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Nudging & Financial Inclusion at West River - Coggle Diagram
Nudging & Financial Inclusion at West River
Why It Matters (Ch. 1)
5% of U.S. households are unbanked (FDIC, 2023)
Low-income & minority households disproportionately excluded
Alternative Financial Services (AFS) costs families $1000s/year
Financial exclusion deepens inequality and weakens community stability
West River as a test site in a banking desert (physical + digital)
Theories Supporting (Ch. 2)
Nudging (Thaler & Sunstein) → defaults, reminders, framing guide choices
Financial Capability Theory → access, knowledge, skills, confidence
Diffusion of Innovations → adoption curve (innovators → laggards)
Decision Diversion Theory → complexity drives avoidance; nudges simplify
Trust & Psychological Safety → trust and safe environments enable adoption
Data Collection (Ch. 3)
Design: Qualitative (semi-structured interviews, focus groups)
Execution: Third-party researchers reduce CEO bias
Participants: low-income, underbanked residents in West River
Analysis: Quirkos coding, theme identification
Focus Areas: trust, digital adoption, demographic differences
Expected Outcomes (Ch. 4)
Individual-level: increased trust, financial literacy, adoption of digital banking
Community-level: reduced reliance on AFS, greater stability, wealth building
Organizational-level: validation of purpose-driven credit union model
Scalable nudging strategies across markets
Future Research (Ch. 5)
Test nudging at scale across other banking deserts
Compare rural vs. urban underserved communities
Explore technology-enabled nudging (AI-driven reminders, personalization)
Investigate long-term stickiness of nudges (do behaviors persist?)
Policy-level implications → support for national financial inclusion strategy