Trust before tactics: Lessons in financial inclusion from three credit unions

Financial inclusion presents a mix of successes and challenges. The FDIC's 2023 household survey found that the share of households without a bank account had fallen to 4.2%, while the unbanked rate among Black and Hispanic households remained high, with a lack of trust cited as a major factor. Although credit unions offer products with no minimum deposit requirement, the lack of trust remains a deep-rooted problem.

There are four key points. The first is to “start where the problem is visible and listen.” Allegiance began by addressing its failure to accept ITINs, then conducted community research and held repeated discussions. The second is to “share meaningful decision-making power rather than merely soliciting opinions.” Allegiance established Alianza and delegated authority to the community, including allowing a resident group known as the Centuriones to decide on the brand name and design. Greylock created a mechanism for putting these ideas into practice through a community development advisory committee, with an emphasis on regular dialogue and transparency. The third is to “test hypotheses with evidence, build the foundation and then move to marketing.” The organisation published the results of research into redlining bias and demonstrated its focus on both statistics and outcomes. The fourth is to “maintain a long-term commitment and continue making corrections without fear of mistakes.” Allegiance is pursuing an initiative launched in 2020, with the final branch buildout targeted for 2027.

As a result of the long-term initiative, 45% of account openings came through referrals, serving as an indicator of trust, while Alianza accounted for 57% of all new members in 2025. The organisation has also encouraged a closer frontline perspective among its personnel and is working to break down the traditional divide between those who “think” and those who “do.”