Immigrant Financial Services Study

This report provides a picture of the demand and supply-side barriers and opportunities for financial access for immigrants in New York City. It examines the assumptions about the needs and behaviors of three distinct first-generation immigrant groups, including Chinese, Ecuadorian, and Mexican. The report consolidated the findings of survey of immigrants as well as interviews with the management and staff of banks, credit unions, and financial services providers in immigrant and non-immigrant neighborhoods in New York City. Key findings include:

• Regardless of income level, immigrants in the three communities were saving. This was true even for those without bank accounts;
• There were a number of areas where misperceptions and uncertainty about the account opening process were impeding financial access;
• Immigrant groups represent missed market opportunities for the mainstream banking institutions;
• By creating targeted products and services tailored to immigrant needs, financial institutions and other stakeholders can work to close this gap.