How to better serve Black consumers

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Share this email Share this email on LinkedIn   Share this email on Twitter   Share this email on Facebook   New from McKinsey & Company   Curated by Eleni Kostopoulos   Digital Publishing Manager, New York Investing in—and with—Black consumers Despite their challenging history with financial institutions, Black consumers today are looking to spend more on new banking relationships and on financial services more broadly. By 2030, the financial-services providers that offer more equitable, more accessible, and better products and services can win $225 billion in cumulative spending from Black consumers (excluding organic growth), write partner Munya Muvezwa, partner Tawanda Sibanda, and senior partner Shelley Stewart. Learn about the five distinct strategies that companies can implement to help Black consumers build economic security, and check out more of the latest research and insights from the McKinsey Institute for Black Economic Mobility, with topics including: • the experiences of frontline workers of color • where to invest to better serve Black consumers • racial and ethnic equity in higher education in the United States • how companies in the automobile value chain can serve Black consumers better and more fairly Read more 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  The role of financial services in improving racial equity in the US In April 2022, McKinsey gathered a group of leaders in financial services to discuss the work they are doing to increase financial inclusion, address systemic challenges, and catalyze efforts to close the racial wealth gap. Address disparities  Race in the workplace: The frontline experience Three of four frontline workers want to be promoted, but less than one in four achieves it. Companies can take targeted actions to better support these workers. Get new DEI insights  Racial and ethnic equity in US higher education Institutions have the potential to use their roles in teaching and learning, research scholarship and creative expression, and service to the community to collectively work toward greater equity. Learn better  Rules of the road: Equitably serving Black automotive consumers Black consumers' automotive spending is projected to grow, and companies have opportunities to create more equitable experiences. Drive equitable service  Making product inclusion and equity a core part of tech Annie Jean-Baptiste, the head of product inclusion and equity at Google, talks about how and why the tech giant works to incorporate DE&I and belonging into every aspect of the development process and what others can do to make the same shift. Learn more  Mining for tech-talent gold: Seven ways to find and keep diverse talent A wealth of diverse tech talent is available, if companies expand their approach to hiring them. Build a diverse talent pool  Black representation in the beauty industry Black beauty consumers and brands face deep challenges when it comes to equity. Removing those barriers can lead to greater opportunity for everyone in the industry. Flip the script  Black consumers: Where to invest for equity (a preview) Effectively pursuing broad racial-equity goals can help consumer-facing companies better serve Black consumers. 10 broad actions  MORE FROM MCKINSEY We're helping build an economy that works for all. 7 in 10 people live in societies with growing inequality. That's why we're taking action to create a more inclusive economy through our work with clients, and in local communities. See how we're helping  To see more essential reading on topics that matter, visit McKinsey Themes. Follow our thinking Share these insights Did you enjoy this email? Forward it to colleagues and friends so they can subscribe too. Was this forwarded to you? Sign up for it and sample our 40+ other free email subscriptions here. McKinsey Insights - Get our latest thinking on your iPhone, iPad or Android. 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 our Consumer & Retail alert list. Manage subscriptions | Unsubscribe Copyright © 2022 | McKinsey & Company, 3 World Trade Center, 175 Greenwich Street, New York, NY 10007