In the evolving landscape of global consciousness about systemic racism, every corner of the professional world is under scrutiny, with the Canadian banking sector no exception. Despite the commendable strides some institutions have made in promoting diversity, a critical examination raises the question: are we witnessing genuine progress or just another facet of tokenism?
Why Financial Services Industry Must Address Systemic Racism to Promote Equality
Financial services can potentially significantly promote racial equality and close the wealth gap between different racial groups. To do so, however, the industry must take a systemic approach and actively work to address the root causes of these disparities. One of the key ways that financial services can promote racial equality is by increasing access to credit and financial assistance for communities of color.
How Banks Can Serve Underrepresented Communities
In the world of banking, many communities are often overlooked and underrepresented. As a result, these communities, such as low-income individuals and communities of color, face significant barriers to accessing banking services. But as Jim Collins argues in his book "Good to Great," businesses that genuinely want to make a difference must first confront the brutal facts of their current reality. This article will explore how banks can take a "good to great" approach in serving underrepresented communities.
6 Ways You Can Empower Marginalized Groups In Banking
Even though companies have a great deal of structural and behavioral work to address the practices, processes, and cultures that hold them back, individuals from underrepresented groups can take steps to improve their chances of overcoming hurdles in their organization. Here is how you may assist their empowerment so that they can make significant contributions and advance their careers. It is referred to as self-determination.
Banking Is Still in the Early Stages of Diversity and Inclusion
Banks and credit unions need to be mindful of the 'higher bottom line' — the point when an institution prioritizes a goal other than profitability. Rather than focusing exclusively on diversity and inclusion programs to increase deposits and retain customers, financial service organizations must also represent the financial and human benefits associated with a more educated, equitable, and sustainable world.