Research Partnerships with Financial Service

Transcript:Research Partnerships with Financial Service:
Research Partnerships with Financial Service Providers May 7, 2021 Materials for discussion purposes only Disclaimer This presentation is being made by a Consumer Financial Protection Bureau representative on behalf of the Bureau. It does not constitute legal interpretation, guidance, or advice of the Bureau. Overview Types of Research Partnerships Research Partnerships: Past and Present Establishing a Research Partnership Getting the Work Done Overview of Research Partnerships Partnership types Randomized field studies and experiments American Express H&R Block Financial education software provider Consumer engagement with Bureau tools Credit Karma Zillow Data partnerships Community development bank Savings app provider Randomized field studies and experiments H&R Block Bureau charged with providing opportunities for consumers to access “wealth building and financial services during the [tax] preparation process […].” Tested strategies to increase deposits (from tax refund) into the Emerald Card ePocket: email encouragements to save; $5 financial incentives American Express Explored use of the reserve “set aside” feature on the Serve prepaid card Tested strategies to increase saving: encouragements to save (via email and direct mail) and enroll in automatic savings transfers; $10 incentives Financial education software provider (prospective) Online randomized experiment with high school students to study how changing expectations about college costs affect students’ plans for postsecondary education and financing Consumer engagement with Bureau tools Credit Karma First study of its size to study relationship between consumers’ financial well-being and their: Credit score and other credit report variables; and Engagement with financial information via educational tools Financial well-being measured using CFPB’s Financial Well-Being Scale (FWB) through survey administered to 3,000 Credit Karma customers Zillow Studied impact of encouraged shopping on prospective homebuyers by randomly allocating them into 3 groups; a control group and those Encouraged to use CFPB’s online homebuying tools and resources Encouraged to comparison shop Found prospective homebuyers through Zillow (12k participants) Participants encouraged to shop through surveys and reminder emails Data Partnerships Two partnerships underway Community development bank and savings app provider Goal: Inform a Bureau priority area Examining consumers’ experiences and interactions with a savings goal product Bureau is being provided administrative data to answer questions of mutual interest What are people saving for? What rules do people set up to help them save (e.g., round up, daily or weekly automatic transfers)? Do some types of rules lead to greater likelihood of goal completion? How have saving-related behavior changed since the onset of the COVID-19 pandemic? How to