Canadian society has struggled with racism for quite some time, and the financial services industry is no exception. Unions, governments, and financial services industry stakeholders and commentators in Canada have all recently reported instances of racism in the workplace. Both overt acts of discrimination and institutionalized obstacles to banking services for people of color are to blame. Unfortunately, people who have been historically underserved or marginalized in Canada's banking system still face several barriers to gaining access to the services they need. To better understand how financial inequalities manifest themselves across Canada, this blog post will explore how poverty and racism interact with one another.
Combating Bias in Teams
Imagine a team that genuinely understands diversity and inclusion - they actively seek out diverse perspectives, practice active listening to ensure everyone can contribute their ideas, and constructively challenge each other. Unfortunately, people of color and women are far too often overlooked for executive roles and positions of leadership. As a result, bias can creep into decision-making through conscious and unconscious means, leading to significant inequality for those who are underrepresented in our society. We must actively strive for inclusive leadership that celebrates the diversity of thought and background, not simply settle for exclusivity as the status quo.
How an indigenous man was criminalized when seeking to open an account
What should have been a routine contact suddenly escalated, and she ended up phoning the cops—an overreaction that effectively branded Johnson as a criminal element when all he wanted to do was assist his granddaughter in opening a bank account. This demonstrates racial inequity in the banking sector.