Technology is generating almost unimaginable amounts of consumer data and creating a powerful asset that fuels both rapid learning and rapid growth. So, perhaps the real question we should be asking Alexa is: if data is an asset, who benefits from this asset?
As a nonprofit pushing for both client impact and systemic change, our main goal must always be to ensure that our data – or rather, our clients’ data – primarily benefits those it belongs to, our Members and Savers.
Our work got a major boost this year when MetLife Foundation invested in our upcoming series of reports and webinars called Big Data on Small Savings. Each month, we will share infographics and reports from our comprehensive dataset containing demographic, behavioral, and transactional data points generated by a rapidly growing community of low-income households who have begun their savings journey with SaverLife, EARN’s online savings platform.
In this first report, we are releasing a snapshot of our members and savers. Next month we begin a series called “Saving in Uncertain Times”, which will explore the savings experiences of the 48% of our Savers whose incomes can fluctuate by $500+ each month. Each quarter will have a new theme and a webinar to share our learnings in more detail and bring other voices into the discussion.
We engage in this work for the benefit of our Savers, for their families, and for our communities. In addition to sharing our reports with all of you, we will also share our findings back to our member community. Our goal is to create a powerful feedback loop that will make our services more effective in the short-term and deepen our impact in the long-term.
The gap is too large between the day-to-day challenges of a person struggling to achieve financial stability, and the policymakers and influencers who deal in large-scale and long-term trends that aggregate lived experiences into numbers. We must start to close that gap by using data to build useful products designed to help those who are struggling today, and to amplify their voices to develop a more fair and inclusive financial system in the future.
We hope you will sign up to receive Big Data on Small Savings monthly reports and webinar invitations and join the conversation throughout the year.
Leigh is the president and CEO of EARN.