UpMetrics and the National Bankers Community Alliance to Co-Design a First-of-its-Kind Impact Measurement Framework for Minority Depository Institutions
Partnership will focus on defining and measuring impacts related to closing the racial wealth gap and producing equitable outcomes
SAN FRANCISCO, CA – UpMetrics, the analytics company advancing the way impact organizations collect and integrate data into their stories, today announced that it has partnered with the National Bankers Community Alliance (“the Alliance”) to co-design a first-of-its-kind equity-focused framework for minority depository institutions (MDIs) to assess their impact on closing the racial wealth gap.
JPMorgan Chase Foundation and Visa have signed on as inaugural funders.
Through this partnership, UpMetrics and the Alliance are co-creating the only platform and process that can enable MDIs to produce racial equity-centered studies and datasets that allow for more culturally-relevant assessments of the impact created by their lending, depository, and other financial products and services. MDIs play a significant role in fostering economic opportunity in the minority, low- and moderate-income (LMI), and rural communities they serve. The collection and analysis of impact data are critically important to attract investors and capital to MDIs, which historically have been undercapitalized.
“There is a pressing and widespread need for better impact measurement solutions that identify the root causes of economic disparity within minority communities,” said Nicole Elam, president of the Alliance. “MDIs create positive economic and social impact in the communities that rely on them, but existing tools measure basic outputs — not meaningful equity outcomes — for minority-owned and -operated banks. We are so pleased to partner with UpMetrics to build this unique outcomes measurement framework for members of the National Bankers Association, introducing a new way to assess impact and share stories.”
The new assessment tool will capture and track progress on the work of MDIs, inform product and service delivery, and create an industry framework that identifies the best practices, strategies, and opportunities to strengthen, support, and better equip LMI communities in building generational wealth. It will also have an application as an investor tool to evaluate the social return on their investments in the space.
The project will include an Impact Stakeholder Roundtable, which will engage MDIs, investors, research institutions, foundations, and thought leaders on the work of MDIs and the root causes of the vast disparities in wealth across racial and ethnic groups. This Roundtable will also inform the development of the tool.
“Having the evidence to not only tell the story, but to sharpen the activities of local financial institutions, is critical. With more data comes attention and focus from policymakers, and intentional co-investments with other sources of private capital,” said Aron Betru, Senior Advisor, Milken Institute, COO/CSO, Trident, and NBCA Board Member.
Following a pilot with NBA member banks, UpMetrics will enable other MDIs and investors to subscribe to the platform.
“We are honored to be working with the Alliance to help define the key impact indicators that will ultimately help communities that rely on MDIs,” said Drew Payne, CEO of UpMetrics. “UpMetrics has a long history of working collaboratively with social sector organizations to tailor our analytics platform to their needs. In this case, we are creating something entirely new to fill a need in the banking industry to help close the racial wealth gap.”
UpMetrics brings clarity and focus to social impact organizations that feel an urgency to achieve their mission. Founded on a belief that numbers alone can’t convey the value of a project or initiative, UpMetrics transforms streams of data into measurable information so that organizations can visualize and communicate their impact. The UpMetrics platform artfully blends quantitative and qualitative data functions, with customizable tools for collecting, understanding, and communicating impact – uniquely designed for the social sector by people who have built their lives and careers around doing social good.