Research Partnerships with Financial Service Providers - Overview and Types of Collaborations
Explore different types of research partnerships established with financial service providers, focusing on past and present collaborations, tools for saving, community development banks, and randomized field studies. Learn about the valuable insights obtained through these partnerships to enhance financial well-being and engagement.
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Presentation Transcript
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 Company Study Area Tools for saving: Using prepaid accounts to set aside funds American Express Project Catalyst Project Catalyst H&R Block Tax refund savings Financial Well-Being and credit report and engagement Project Catalyst Credit Karma Zillow Homebuying educational tools CFPB Tool Evaluation Financial education software provider (prospective) College costs and students' expectations Research Agenda Community development bank Savings goal product and flows to and out of savings Bureau Priority Topic Area Savings goals, savings rules (e.g., round up, set amounts), and flows into and out of goal accounts Savings app provider Bureau Priority Topic Area
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 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
Research Partnerships: Getting the Work Done CFPB Company Establish partnership potential (shared interests/priorities, research questions, project requirements) Provide subject matter expertise for research questions, design, and analysis Implement pilot or experiment; provide data Implement additional phases of pilot; provide follow-up administrative and/or survey data (as needed) Conduct analysis Present findings (ongoing if possible) Prepare publication of findings Review publication
Discussion Questions, your partnership experience, lessons learned
