Banking

Lenders require to stop ‘checking boxes’ for DEI to thrive

Diversity, equity and addition (DEI) efforts at banks require to exceed a checkmark on a list of to-dos to enter into a lending institution’s DNA.

At $1.94 trillion Wells Fargo, “from leadership, I think we have the commitment, but I think we all are, admittedly, still in that check-the-box phase,” Nathan Bricklin, head of work environment experience at the bank, stated throughout a current panel conversation at the 2022 FinovateSpring conference. “For culture to really be successful, we’ve got to get out of that.”

Still, the monetary services market is “being productive” on DEI efforts, Bricklin stated.

“We have a lot of employee resource networks, but they’re mainly social, it’s educational. We really need to embed those networks into how we get business done,” he stated. “We ought to have a rotating advisory group made up of people from those networks who influence our business strategy in our roadmaps for implementation.”

Wells Fargo has actually carried out an advisory committee that assists Bricklin “think about what I’m going to do next in the workplace,” he stated.

Lenders can contribute to the authenticity of worker resource groups (ERG) by making those positions paid, Malia Lazu, president at consultancy company The Lazu Group, stated throughout the panel.

“Some of the best practices around ERGs is that they’re paid positions, so it’s not people doing things off the side of their desk,” Lazu stated.

“It goes to show that we don’t actually believe that diversity is profitable,” she stated, mentioning research studies from consultancy companies McKinsey and Deloitte. “Diverse teams are … more profitable, they’re more likely to enter a new market successfully. It makes a lot of sense for a lot of other bottom lines at the bank, not just talent attraction, not just talent retention.”

Editor’s Note: This piece formerly appeared on Bank Automation New’s sis website, Auto Finance News.

Bank Automation Summit Fall 2022, occurring Sept. 19-20 in Seattle, is a vital occasion on automation and automation innovation in banking. Learn more and sign up for Bank Automation Summit Fall 2022.



Gabriel

A news media journalist always on the go, I've been published in major publications including VICE, The Atlantic, and TIME.

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