Harmony Internal - McKinsey
Invest in equitable services
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Edited by Joyce Yoo
Digital Editor, New York |
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| In 2019, the average Black American family’s wealth was about an eighth of that of the average White family. And while Black Americans are looking to increase spending on financial services, historical exclusionary policies have contributed to a difficult relationship with financial institutions. What can banks and insurance providers do to address this racial wealth gap in the US and better serve Black consumers? In a new article, Samuel Abrams, Munya Muvezwa, Tawanda Sibanda, and Shelley Stewart III estimate that financial-services providers that offer more equitable products and services can earn $225 billion in cumulative spending from Black consumers from 2022 to 2030. Take a look and see the five strategies retail banks, wealth managers, and insurance providers can implement to help Black consumers build economic security. |
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—Mark Boggett, managing director of Seraphim Capital, on opportunities in space in a recent episode of the At the Edge podcast |
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