Financial inclusion is more than just access to a bank account. For many people in the United States, especially in underserved areas, it’s the foundation for economic independence. Without access to essential financial services, like checking accounts, loans, or credit, millions face higher costs and fewer opportunities to build long-term stability. Community banks help fill this gap by offering products and services tailored to the needs of their local neighborhoods.
Entrepreneurs like Arlo Washington have shown how community banking can transform lives. His approach focuses on empowering individuals through financial access and education, particularly in neighborhoods that have historically been overlooked. These efforts show how targeted financial support can create ripple effects—not just for individuals, but for entire communities. A number of philanthropic and community development organizations have highlighted similar themes, such as this recent post that reflects on the role of inclusive finance in building long-term stability for underserved populations.
Accessible banking services often mark the starting point—whether someone’s saving for a home, building credit, or trying to launch a small business. And that access can mean the difference between being stuck in a cycle of poverty or building a secure financial future. Community banks remain central to this mission—not only by offering resources but also by fostering trust and economic participation.
Why Financial Inclusion Matters
Financial inclusion refers to making financial tools, such as savings accounts, credit, and insurance, available and affordable to everyone. In many cases, the people who need these services most are the ones least likely to have access to them. Low-income households, people in rural areas, and historically marginalized groups often face logistical or institutional barriers when dealing with traditional banks.
According to the World Bank, 1.7 billion adults globally remain unbanked. Even in the U.S., a 2021 survey by the FDIC found that roughly 5.9 million households had no checking or savings account. These gaps persist despite technological advances in digital banking, highlighting the need for human-centered solutions, especially in communities that lack consistent internet access or financial literacy.
Access to financial services isn’t just about convenience. It allows people to manage their daily expenses more effectively and avoid risky alternatives like payday loans. Having a secure place to save money and the ability to access credit can help someone cover medical costs, repair a car needed for work, or start building wealth through homeownership or education.
Financial inclusion also plays a role in reducing income inequality. People without bank access often pay more for basic services or miss out on opportunities to improve their financial position. Credit is more expensive or entirely unavailable, and saving for emergencies becomes harder. By making financial services accessible to everyone, the playing field becomes more balanced, allowing more people to participate fully in the economy.
The Role of Community Banks
Community banks are especially effective in reaching people who’ve been left out of the traditional financial system. Unlike national banks, these institutions often work closely with the communities they serve. This proximity makes them more responsive to local needs and more flexible when offering services to individuals with nontraditional credit histories.
During the COVID-19 pandemic, community banks proved their value through their outsized role in the Paycheck Protection Program (PPP). As of mid-2020, community banks held 31% of all PPP loans, with 82% of them participating in the program, according to the FDIC’s 2020 Community Banking Study. Many of those loans went to small businesses that were otherwise at risk of closing. These numbers underscore how closely connected community banks are to local business survival and economic continuity.
Beyond emergency support, community banks offer programs for first-time homebuyers, small business startups, and those working to rebuild credit. Loan officers at these institutions often take the time to understand individual circumstances, which can make the difference between a loan approval or rejection. In many cases, they offer more flexible terms and lower minimums than larger banks would consider.
Education is another area where community banks make an impact. Many offer financial literacy programs through schools, nonprofits, or local events. These classes help people understand how to budget, build credit, and make informed decisions about debt and savings. A better-informed community tends to make more financially sound choices, which benefits everyone, from individuals to the broader economy.
What’s Still in the Way
Even with the efforts of community banks, real obstacles to financial inclusion remain. One of the most persistent challenges is geographic access. In rural or remote areas, physical bank branches are few and far between. And while digital tools can help, not everyone has reliable internet or smartphones to take advantage of online banking services.
In a 2016 statement, economist Jason Furman noted, “Too many Americans do not get their basic financial needs met by traditional financial service providers. By turning to alternative financial services, families often face substantial costs, including not only direct monetary ones but also lost economic opportunities.” That problem continues today, especially where there are few in-person options and limited digital infrastructure.
Another barrier is education. Even when services are available, many people don’t understand how to use them or how to avoid predatory products. While some community banks offer financial literacy programs, they’re not yet widespread or standardized. Broader integration of these lessons into schools and community centers would help more people take full advantage of the services available to them.
