Innov8 Change combines extensive banking industry insight to help your organization enhance its performance, advance in competitive advantages, develop a deeper understanding of your customer and people through direction on the following innovative capacities:
- Improving operational and organizational efficiency
- Integrating Diversity, Equity, and Inclusion in policies, processes, and communication to enhance experience of multicultural populations.
- Responding to change while continuing to grow and remaining relevant and competitive
- Developing innovative ways to understanding your customers for increased engagement.
- Determining which business models will succeed and which ones must change
- Identifying expansion opportunities and developing actionable practical execution plans
- Risk assessment and mitigation strategy development
Cultural Competency Challenges in Banks/Financial Services Organizations:
- Most financial services institutions and banks have not kept pace with the growing need for cultural competency integration in the financial services and products they offer.
- Organizational Research suggests a lack of cultural competency in organizational knowledge, processes, and practices in banks and financial services organizations.
- This absence of responsible engagement of diverse populations leads to Individual Harm and Negative Organizational Consequences
- Violation of a moral and ethical imperative
- Current Lack of Cultural competency integration which is preventing organizations from working effectively with culturally diverse populations (Cross et.al, 1989)
- Cultural Competency is not explicitly integrated in all aspects of financial services organizational values, structures, governance, communication, staff development, infrastructure, services, operations, policies, and practices (Cross et. al,1989; Goode, 1999; Lewin Group Study, 2002; Ngo,2008).
Why We Should Care:
- Financial services organizations play a crucial role and have immense impact on people’s lives.
- Financial Ramifications can be long lasting and have dire implications for marginalized groups.
- Unconscious Bias- Certain populations are excluded and sidelined in financial services processes, policies, and procedures.
- Much is not known the decision-making processes that affect the financial acculturation, financial transition, and financial well-being of many minority groups.