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
Investing in—and with—Black consumers in financial services
The role of financial services in improving racial equity in the US
Race in the workplace: The frontline experience
Racial and ethnic equity in US higher education
Rules of the road: Equitably serving Black automotive consumers
Making product inclusion and equity a core part of tech
Mining for tech-talent gold: Seven ways to find and keep diverse talent
Black representation in the beauty industry
Black consumers: Where to invest for equity (a preview)