How can you promote inclusivity in financial services?

Don't forget to tap into your employee resource groups, or affinity groups. Often at large corporations, there are internal employee groups centered around affinities. If you are trying to connect with a certain audience (e.g. Latinos), it is a good idea to connect internally with the group leads to see if they have guidance as well.

Promover la inclusión financiera requiere medidas estratégicas. Diseña servicios accesibles digitalmente y educación financiera para comunidades marginadas. Colabora con ONGs para llegar a poblaciones remotas. Establece políticas que fomenten la diversidad en instituciones financieras. Incorpora tecnologías innovadoras para superar barreras. Desarrolla productos flexibles y adaptados a diversas necesidades. La inclusión financiera prospera mediante la combinación de accesibilidad, educación, colaboración y tecnología, asegurando que todos tengan acceso equitativo a servicios financieros.

I agree. Simple to comprehend ways should be the only way to impart Financial literacy. Most people specially women shy away from being a part of financial decision making as its been perceived to be very complicated, filled with jargons

To promote inclusivity in financial services we can begin by offering multiple channels and formats for access.We can provide options such as mobile apps, web portals, phone support, and in-person assistance to accommodate diverse preferences and needs. Ensure these channels are accessible to users of all abilities, languages, and technological proficiencies. By offering customers various avenues for engagement, individuals with different backgrounds and circumstances can engage and comfortably access and utilize financial services, fostering greater inclusivity and ensuring that no one is left behind in the financial ecosystem.

💡A Dual-Pronged Approach: Bridging Literacy and Opportunity💰 My experience with the Clark Academy of Finance under the National Academy Foundation and the United Nations Millennium Fellowship proposal underscores the vital elements for fostering inclusivity in financial services. The twin pillars of financial literacy/education and financial opportunity are non-negotiable. Empowering disadvantaged individuals requires not only providing financial resources but also imparting sophisticated knowledge about regulations, taxes, and various financial vehicles. These components are pivotal for genuine and effective financial inclusion, ensuring individuals have both the tools and the know-how to navigate and excel in the financial landscape.

This is very outward facing. Educating yourself, your teams and your organisation about perspectives of those being excluded is equally important to design a service that works for everyone.

Park your bias. Often times, people have preconceived notions on why some folks are excluded from the formal financial services system — or why they might be in debt. Access (to services) is only the first step. Being able to afford the services, and being to derive benefit from them are key. To get there, we need a better understanding of the needs of the people that aren't being well-served, and to do so with empathy. That's the only way we can thrive together.

First, we just define what is financial inclusion and ask a few questions: Who are the services or products are trying to include? Why have they historically been excluded? What does the data about an organization inclusion? Lastly, what practices does the organization have that is causing the exclusion? Key: Organizational Mind shift. Once an organization recognizes the group being excluded is a viable customer they want to engage, it can develop marketing, outreach strategies, recruit personnel, and/or develop products that will meet the needs of that client group.

It is vital for the leadership of financial services companies to understand that they will only maximize the company's strategic & financial success by being inclusive (& inclusion refers to a variety of marginalized groups). My new book provides the evidence & case studies to make this crystal clear. As one reviewer said, "Alice talks about the groups that have been systematically excluded from the global economy and the drain on business value this has caused. It's provocative but as she makes us understand its just common sense to approach these issues from a new direction." Once this is clear to the leadership, planning for inclusion can be operationalized throughout the company.