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Research Partnerships with Financial Service Providers May 7, 2021 Materials for discussion purposes only<br>
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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.<br>
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Overview Types of Research Partnerships
Research Partnerships: Past and Present
Establishing a Research Partnership
Getting the Work Done<br>
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Overview of Research Partnerships<br>
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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<br>
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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<br>
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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<br>
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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?<br>
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How to Establish Research Partnership Making Connections
Explore Partnership Potential
Overlap in interests and priorities
Range of potential research questions
Partner’s capabilities (data, resources, expertise)
Logistics
Due diligence
Partnership agreements
Data Intake Review
Communicating with leadership<br>
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Research Partnerships: Getting the Work Done<br>
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Discussion
Questions, your partnership experience, lessons learned<br>
