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Business Inquirer: Approaching a new era in banking loyalty

Business Inquirer, June 24, 2022, Approaching a new era in banking loyalty

The pandemic has brought many negative effects on various industries. For banks, it has meant phasing out physical presence. According to an analysis by the National Community Reinvestment Coalition, more than 4,000 branches have closed in the U.S. since March 2020.

This has forced the financial industry to not only develop a new model for collecting information about customers, their needs or their living situation. It’s also about finding a way to act on their emotions, be close to their dreams and goals, and minimize the inconvenience of the lack of the human factor — and thus build long-term loyalty.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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