Free investment education and testing for risk tolerance are among the ways financial firms can better reach underserved consumers, former SEC chief Jay Clayton and Operation HOPE’s John Hope Bryant say.
Consumers who have felt betrayed by banks are more likely to turn to mobile apps that give them a greater sense of financial control. Bankers must reconnect with these people and reassure them that their personalized advice is safe and valuable.
To shore up the share insurance fund, the National Credit Union Administration would be wise to give the industry additional temporary investment options.
