Investing in—and with—Black consumers in financial services

Invest in equitable services ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌   ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 

Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   AN ARTICLE A DAY, PICKED BY OUR EDITORS   Edited by Joyce Yoo   Digital Editor, New York 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. Investing in—and with—Black consumers in financial services Financial-services companies—specifically in banking and insurance—have an opportunity to address equity and gain commercial benefits by better serving Black consumers. Invest in equitable services   Quote of the day "Space holds the answer to many of the issues that are faced by the planet: improving our ability to use our resources more efficiently, improving our ability to monitor the actions of bad actors." —Mark Boggett, managing director of Seraphim Capital, on opportunities in space in a recent episode of the At the Edge podcast Chart of the day See today's chart   ALSO NEW Harnessing volatility: Technology transformation in oil and gas Digital technologies can help oil and gas CEOs and leaders cut costs, boost output, and reduce carbon emissions. Here are five big ideas to make them work at scale. 5 big ideas   Bias busters: When good intentions get derailed Motivated reasoning can lead people to believe everything's fine despite evidence to the contrary. Here's how to counter emotions with facts. Don't get sidetracked   The future of medtech sales is hybrid Top-performing medtech companies are using hybrid or end-to-end remote sales motions to better meet the needs of healthcare personnel and other stakeholders. Hybrid sales drive growth   Follow our thinking Share these insights Did you enjoy this newsletter? Forward it to colleagues and friends so they can subscribe too. Was this issue forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. This email contains information about McKinsey's research, insights, services, or events. By opening our emails or clicking on links, you agree to our use of cookies and web tracking technology. For more information on how we use and protect your information, please review our privacy policy. You received this email because you subscribed to the Daily Read newsletter. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007