BankCentre and place their deposits in underserved and underbanked communities, we are able to deploy this capital in the form of loans to the surrounding communities. Tese loans create a ripple effect in the local economy, helping to close the wealth and health gap.”
Across the state in Kansas City, similar projects are taking shape. Since 1998, Central Bank of Kansas City has served as one of the few community development financial institutions in Kansas City. CDFIs share a common goal of expanding economic opportunity in low-income areas by providing access to financial products and services for local residents and businesses.
As a CDFI, Central Bank of Kansas City has been awarded 10 New Markets Tax Credit Awards totaling $456 million for community projects that have created and maintained nearly 13,000 full-time jobs, as well as construction jobs and part-time positions.
“Tese awards are invested back into the community in severely distressed census tracts as defined by the CDFI fund,” said Steve Giles, president and CEO of Central Bank of Kansas City. “Tis includes projects that provide accessible, living wage jobs and alternative healthy food in areas deemed food deserts by the USDA.”
Te bank also is involved with ensuring consumers have the information and resources needed to make financial decisions. Central Bank is leading a team of finlit experts from several financial institutions and nonprofits participating in the Kansas City International Airport New Terminal and Parking Project’s workforce training program. Topics covered in the financial education courses include savings, budgeting and credit. Participants completed a pre- test and post-test, and the score in the last six sessions has risen by 30% on the post- test.
Te bank’s involvement to invest in the Kansas City community has caught the attention of socially responsible corporations, foundations and not-for- profits. Giles said these organizations may have their money at a larger bank but are directing a portion of their deposits to Central Bank of Kansas City because the bank puts the money into projects that improve the economic conditions of distressed areas.
For the unbanked and underbanked, Giles said technology allows banks to deliver products and services that consumers need in a more efficient manner. Trough Central Payments, a fintech affiliate, consumers can use a card to access their wages before payday.
“Enhancing digital platforms presents lots of opportunity for financial inclusion,” Giles said. “It offers a tremendous amount of transaction activity and growth and levels the playing field for the unbanked and underbanked.”
Te steps taken by these four Missouri banks reflect the work of many others focusing on financial inclusion. Banks want to help individuals and businesses succeed, and this success will lead to thriving communities.
“Business, schools and the community benefit as a whole if everyone works together,” Helm said. “We can’t leave anyone out — give assistance, not hinderance. Helping others establish their own individual wealth helps strengthen our communities.”
MBA is joinning the FDIC and OCC to present "Getting Banked: Developing Bank Accounts Tailored for Unbanked Missourians" webinar at 10:30 a.m. Oct. 27. Visit
mobankers.com for more details and to register.
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