Among other initiatives, banks are conducting unconscious bias training for staff, launching sponsorship programmes for employees from under-represented groups, and providing resources for inclusive leadership practices.ABA works with its members across the $23tn US banking industry to develop and implement tailored training programmes that help bankers learn to mitigate their biases, provide unbiased customer service and leverage the benefits of diverse teams.
In addition, ABA works with other industry groups to facilitate partnerships between mainstream lenders and minority depository institutions to help expand their impact. Minority depository institutions — which are directly or primarily owned by individuals from racially under-represented backgrounds — are an important source of capital for small businesses and under-represented communities across the US. They are key to boosting economic opportunities for many Americans.
To be successful, DEI initiatives must be tailored to existing workforces and a bank’s intended culture Yet there remains more to do to improve DEI in banking. The data shows that it is still a challenge for women, people of colour, and individuals from other under-represented groups to secure executive roles. Banks need to do a better job of reflecting the increasingly diverse communities they serve. This is essential for any bank that wants to succeed in today’s highly competitive financial services marketplace.