TORONTO, Feb. 3, 2021 /CNW/ - The DUCA Impact Lab, is announcing the release of its annual study into the State of Fair Banking in Canada. This year the study looked specifically at how banking relationships have impacted the pandemic recovery and the impacts of fair banking perceptions on financial decision making by race, gender, credit profile and socio-economic factors.
The study, compiled in partnership with Angus Reid Group, surveys a national group of banking consumers on their perceptions of fairness with regards to their banking experiences. It then compares these consumer perspectives with responses from bank employees working in a sales or lending capacity at different types of lending institutions.
This research is an annual effort led by the DUCA Impact Lab, a non-profit innovation hub founded by DUCA Credit Union to explore models of banking that benefit all. As a co-operatively owned financial institution, DUCA Credit Union is accountable to its Members and has been providing Ontarians with financial services since the 1950s. "Fair banking is one of the best ways to have a tangible impact on peoples lives, but not everyone has easy access" says Doug Conick, President and CEO of DUCA Credit Union. "Understanding what gaps need to be filled in order for more people to benefit from our financial institutions is a big reason why we started the Impact Lab."
"The role banking relationships play in financial health and inclusion is an area we wanted to better understand," say Demetre Eliopoulos, SVP & Managing Director, Public Affairs at study research partner Angus Reid Group. "By evaluating consumer and lender perceptions of a number of factors such as transparency, credibility, pricing, and access to products and services, we can understand where the sector has been successful, and where it needs to approach things differently."
The banking sector has played a central and impactful role in helping Canadians navigate the pandemic, particularly those who experienced a significant change in income as a result. Payment deferrals, targeted lending solutions and personalized advice have all been important tools to help ease the negative impact of an unprecedented disruption. The study results show this suite of supports has indeed helped many, but also that there are segments at risk of being disproportionally impacted by the pandemic disruption moving forward, particularly borrowers from marginalized groups.
The study reveals significant segments expressing some hesitancy with engaging their financial institution to solve potential issues. "If we have a significant group who assume the financial mainstream is unlikely to help them, they are more likely to pursue predatory solutions and are at increased risk of being set back financially even further," Says Keith Taylor, Executive Director of the DUCA Impact Lab. "This creates unnecessary risk for everyone, borrowers and lenders. Carving out creative new approaches will be a key part of helping everyone manage through the next phase of the recovery."
To review the full study results, or to learn more about DUCA and the DUCA Impact Lab, please visit https://ducaimpactlab.com/ideas/.
About DUCA Impact Lab
The DUCA Impact Lab has been purposefully designed to test and prove new models of banking and finance to unlock the positive impact and social value banking can have for people, businesses, and communities.
DUCA Credit Union launched the DUCA Impact Lab in late 2018 to explore and live test new banking solutions that unlock the potential of banking that benefits all. The DUCA Impact Lab brings together a community of experts to dynamically test new ideas, products and services, acting as an ongoing vehicle to explore and tackle challenges currently faced by all participants in the financial system and the underbanked.
About Angus Reid Group
Angus Reid is Canada's most well-known and respected name in opinion and market research data. Offering a variety of research solutions to businesses, brands, governments, not-for-profit organizations and more, the Angus Reid Group team connects technologies and people to derive powerful insights that inform your decisions. Data is collected through a suite of tools utilizing the latest technologies. Prime among that is the Angus Reid Forum, an opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.
SOURCE The DUCA Impact Lab
For further information: Keith Taylor, Executive Director, DUCA Impact Lab, [email protected], 647-460-7628