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How the Poor Can Save Capitalism by Andrew Young, John Hope Bryant

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CHAPTER FOUR

Banking and Financial Services

A large goal of empowering people with financial literacy is to teach them how the banking system works and how to access it. Banking today is largely dominated by a few large players, most of which are focused on clients with resources already on hand. It’s an understandable strategy, but it’s limited by the same parameters that make it attractive: its known and preestablished nature. Today there are banks on almost every corner of mainstream upper- and upper-middle-class neighborhoods, essentially trading known customers back and forth. What I am proposing is new customer acquisition. Some major banks are involved in legitimate financial literacy efforts, a few of them very substantively, but much ...

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