Discrimination is also a factor. Studies have found that Black and Hispanic borrowers are more likely to be denied loans, even when accounting for credit scores and income. These disparities mean that access isn’t just a matter of geography or infrastructure—it’s also about fairness. Ensuring equal treatment in financial institutions is essential for meaningful inclusion.
The shift toward digital banking also brings challenges. Mobile apps and online platforms can help close physical gaps, but they also create new ones. Elderly individuals, people with disabilities, and those without tech access risk being excluded unless these platforms are designed with accessibility in mind.
Expanding Access Through Innovation
Despite the hurdles, several promising developments are helping expand access to financial tools. Mobile banking has emerged as a major driver of inclusion. By reducing the need for physical branches, online banks and mobile-first platforms have given more people the chance to manage their money with minimal cost. Many of these platforms offer no-fee accounts and alternatives to traditional credit checks.
Fintech companies are developing lending models that don’t rely solely on credit scores. Peer-to-peer lending networks and microloans, for instance, give borrowers access to small amounts of capital based on alternative indicators like employment history or community reputation. These systems work particularly well in areas where mainstream credit systems have failed or unfairly excluded borrowers.
Partnerships between community banks and nonprofit organizations are also gaining traction. These collaborations bring together financial knowledge and community outreach to provide more complete support. For example, a community bank might work with a housing nonprofit to offer affordable mortgage products along with budgeting workshops. These kinds of efforts create practical pathways for individuals to gain and maintain financial stability.
Lastly, innovations in digital design are helping make banking tools more inclusive. Some platforms now prioritize accessibility features, such as multilingual support and simplified navigation, to better serve older adults and non-native English speakers. With the right design choices, digital banking can extend inclusion instead of limiting it.
This post may contain affiliate links. Financial Panther has partnered with AwardWallet and CardRatings for our coverage of credit card products. Financial Panther, AwardWallet, and CardRatings may receive a commission from card issuers. Some or all of the card offers that appear on the website are from advertisers. Compensation may impact on how and where card products appear on the site. The site does not include all card companies, or all available card offers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
More Recommended Ebike/Scooters
Check out these other ebikes and scooters I've reviewed:
- Urban Arrow Ebike – Last year, I made one of the largest purchases I’ve ever made – I bought a $9,000 electric cargo bike from Urban Arrow. In my Urban Arrow review, I will discuss what it is and why I decided to buy this bike, as well as discuss how impactful a bike like this can be on your journey to financial independence.
- Troxus Explorer Step-Thru Ebike – The Troxus Explorer Step-Thru is a fat-tire ebike that I’ve had the pleasure of riding for a while now. It has amazing power, great looks, and awesome range. If you’re looking for a great fat-tire ebike that offers a lot for the price, the Troxus Explorer Step-Thru is definitely one for you to consider. Check out my Troxus Explorer Step-Thru Review.
- Hovsco HovBeta Ebike – The HovBeta is a folding ebike with great specs and a lot of interesting features, and importantly, it’s sold at a good price point. I’ve had a blast commuting with it and using it to do deliveries with DoorDash, Uber Eats, and Grubhub. Check out my Hovsco HovBeta Ebike Review.
- Vanpowers Manidae Ebike – The Vanpowers Manidae is a fat tire ebike that I’ve been riding as my primary winter commuting bike and have also been using it to do food delivery with apps like DoorDash, Uber Eats, and Grubhub. After clocking in a decent number of miles with this ebike, I wanted to write a post sharing what my experience with the Vanpowers Manidae ebike has been like. Check out my Vanpowers Manidae Review.
- Sohamo S3 Step-Thru Folding EBike Review – A Great Value Folding Ebike – The Sohamo S3 Step-Thru Folding Ebike is an entry-level folding ebike that offers a lot of value for the price point. I’ve been riding the Sohamo S3 for a while now, putting the bike through its paces, and I have to say, this bike has exceeded all of my expectations. Check out my Sohamo Review.
- KBO Flip Ebike – The KBO Flip is an excellent bike. I’ve had a great time riding it and think it’s a versatile bike that can be used for a lot of purposes and can fit a variety of lifestyles. It’s worked out great for me as a general commuter bike and as a food delivery bike. Check out my KBO Flip Review.
