encourage positive financial and fiscal behavior allow the bank to incorporate education creatively. For example, after a session on “What to expect when you adopt a pet from a shelter,” a banker can step in to conclude the event with education on building credit or incorporate education on savings for newly employed high school students. Co-working spaces can transform into microlending hubs to promote entrepreneurship. The opportunities that the space can bring to engage the community while providing financial education are endless.
