{"id":476,"date":"2022-10-04T17:15:47","date_gmt":"2022-10-04T20:15:47","guid":{"rendered":"https:\/\/noticias-gerais.online\/?p=476"},"modified":"2023-02-21T23:33:14","modified_gmt":"2023-02-22T02:33:14","slug":"bancos-podem-estar-fazendo-muito-mais-para-servir-os-negros-americanos","status":"publish","type":"post","link":"https:\/\/noticias-gerais.online\/en\/bancos-podem-estar-fazendo-muito-mais-para-servir-os-negros-americanos\/","title":{"rendered":"Banks Could Be Doing Much More to Serve Black Americans"},"content":{"rendered":"

Black Americans have historically had a challenging relationship with the financial services industry. From less access to financial institutions in their communities, to lower approval rates for credit applications, to less participation and satisfaction in a variety of financial products and services, Black consumers face a variety of inequities that affect their ability to build and maintain your wealth.\u00a0<\/span><\/p>\n

These disparities have a significant human cost as well as an economic cost. Today, black Americans hold about 1.5% of the country's wealth, and the average black family has just one-eighth of the wealth of the average white family. This affects everything from the ability to invest in your children's education to buying a home or starting a business.\u00a0<\/span><\/p>\n

Despite being underserved, a 2021 McKinsey study found that more than half of Black consumers, more than non-Black consumers, are looking to increase spending and explore new financial services products. At the same time, Black consumers are still much less likely to be satisfied with their financial services options. This presents a cumulative spending opportunity of US$225 billion by 2030 for providers that offer more affordable and equitable products and services to Black consumers.\u00a0\u00a0\u00a0\u00a0<\/span><\/p>\n

There are a number of strategies that retail banks and wealth managers can implement to help Black consumers build economic security \u2013 while also adding value to their organizations.\u00a0<\/span><\/p>\n

Developing innovative products that emphasize ongoing financial education and take a comprehensive view of customers' financial profiles can help Black consumers make smart decisions. A Black-founded fintech reports rent payments to credit bureaus to help build credit histories; This can help low-income consumers who are proven financially responsible but may have difficulty building a typical credit history. Another approach by providers has been to create alternative fee structures to replace charges like overdraft fees that disproportionately affect consumers of color.\u00a0<\/span><\/p>\n

Black Americans represent 13.6% of the US population \u2013 and 23% of in-store payday loan customers. Some of these institutions offer poor quality service at a high cost \u2013 up to 400% per year \u2013 and are typically found in low-income and minority neighborhoods. To meet the demand for short-term cash, financial services companies can market different solutions, such as buy now\/pay later programs and lending programs aimed at minorities. They may also look to connect consumers with peer-to-peer lending platforms.\u00a0<\/span><\/p>\n

Across all sectors of the financial industry, Black Americans report greater dissatisfaction and greater inconvenience. Simplifying processes can expand access overall and be particularly helpful for black consumers. Additionally, high account minimums and maintenance fees can deter Black Americans from signing up. Simplifying loan applications to eliminate any documents that are not strictly necessary to assess creditworthiness can improve access for low-income applicants.\u00a0<\/span><\/p>\n

Inclusive marketing and customer service programs have become more common, but they can be strengthened and expanded by working with Black-owned media and marketing companies. The same premise applies beyond traditional media. Black consumers are 10 percentage points more likely than other consumers to discover new financial products through social media and seven percentage points more likely to listen to recommendations from peers. Finally, companies should use customer feedback to inform employee diversity and work with trusted community organizations to improve employee and customer engagement.\u00a0<\/span><\/p>\n

Banks and wealth managers also need to go where their potential clients are. The presence of some predatory payday loan and check cashing storefronts in majority-black neighborhoods proves that there is an unmet demand for financial services. If consumers can afford these services, they can certainly use banks. But between 2010 and 2019, the number of banks in these neighborhoods fell by almost 15%. Having a visible brick-and-mortar presence is strongly correlated with more mortgage and small business loan originations. Bank branches, in short, are community assets \u2013 and black communities don't have enough of them. Nearly a third of Black consumers were underfinanced in 2019 \u2013 and these Black households could lose $$40,000 over a lifetime at higher rates.<\/span><\/p>\n

Providing good digital options can help close the banking gap, especially since Black consumers are more likely to own a smartphone and use them more frequently than white consumers. Financial institutions can partner with digital platforms that have credibility in Black communities and offer services to improve financial literacy.\u00a0<\/span><\/p>\n

Many financial institutions are investing more to solve these problems, but overall the sector is still falling short. When McKinsey analyzed more than 50 financial institutions, it found that only six were meeting the needs of Black consumers at scale based on key satisfaction metrics. By focusing on these strategies, financial services companies have the opportunity to better serve this consumer segment, increase wealth and increase their bottom line.<\/span><\/p>","protected":false},"excerpt":{"rendered":"

Os negros americanos t\u00eam historicamente uma rela\u00e7\u00e3o desafiadora com o setor de servi\u00e7os financeiros.\u00a0De menos acesso a institui\u00e7\u00f5es financeiras em suas comunidades, a taxas de aprova\u00e7\u00e3o mais baixas para pedidos de cr\u00e9dito, a menos participa\u00e7\u00e3o e satisfa\u00e7\u00e3o em uma variedade de produtos e servi\u00e7os financeiros, os consumidores negros enfrentam uma variedade de desigualdades que afetam […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-476","post","type-post","status-publish","format-standard","category-economia"],"_links":{"self":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/posts\/476","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/comments?post=476"}],"version-history":[{"count":0,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/posts\/476\/revisions"}],"wp:attachment":[{"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/media?parent=476"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/categories?post=476"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noticias-gerais.online\/en\/wp-json\/wp\/v2\/tags?post=476"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}