- Hiboy P7 Commuter Ebike – The Hiboy P7 is an excellent electric commuter bike that’s offered at an affordable price point. The range and speed of this bike are both very good, so you won’t have any trouble getting anywhere you need to go with it. As a food delivery vehicle, this is also good – with how much range it offers, you’ll be able to work all day on a single charge. Check out my Hiboy P7 Commuter Electric Bike Review.
- Himiway Escape Ebike – The Himiway Escape is an interesting bike for anyone looking for a moped-style ebike. If you’re a gig economy worker, the Himiway Escape is particularly interesting and it’s possible to think of it as an investment, especially if you can opt to do deliveries with the Himiway versus using a car. It’s not cheap, but you can definitely make your money back when you compare the mileage you’ll put on your car versus using an ebike. Check out my Himiway Escape Bike Review.
- Espin Sport Ebike – The Espin Sport is a good ebike for someone who is looking for an ebike that feels and rides more like a regular bike. There are many ebikes that are really only bikes in name. In reality, they’re basically electric mopeds. The Espin Sport, by contrast, is a bike you could probably ride without the battery and you’d feel like you’re just riding a regular bike. Check out my Espin Sport Review.
- Varla Eagle One Scooter – The Varla Eagle One is an excellent scooter that can make sense for a lot of people. It can work as a primary mode of transportation. You can use it to work on gig economy apps like DoorDash, Uber Eats, and Grubhub. And it can also be a recreational vehicle if you’d prefer to use it for that. Check out my Varla Eagle One Review.
- Varla Falcon Scooter – The Varla Falcon is an excellent scooter that offers a good amount of power at a lower price point compared to more powerful scooters. It’s not exactly an entry-level scooter, nor is it a high-powered scooter. I think it fits somewhere in-between those two categories – an intermediate scooter if I had to give it a category. Check out my Varla Falcon Review.
- Hiboy S2 Scooter – The Hiboy S2 is an excellent entry-level commuter scooter that's perfect for someone looking to save some money in transportation costs and improve their commute. Check out my Hiboy S2 Review.
- Hiboy S2R Scooter – The Hiboy S2R is one of the more interesting electric scooters I’ve been able to test out. It’s not a high-powered scooter, but for an everyday transport option, it’s very useful, especially given some of the unique features that it has. Indeed, for the price, the Hiboy S2R might be the best value scooter I’ve used. Check out my Hiboy S2R Review.
- Fucare H3 Scooter – The Fucare H3 is a fun scooter and I’ve enjoyed testing it out. For a daily commuter or quick trips or errands, the Fucare H3 is probably the scooter I’ll use. It’s portable and easy to maneuver, so it’s just easier to take on the road when I need it. Check out my Fucare H3 Scooter Review.
More Recommended Investing App Bonuses
For additional investing app bonuses, be sure to check out the ones below:
- M1 Finance ($100) – This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account. Check out my M1 Finance Referral Bonus – Step-By-Step Guide.
- SoFi Invest ($25) – SoFi Invest is an easy brokerage account bonus that you can earn with just a few minutes of work. Use my SoFi Invest referral link, fund your SoFi Invest brokerage account with just $10 and you’ll get $25 of free stock. I also have a step-by-step guide for the SoFi Invest referral bonus.
- Webull (20 free stock shares) – Webull's current promotion gives you 20 free shares valued between $3-$3,000 each if you open an account using my referral link. Here’s a guide I wrote about how to earn your free shares using Webull.
- Moomoo (15 free stocks) – Moomoo is a free investing app currently offering 2 different referral bonuses if you open an account using a referral link. Read my Moomoo referral bonus guide for more information.
- Robinhood (1 free stock) – Robinhood gives you a free stock valued between $2.50-$225 if you open an account using my referral link.
- Public (1 free stock) - Public gives you a free stock valued between $3-$70 if you open an account using my referral link.
More Recommended Bank Account Bonuses
If you’re looking for more easy bank bonuses, check out the below options. These bonuses are all easy to earn and have no fees or minimum balance requirements to worry about.
- Upgrade ($200) – Upgrade is a free checking account that’s currently offering a $200 referral bonus if you open an account and complete a direct deposit. These bonus terms are easy to meet, so it’s well worth doing this bonus as soon as you can. Here’s a post I wrote with more details: Upgrade $200 Referral Bonus – Step By Step Directions.
- Ally Bank ($100) – Of all the banks out there, Ally is, without a doubt, my favorite. At the moment, Ally is offering $100 to customers who open an eligible Ally account and meet the requirements. Here are the step-by-step directions to earn your Ally Bank referral bonus.
- Fairwinds Credit Union ($175) – Fairwinds Credit Union is offering a referral bonus for users that sign up using a referral link. Fairwinds has no fees or minimum balance, so this is a particularly easy bonus to earn. Since this is a smaller credit union, my gut instinct tells me this offer won’t be around long, so if you’re in a position to meet the bonus requirements, grab this bonus before it’s gone. Here is my step-by-step guide on how to earn your Fairwinds Credit Union bonus.
- Chime ($100) - Chime is a free bank account that offers a referral bonus if you use a referral link and complete a direct deposit of $200 or more. In practice, any ACH transfer into this account triggers the bonus. This bonus is easy to earn and posts instantly, so you’ll know if you met the requirements as soon as you move money into the account. I wrote a step-by-step guide on how to earn your Chime referral bonus that I recommend you check out.
- US Bank Business ($900) – This is a fairly easy bank bonus to earn, since there are no direct deposit requirements. In addition, you can open the Silver Business Checking account, which comes with no monthly fees. Check out how to earn this big bonus here.
- GO2Bank ($50) - GO2Bank is an easy bank bonus that I recommend people take advantage of if they have an easy way of meeting the direct deposit requirement. I like that it’s easy to open the account and that the bonus pays out quickly. Check out my step-by-step guide on how to earn your GO2Bank $50 referral bonus.
- Current ($50) – Current is a free fintech bank that’s offering new users a $50 referral bonus after signing up for an account using a referral link. Current is an easy bonus to earn and also gives you access to three savings accounts that pay you 4% interest on up to $2,000. That means you can put away up to $6,000 earning 4% interest. That’s very good and makes Current an account I recommend to everyone. Check out my step-by-step guide on how to earn your Current Bank bonus.
- Novo Bank ($40) - Novo bank is a free business checking account that’s currently offering a $40 bonus if you open a Novo business checking account using a referral link. In addition to being a good bank bonus, Novo is also a good business checking account. It has no monthly fees or minimum balance requirements and operates a good app and website. Indeed, it’s the business checking account I currently use for this blog. Check out my post on how to easily open a Novo account.
- Varo ($25) – Varo is a free fintech banking app similar to Chime or Current. It’s currently offering a $25 bonus to new users that open a new Varo account with a referral link. The bonus for this bank is very easy to meet, all you need to do is spend $20 within 30 days of opening your Varo account. Check out my step-by-step guide to learn how to earn this bonus.
Kevin is an attorney and the blogger behind Financial Panther, a blog about personal finance, travel hacking, and side hustling using the gig economy. He paid off $87,000 worth of student loans in just 2.5 years by choosing not to live like a big shot lawyer.
Kevin is passionate about earning money using the gig economy and you can see all the ways he makes extra income every month in his side hustle reports.
Kevin is also big on using the latest fintech apps to improve his finances. Some of Kevin's favorite fintech apps include:
- SoFi Money. A really good checking account with absolutely no fees. You'll get a $25 referral bonus if you open a SoFi Money account with a referral link, and an additional $300 if you complete a direct deposit.
- 5% Savings Accounts. I'm currently getting 5.24% interest on my savings through a company called Raisin. Opening a Raisin account takes minutes to complete, it's free, and all of your funds are FDIC-insured. I explain how it works, why I'm now using it to store my emergency fund and any other cash savings I have, and why I recommend everyone check it out in this review.
- US Bank Business. US Bank is currently offering new business customers a $900 signup bonus after opening a new account and meeting certain requirements.
- M1 Finance. This is a great robo-advisor that has no fees and allows you to create a customized portfolio based on your risk tolerance. You also get $100 for opening an account.
- Empower. One of best free apps you can use to monitor your portfolio and track your net worth. This is one of the apps I use to track my financial accounts.
Feel free to send Kevin a message here.
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